Written By: Richard Lear, CEO
Missing in Action: Retention Management Category in HR Tech In reviewing criteria for the SHRMLabs Better Workplaces Challenge Cup, I noticed a category for “retention” missing from their preferred solutions list. See below. Though, they do list Employee Experience. So, is “employee experience” supposed to be a proxy for retention, like “employee engagement” has been for so many years? Do either of these categories actually address retention head on?
I also noticed the “retention management” category conspicuously missing from lists of topics in three major HR conferences this year.
According to Gallup Research, attrition is a $1 Trillion cost to US businesses. So, why is a $1 Trillion problem unable to create its own solution category in HR tech?
Here are the solution categories that SHRMLabs are prioritizing in their Challenge Cup:
- Business process improvement
- Communication & engagement
- Diversity, equity, and inclusion
- Employee benefits
- Employee experience
- Employee recognition & reward
- Health & wellness
- HRIS & payroll
- Leadership development
- Learning management
- Onboarding & knowledge management
- Performance management
- Project management
- Team enhancement
- Workforce planning & succession planning
What’s with the missing category for “retention management?” Pundits say employee retention will be a top priority for 2023. So, why does it get so little respect?
TalentValue™ is a talent analytics and intelligence solution that squarely addresses retention management. The solution proactively addresses retention by measuring and communicating key factors of retention, including an employee’s alignment with their role, manager, team, company and career trajectory. The solution also captures and measures employee satisfaction, mindset, compensation, tenure, performance and business impact. TalentValue™ delivers a “retention management” solution wrapped inside a talent intelligence platform that also captures and measures employee experience, pay equity and uniquely benchmarks market compensation.
If you’d like to learn more or see a demo, click here.