Abstract
In the late 1990s, a new term was introduced that reflected the debate about the labour markets at the time: the “war for talent”. Three simple words that pointed to a harsh truth: the pool of qualified human resources was drying up, people’s willingness to stay with a company was shrinking, and companies were engaging in a veritable war for that scarce resource, talent. A decade later, the labour markets are showing a fundamentally different picture. The tough economic climate, rising unemployment and mass redundancies across Europe mean that we have to wonder whether this topic still deserves a place in this book. Should we not rather talk about the mobility of labour markets and headcount adjustments when we want to speak about the current situation? Why is retention management, or staff retention in general, still a concern for strategic HR development?
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Notes
- 1.
Direct costs refer to costs that have been produced by a specific operating entity or can be attributed immediately and reliably to that entity.
- 2.
For the purposes of this chapter, overhead costs shall be defined as the costs that cannot be attributed to a specific operating entity.
- 3.
Opportunity costs are a common occurrence in internal accounting. They try to determine the worth of possible benefits lost by not choosing a certain alternative.
- 4.
Lost goodwill in this instance means delivery delays caused by people leaving the company. It can also signify damage to the company’s image as a result of negative “word of mouth” communication (cf. Ott, 1975, p. 29).
- 5.
The concept employed in this study was introduced by Hewitt Associates (accessed on 10.11.2009: http://www.hewittassociates.com/Intl/NA/en-US/Consulting/Engagement.aspx). In this context, “engagement” refers to a person’s willingness to stay with a company (STAY), speak positively about that company (SAY), and to contribute to its success (STRIVE).
- 6.
The term “differential HR management” employed by Marr draws on psychological concepts, specifically differential psychology (cf. Marr, 1989).
- 7.
There is a broad range of suitable methods and procedures: from simple supervisor’s statements produced in staff appraisals, via dedicated management audits, to holistic procedures that rely on comprehensive empirical data.
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Meifert, M.T. (2013). Stage 7: Retention Management . In: Meifert, M. (eds) Strategic Human Resource Development. Management for Professionals. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-31473-5_11
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