Retaining key workers: Factors that can help reduce employee turnover

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

The global war for talent makes it imperative that firms retain key workers. Employee turnover involves significant costs in recruiting and hiring replacements, while loss of organizational know-how can be even more damaging. Companies should, therefore, adopt a formal approach to talent retention and incorporate it into HR and wider organizational strategies. Initiatives must take generational differences into account as older and younger workers have different work and life priorities. Particular attention needs to be paid to the latter and retention of such workers is likelier if the firm provides interesting and challenging work, opportunities for career advancement, and positive working relationships.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Citation

(2017), "Retaining key workers: Factors that can help reduce employee turnover", Human Resource Management International Digest, Vol. 25 No. 7, pp. 18-20. https://doi.org/10.1108/HRMID-08-2017-0141