Human Resource Planning and Retention

Any organization's HR function is incredibly important for employee retention. Workplace policy and procedure improvements, internal promotion opportunities, employee training, and bonus payments are a few examples of strategies for retaining employees.

During restructuring, the HR department is in charge of conducting, recommending, and putting into practice employee retention measures. Reorganizations brought on by declining revenues are unlikely to result in salary increases, but they may offer their employees other advantages or incentives, such as more time off work, flexible work schedules, or on-site employment options.

Training and Development

One of the most important Human Resource functions is always characterized as training and development. In most firms, training and development are essential components of human resource development. Training and development serve as a tool for organizational success in the face of stiff competition in the corporate world, where competent labour is a crucial factor to acquire a competitive advantage. Because rapid technological advances are increasingly deskilling individuals, many firms have established a set amount of training hours annually for their personnel.

Table 1: Training and Development; Source: ResearchGate (Yadav, 2020)

Human Resource Planning

HR planning is the process of examining and identifying the organization's requirement for and availability of human resources in order to achieve the company's goals. “The focus of HR planning is to ensure the organization has the right number of human resources, with the right capabilities, at the right times, and in the right places” (Cengage Learning, 2010). 

Furthermore, HR plans may include a number of strategies as part of the analyses. Employees may be moved to different positions within the company, their numbers reduced through layoffs or other means, their existing workers may be retrained, and/or their numbers may be increased in specific departments. The knowledge, abilities, and skills of the current workforce should be taken into account, as should the anticipated vacancies brought on by retirements, promotions, transfers, and discharges. In order to accomplish this, HR experts must collaborate with CEOs and managers. The HR Process Management panel provides examples of how various businesses have prioritized HR strategy.

Figure 1: Employee Retention & HR Planning; Source: Linkedin (Khan, 2015).

Employee Retention

According to Rolnick, (2022), “Voluntary U.S. employee turnover in 2022 is expected to reach over 37 million people. This is a 20% increase from pre-pandemic levels. The “Great Resignation” (also called the “Great Reshuffle”) is troubling and challenging for most companies. In the last year, nearly half of employees (44%) have searched for new jobs, and 40% have experienced burnout during the pandemic”.

Supporting employees' mental health and well-being is vital if firms consider their most valuable assets are their staff. It's also a good idea to go over current policies and put in place new communications and processes that will have a positive impact.

Reference

Cengage Learning, 2010. Human Resource Planning and Retention. s.l.:s.n.

Khan, T. H., 2015. Linkedin. [Online]
Available at: https://www.linkedin.com/pulse/employee-retention-human-resource-planning-tabish-hassan-khan/
[Accessed 3 12 2022].

Rolnick, M., 2022. Forbes. [Online]
Available at: https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2022/08/19/how-to-improve-employee-retention-motivation-and-wellness/?sh=7a39f76c20f0
[Accessed 3 12 2022].

Yadav, A., 2020. Human Resource Management Practices and Employee Retention. ResearchGate, 9(1), pp. 30-35.