Talent Retention during times of Crisis

EU and UK focused Research

Our Research:•Over the past 3 month’s Syncota has undergone extensive research of the HR industry with a particular focus on Employee Engagement.•We conducted our research by calling hundreds of HR industry leaders to find out their opinions on talent retention during times of crisis.•From our research we found that there may be alternatives to redundancy – is it really a benefit or a burden?

Crisis affects us all:• Budget cuts,

Decrease in revenue and a lack of demand are common problems for any organisation – the recession hit us all hard and redundancy seemed to be the only option.

Or is it?

The cost of letting go: • Redundancy pay, Recruitment costs, the cost of the management time that’s needed (Planning, consultation and administration)

The Strain of Survival:• With redundancy

comes added work for those who are left behind. It is the responsibility of those remaining employees to take on board the extra work which will be left behind.

• Low morale, Increased sickness and de-motivation are all side effects of mass redundancy.

Reasons to keep the team together:

• The costs of having to find more staff once the crisis period is over.• The time and effort it would take to train these new starters – frequent

redundancies would also mean the number of “irreplaceables” you have will dwindle year after year. Top talent is crucial.

Alternatives: Crisis

doesn’t have to mean hardcore

loses:

• cutting back on paid overtime

• introducing flexible working

• reducing the use of temporary workers

• reducing the number of days/hours that employees work

• cutting or stopping bonus payments