Short-term fixes fall short when it comes to keeping the best employees : Successful firms invest time, money and commitment in retention

Purpose – This paper aims to review information and research concerning the retention of employees; considers the costs of retention, job satisfaction and retention, data and trends; and offers advice on retention policy. Design/methodology/approach – This paper examines a large sample of recent research and opinion. It summarizes information that could help human resource (HR) specialists. Findings – This paper advances the view that much empirical research about employee retention is situation-specific and that this compromises the generalization of research findings. It argues, however, that there are much reported data and statistics that give indications of why employees leave or stay with an organization and that this information may help to guide HR specialists. Practical implications – This paper advises that organizations develop detailed strategies for clearly identifying staffing needs and building a pipeline of job candidates for the short-term and beyond. Clear approaches to keeping employees informed about how their performance contributes to organizational objectives should be developed. Employers should account for turnover costs when considering the cost of compensation adequate for acceptable retention. Social implications – This paper advises HR specialists to think more about future skills and how to meet projected needs. Originality/value – This paper summarizes recent research and opinion on employee retention that is not readily available in other sources and that may help to guide practice and policy development.