Retention Plan

 

Prior to beginning this interactive assignment, review the

Employee Retention 101: How to Keep a Talented Team Intact (Links to an external site.)

article. This is a small sampling of the content available on employee retention, how to keep employees satisfied, and how to avoid turnover. For this discussion, you are tasked with describing key factors in a retention plan. Your retention plan must include a minimum of five key points and strategies to retain employees in your organization. Describe your rationale for each strategy. Support your discussion with a minimum of one scholarly and/or credible sources.

Your initial post must be a minimum of 300 words.

Support your plans with the discussion article and at least one other scholarly and/or credible source. The

Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.)

table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.

12/7/2020 Employee Retention 101: How To

Keep A Talented Team Intact

https://www.forbes.com/sites/brucekasanoff/2015/05/29/employee-retention-101-how-to-keep-a-talented-team-intact/?sh=e6ee1331a385 1/3

Careers

Employee Retention 101: How To

Keep A Talented Team Intact

May 29, 2015, 09:15am EDT

Bruce Kasanoff Contributor

The core of all business success is employee talent. Without a talented team,

you may work long and hard but never accomplish much of anything.

But how do you keep your team together, once you have attracted the right

kind of talent? Ego, ambition, real financial concerns and the quest for

bigger challenges all conspire to chip away at your talent base.

Here’s how to retain talented employees:

1. Cultivate differences, rather than similarities. All talented

employees are not the same. One craves attention, and another abhors it.

One is driven by compensation alone, another is driven by purpose. If you

adopt a one-size-fits-all approach to employee retention, you will retain just

one kind of

person.

Over time, your team will become a set of clones, who all

think the same. When that happens, you no longer have a talented team.

2. Reward people the way they want to be rewarded. Once you

understand how different we all are, the logical next step is to treat different

employees differently. For example, if you have a shy genius on your team

who prefers to work behind-the-scenes, let him or her work away from the

glare of public meetings and presentations. Get to know your best

performers personally, otherwise you will have no idea what motivates each

person.

https://www.forbes.com/careers

https://www.forbes.com/sites/brucekasanoff/

https://www.forbes.com/sites/brucekasanoff/

12/7/2020 Employee Retention 101: How To Keep A Talented Team Intact

https://www.forbes.com/sites/brucekasanoff/2015/05/29/employee-retention-101-how-to-keep-a-talented-team-intact/?sh=e6ee1331a385 2/3

3. Give employees choices. There are two strategies for gathering

insights that enable a personalized approach: implicit or explicit data

collection. The former is where you observe what people do and draw your

own conclusions; the latter is where you ask them. Each has its advantages –

explicit is more accurate, but generally has a lower response rate – so you

need to utilize both. Literally ask people whether money or flexibility is

more important to them. Ask whether an overseas assignment would be a

plus or a negative.

4. Reward honesty, never penalize it. If there is just one path to

success in your firm, you will have a hard time retaining a diverse group of

talented employees. Even worse, you will not be able to reward honesty. For

example, when an employee admits he would rather have more time with

his family than more money, you cannot conclude he lacks ambition and

decide he has little growth potential. Some employees love to travel three

days a week; other employees hate it. Neither preference tells you anything

about a person’s talent or potential.

5. Grow. If one of your key priorities is to retain a talented team, then you

have no choice but to pursue a growth strategy in your business. Many – not

all (see no. 1) – employees crave fresh challenges. They want both personal

and professional growth. You can’t provide these if your business is growing

one percent a year, because every year will be pretty much the same as the

one before it. Recognizing this, you will need to lean towards growth and the

decisions that power it: entering new businesses, expanding your product

and service lines, creating new services that appeal to your best customers…

and finding new customers who are similar to your best customers.

The best teams are diverse, multi-talented and collaborative. To attract and

retain such talent, you need to celebrate the differences between your

employees. All should have equal opportunity, but that doesn’t mean that all

have to opt in to the same career path.

Also on Forbes:

12/7/2020 Employee Retention 101: How To Keep A Talented Team Intact

https://www.forbes.com/sites/brucekasanoff/2015/05/29/employee-retention-101-how-to-keep-a-talented-team-intact/?sh=e6ee1331a385 3/3

Follow

me on Twitter or LinkedIn. Check out my website.

Bruce Kasanoff

Bruce Kasanoff is a social media ghostwriter for entrepreneurs, and an expert on being

genuine. He is also a member of Marshall Goldsmith’s 100 Coaches program who…

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