HR Policy & Practice Reports

Employee Retention Strategies Report 2007

With employee retention one of the biggest challenges facing organisations in the current employment environment, this report will assist organisations to take a multi-dimensional approach to the attraction, motivation and retention of employees.

This report highlights current skills shortages and staff attrition levels and provides a broad overview of contemporary approaches utilised in the Australian market for each of the 5 key factors of an integrated 'total rewards' framework, including:

• Market competitive remuneration
• Benefits - financial benefits (eg. cars, laptops), and non-financial/'soft' benefits (eg. an informal work environment)
• Work-Life Balance - benefits and plans that allow employees to achieve a better balance between their work commitments and out-of-work commitments
• Performance & Recognition - recognising and rewarding exceptional performance with financial and/or non-financial rewards
• Development & Career Opportunities - the professional and personal development of employees, including formal and informal training

The report provides some suggestions on the implementation and communication of total reward strategies to employees.

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