Examples Of Retention Plan For XYZ Company

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Retention Plan for XYZ Company A company’s most important asset is its human capital, and, as such, the company’s employee retention program should be given careful consideration to be able to maintain its top performing employees. According to Dessler (2015), a high turnover rate is usually tied to a company’s poor selection process, inadequate training, insensitive appraisals, and inequitable pay. Many of the deficient methods Dessler discusses are the causes of XYZ Company’s employee high turnover rate. The XYZ Company reports it has a total 1,000 employees and breaks down as follows: 800 classified, 150 administrators, and 50 temporary employees. The company’s annual revenue is $10 million, with a $1.5 million expense in replacing employees due to the company’s high turnover rate. The company’s concerning areas, according to the HR Director, include inadequate recruiting techniques, inadequate training, deficient compensation, no career development, and others. The XYZ Company, as a whole, needs to develop an employee retention plan. The company has already taken the…show more content…
Not only does it address the XYZ Company specific areas of concern identified by the Director of HR, I believe the eight areas covered above identifies the concerns and creates a solid foundation for retaining employees. 1. Poor recruiting methods are addressed by identifying and highlighting what high performing employee traits, behaviors, and skills are essential to have the ‘right fit’ for the company. Thus, providing the right employees out of the gate for long-term success for the employee and the company. Additionally, an employee referral bonus program will be instituted. 2. Inadequate training and lack of career development are addressed by a personalized employee training plan for their current position and a long-term development plan, along with succession

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