Retention Strategy

There are four basic components that a retention strategy must address in order to retain top employees:

* effective management
* career development opportunities
* life-work balance benefits and programmes
* compensation and recognition

The effective management component deals with such issues as respectful treatment, ability of senior management, coaching and feedback from management, culture and values.

Training, opportunity to learn new skills, career advancement opportunities and job responsibilities fall under the career development opportunities component.

Included in the life-work balance benefits and programmes component are childcare considerations, convenience to home and ease of commute, benefits packages, and relationships with colleagues.

Lastly, the compensation and recognition component covers issues such as pay or salary, recognition for a job well done and long term rewards.

A Company must take into account each component and incorporate measures within each into its retention strategy in order to retain top talent and remain competitive in the current labour market.