Talent Retention

Talent Retention

One of the most important things that a company can strive toward is reducing their turnover by retaining valuable talent. The people a company retains may be the most important question, special programs to hold onto high-producing employees are a wise investment for organizations, across-the-board. Turnover cost is something that all companies need to consistently evaluate. Henemann, et, al. (2012) points out, “Although turnover is often seen as a detriment to organizational performance, there are several positives. An extremely important part of employee retention strategy and tactics, thus must involve careful assessment of both retention costs and benefits at a reasonable cost to the organization (p. 68).

Your everyday employee is not the only consideration for retention, Chief Executive Officers are expensive to replace, and their departure can influence employee morale and upset stability. Big money is involved in recruiting and retaining the right leader who will fit an organization, its people, its mission, and its values—and stay with it long term. Our leader of the American Red Cross, Gail J. McGovern, has suffered widespread criticism regarding her annual salary. It is understandable that a not-for-profit leader would be subject to salary critique, but the truth remains that our nation-wide, multi-layered organization needs a leader we can retain. Gail McGovern’s base salary has stayed at $500,000 without an increase since she joined the Red Cross. Her salary is said to be middle range for the non-profit leadership world.

In the 10 years I have been at the American Red Cross we have had five Company President’s , with the fifth being Gail J. McGovern who has remained with our organization...

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...011). Partners in Nursing: A Mentoring Initiative to Enhance Nurse Retention. Nursing Education Perspectives, 32(4), 250-255.

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Ryan, K. (2012). Gilt Groupe's CEO on Building a Team of A Players. Harvard Business Review, 90(1/2), 43-46. Mix it up with The Bee's editorial board.

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Cite American Red Cross website.

Herman, B. (2011). UC Davis Chancellor Defends Medical Center CEO's Raise. http://www.beckershospitalreview.com/compensation-issues/uc-davis-chancellor-defends-medical-center-ceos-raise.html Retrieved March 17, 2012.