Retaining Talent: A Guide to Analyzing and Managing ... - SHRM

SHRM Foundation's Effective Practice Guidelines Series

Retaining Talent

A Guide to Analyzing and Managing Employee Turnover

SHRM Foundation's Effective Practice Guidelines Series

RETAINING

Talent

A Guide to Analyzing and Managing Employee Turnover

by David G. Allen, Ph.D., SPHR

i

RETAINING

Talent

This publication is designed to provide accurate and authoritative information regarding the subject matter covered. Neither the publisher nor the author is engaged in rendering legal or other professional service. If legal advice or other expert assistance is required, the services of a competent, licensed professional should be sought. Any federal and state laws discussed in this book are subject to frequent revision and interpretation by amendments or judicial revisions that may significantly affect employer or employee rights and obligations. Readers are encouraged to seek legal counsel regarding specific policies and practices in their organizations.

This book is published by the SHRM Foundation, an affiliate of the Society for Human Resource Management (SHRM?). The interpretations, conclusions and recommendations in this book are those of the author and do not necessarily represent those of the SHRM Foundation.

?2008 SHRM Foundation. All rights reserved. Printed in the United States of America.

This publication may not be reproduced, stored in a retrieval system or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the SHRM Foundation, 1800 Duke Street, Alexandria, VA 22314.

The SHRM Foundation is the 501(c)3 nonprofit affiliate of the Society for Human Resource Management (SHRM). The SHRM Foundation maximizes the impact of the HR profession on organizational decision-making and performance by promoting innovation, education, research and the use of research-based knowledge. The Foundation is governed by a volunteer board of directors, comprising distinguished HR academic and practice leaders. Contributions to the SHRM Foundation are tax deductible. Visit the Foundation online at foundation.

For more information, contact the SHRM Foundation at (703) 535-6020.

ii

Table of

Contents

v

Foreword

vii

Acknowledgments

ix

About the Author

1

Retaining Talent

2 What Is Turnover, Exactly?

3 Why Turnover Matters

5 Why Employees Leave

9 Why Employees Stay

10

How to Develop Your Retention Management Plan

21 A Menu of Retention Practices

27

Conclusion

28

References

33

Sources and Suggested Readings

iii

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