Besides conducting appraisals talent retention should be the top priority of the HR department, this ensures the smartest of the lot stay with the organization. The current business scenario has given rise to ruthless talent war and retaining competent employees is the most important task for any organization and it is the top most priority for every CEO.
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Appraisals and employee satisfaction
Generally speaking appraisals precipitate intense and severe attrition with unmet expectations; however that might be true, recent studies have pointed out with economic growth picking up companies of all sizes would be facing severe talent crunch because of mass exodus as jobs, jobs, jobs galore spring up on career sites.
This is a matter of grave concern as the cost of turnover is sizable when compared with the annual salary of the employee. The question now arises is how to address this pressing business issue so that people do not throng career fairs; first and foremost the workforce needs to be highly engaged. This leads to a marked reduction in employee turnover and enhanced organizational productivity.
Build effective talent pool
Companies should not for wait for last moment interventions; they need to nurture their employees throughout the year. The incentives and benefits should not be just doled out but the wants and needs of the employees must be addressed too.
Lack of growth opportunities, is the top dampener that causes employees to look elsewhere for an employment opportunity, other than the present company. This can be taken care of by engaging training managers to provide regular feedback and tone down any element of negativity associated with appraisals thereby providing triggers for better work performance. The available talent pool should be challenged and engaged besides being rewarded and recognized for their efforts thereby retaining employees and minimizing turnover.
