Unformatted text preview: what we currently do well; assets we have
• Weaknesses – current people deficiencies / development needs
• Opportunities – upcoming or unmined capabilities / assets
• Threats – barriers to realizing opportunities & achieving success. Example: Retention Plan
Example: Retention Plan
STRENGTHS WEAKNESSES OPPORTUNITIES THREATS Recognition scheme is valued by
employees and works well.
Followership initiative is succeeding in
developing strong followers among Gen Y.
81% of staff say that we have a positive
We have an enthusiastic executive willing
to support Gen Y initiatives.
New recruitment agency are performing
well in getting us high quality people. Our Talent turnover rate is currently 29%
per annum (target is 10%).
Succession planning strategy is not
working to promote people as hoped.
We lost 8 key Gen Y staff to our main
competitor and won just 3 key staff from
Them. Performance management system is
not helping high achievers perform better.
Gen Y feels disconnected with brand and
products according to recent survey. Opening Bangkok office in 6 months will give Competitor is paying salaries between 10
15% more than us. Gen Y has indicated that
Opportunities. Will review L&D calendar in
we have poor work-life balance initiatives.
June with a view to freshen up content.
Headhunting agencies have been
New university in neighborhood will graduate approaching and luring key Gen Y to Middle
30 engineers in October. We will get a
East. Talent crisis in our industry will worsen
dedicated budget for Gen Y retention of
next year. Downsizing in some divisions is
$60,000 on Jan 1 . Have identified six
likely to damage overall morale across the
awards the business can enter to promote
business – a catalyst for people leaving.
staff achievement. Design a Retention Plan
Design a Retention Plan
The SWOT Analysis provides the data for action.
Organizations should use the data to: REINFORCE and BUILD on their Strengths
EXPLORE and EXPLOIT the opportunities
FIGHT and ERADICATE the weaknesses
MINIMIZE and COUNTER the threats Golden Handcuffs
FROM TO GOLDEN HANDSHAKE GOLDEN HANDCUFFS Cut ties, loose experience, knowledge and skills Maintain ties, continue to utilise experience, knowledge ad skills DEINVESTMENT REINVESTMENT Skills gap, business disruption, significant re
hiring / retraining expenses Gaps plugged, business continuity, reduced re
hiring and retraining expenses Golden Handcuffs
The opportunity: Why retirees want to be utilized •
• People retire early and still feel like contributing their skills
Early retirement means many could use some extra income
Many people retire with insufficient plans to utilise their time
55 or 60 today is considered relatively young
Many people value the opportunity to remain useful and connected Golden Handcuffs
How to retain retired expertise:
Adhoc consultancy / shortterm contracts
Special events (product launch; new hire induction; awards ceremonies) to give motivation speech
• Social events
• Home mentoring initiative
Sometimes we have to let employees go:
• Firing employees (dismissal) for a range of re...
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- Fall '13
- Management, Salary, Retention Audit