6.12.2 Retention strategies

• What is talent retention?

  Keeping valuable employees
• Losing talented employees can lead to significant recruitment expenses for a business.
• One key aspect of talent retention is reducing employee turnover
• Match the aspect of talent retention with its importance:

  Reducing recruitment costs ↔️ Saves money on hiring new staff

  Preserving organisational knowledge ↔️ Maintains business continuity

  Maintaining competitive advantage ↔️ Keeps skilled employees
• Why is retaining software developers important for a tech firm?

  To stay ahead of competitors
• Talent retention includes preserving organizational knowledge, which maintains business continuity and expertise.
• Order the key drivers of employee retention according to their impact on job satisfaction:

  1️⃣ Compensation and benefits

  2️⃣ Career development

  3️⃣ Work-life balance

  4️⃣ Recognition and appreciation
• What does career development contribute to employee retention?

  Opportunities for growth
• Work-life balance is a key driver of employee retention, as it allows employees to manage personal and professional responsibilities effectively.
• Employee retention is influenced by key drivers such as compensation, career development, work-life balance, and recognition and appreciation
• Why is fair compensation important for employee retention?

  Attracts and retains talent
• Opportunities for career development motivate employees to stay with an organization.
• A healthy work environment contributes to employee retention
• What does recognition and appreciation from employers do for employees?

  Boosts morale and engagement
• Match the driver of employee retention with its description:

  Compensation and benefits ↔️ Fair pay and benefits

  Career development ↔️ Opportunities for growth

  Work-life balance ↔️ Flexible working arrangements

  Recognition and appreciation ↔️ Acknowledgment of contributions
• Order the following communication channels from least to most interactive:

  1️⃣ Email

  2️⃣ Company Newsletter

  3️⃣ Team Meetings

  4️⃣ One-on-One Meetings

  5️⃣ Intranet Platform
• Email is an effective communication channel for sharing documents quickly.
• What is the primary benefit of team meetings as a communication channel?

  Promotes teamwork and problem-solving
• One-on-one meetings are ideal for providing personalised feedback and building relationships
• What is the primary goal of a company newsletter as a communication channel?

  Wide reach and consistent messaging
• An intranet platform provides comprehensive access to company resources and forums.
• Talent retention is crucial because it reduces recruitment expenses and preserves organizational knowledge
• What is one key aspect of talent retention?

  Reducing employee turnover
• Preserving organizational knowledge maintains business continuity and expertise.
• How does maintaining competitive advantage relate to talent retention?

  Keeps skilled employees
• Match the driver of employee retention with its importance:

  Compensation and benefits ↔️ Attracts and retains top talent

  Career development ↔️ Motivates employees to stay

  Work-life balance ↔️ Improves job satisfaction

  Recognition and appreciation ↔️ Boosts morale and engagement
• Order the following communication channels from most to least formal:

  1️⃣ Company Newsletter

  2️⃣ Email

  3️⃣ Team Meetings

  4️⃣ One-on-One Meetings
• Effective communication channels are vital for talent retention as they foster transparency, build trust, and keep employees informed
• Match the communication channel with its primary use:

  Email ↔️ Quick announcements, document sharing

  Team Meetings ↔️ Collaborative discussions, project updates

  One-on-One Meetings ↔️ Performance reviews, career development
• Email is a fast and accessible communication channel that can be tracked.
• A company newsletter is used to share important announcements and employee stories
• Match the communication channel with its primary use:

  Email ↔️ Quick announcements, document sharing

  Team Meetings ↔️ Collaborative discussions, project updates

  One-on-One Meetings ↔️ Performance reviews, career development
• One-on-one meetings are ideal for providing personalized feedback and building relationships.
• An intranet platform provides access to company resources, forums, and is comprehensive, interactive, and centralized
• Order the steps a company might take to use different communication channels effectively.

  1️⃣ Share milestones and achievements in a monthly newsletter

  2️⃣ Discuss project progress in weekly team meetings
• Growth and development opportunities enhance employee skills and boost morale.
• Match the growth strategy with its benefit:

  Training Programs ↔️ Increased productivity, improved quality

  Mentorship ↔️ Career advancement, knowledge transfer

  Job Rotation ↔️ Broadened skill sets, diverse experience
• A tech company like Google invests in training programs to ensure employees stay updated with the latest technologies
• Recognizing and rewarding employee achievements boosts morale and encourages high performance.
• Match the reward strategy with its description:

  Monetary Rewards ↔️ Bonuses, raises

  Non-Monetary Rewards ↔️ Public recognition, extra time off

  Career Advancement ↔️ Promotions, new opportunities