The issue of retention planning in a multinational organisation
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BA (Hons) in Human Resource Management
Dublin Business School
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Retention, according to the Oxford Dictionary of Personnel management, ‘is the ability to hold on to employees’. It is generally only when the organisation finds itself losing valuable employees, whether in terms of their levels of skill, knowledge and experience, that it may decide that it has 'retention problems'. ‘However, irrespective of the perceived degree of retention problems an organisation has, it is’ we are told ‘generally seen as good practice to develop a retention plan as part of the wider Human Resource and ultimately the Organisational strategy.’ There are various mathematical formulae associated with the calculation of attrition rates and the eventual cost to an organisation of persistently high staff turnover. These attempt to establish a quantative relationship between forecasted labour needs and existing, or short-term manpower levels.