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Rethinking Retention

Martin Gregory & Michael Brophy

Premium Report

Most organisations now recognise that retention of their people is a vital issue. However, many organisations are yet to fully appreciate the actual impact. Others that have tackled the issue, have not addressed one vital component – managers.

High staff turnover organisations face a loss of knowledge and relationships, which threatens their ability to meet key organisational objectives. While many organisations see recruitment as the answer to overcoming turnover issues, in fact staff retention strategies show a far greater payoff in overcoming the risks and impact associated with staff turnover. More and more organisations realise that the talent of their people is what differentiates them from their competitors. It is clear therefore that retention of talent is critical to success.

Retention is a problem for almost a third of Australian employers. In addition to the financial impact, retention problems manifest in serious productivity problems, and a decrease in morale.1

A recent study found that staff turnover was costing some organisations as much as 40% of their total profit. 2


Sources / References
1 Donaldson, C. (2007). One third of employers struggle with retention. Human Resources Magazine, 27/11/2007.
2 HR Magazine (2008). Hottest jobs for 2008. Human Resources Magazine, 4/2/2008.


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