Retention Strategy and Alternative Reward Schemes
The need for organisations to adopt a purposeful attraction and retention strategy is driven by the changing marketplace in South Africa and it is becoming imperative for organisations to introduce effective staff attraction and retention tactics. Retention is no longer driven solely by money, and this should not be the only issue an organisation focuses on in the quest to become an employer of choice.
A retention policy that is deemed effective speaks to a number of areas and phases in the employer / employee interface. Ensuring that talented employees remain in the organisation is the final step in the process. While many strategies are focused on the emotional side of the job, the practical elements of the job remain equally important. Remuneration is one such consideration as it remains one of the most definitive security factors associated with the job.
Remuneration therefore needs to remain in line with market norms, while being suitably linked to performance.
21st Century designs retention policies that align at all times with the strategic direction and specific value drivers of each organisation, and the overall organisational remuneration policy.