Providing pay and benefits based on what people bring to the organization while ensuring fairness across the workforce.
The purpose of TALENT RETENTION is to give everyone pay and benefits based on what they bring to the organization and how valuable they are.
TALENT RETENTION is the only PRACTICAL DISCIPLINE at the STANDARDIZED PHASE whose execution is coordinated by actions at the organizational PHASE. To create a sense of fairness in the system, TALENT RETENTION needs to be coordinated mostly through centralized work. Once the workforce thinks the system is fair, it can be changed to encourage people to get the skills they need and bring individual performance closer to that of the workgroup, unit, or organization. The TALENT RETENTION system should be made to encourage and reward skills and actions that the organization thinks are important to its success.
A TALENT RETENTION strategy is made, which describes the organization's goals and how people will be paid. This TALENT RETENTION strategy is checked against current business conditions on a regular basis and changed as needed. The TALENT RETENTION strategy is made with the opinions and needs of the workforce in mind. The strategy covers all kinds of TALENT RETENTION, both fixed and variable, for individuals, as well as the criteria that are used to decide TALENT RETENTION. A TALENT RETENTION plan is made every so often to help the TALENT RETENTION strategy run smoothly.
Those in charge of making decisions about TALENT RETENTION are given advice on how to implement and talk about the strategy and decisions. CHOICES ABOUT HOW TO KEEP GOOD PEOPLE are based on criteria that are set out in the strategy and explained in the plan. Adjustments are made to a person's TALENT RETENTION based on how well they do their job and other documented factors, such as skill development or getting a promotion. People who are affected by changes to TALENT RETENTION are told about the changes and given information about why the changes were made.
TALENT RETENTION decisions are reviewed to make sure they are fair. They are all looked at together and compared to external benchmarks to see how fair the total TALENT RETENTION is compared to the market. Individual decisions about TALENT RETENTION are compared to other internal decisions about TALENT RETENTION to make sure that TALENT RETENTION is fair for all staff members in terms of skills, experience, performance, and other appropriate criteria. Corrections are made to adjust inequities. 1.6.1.
Integration Conditions.
1.6.1.1. Sustainability Factors.
SUSTAINABILITY FACTOR 1: The organization sets up and keeps a written policy for how it does TALENT RETENTION.
The word "compensation" is used to mean pay and guaranteed benefits. Pay includes any salary or hourly wage that is set and guaranteed, as well as any variable amounts that are given based on an agreement between the organization and the person about how it will be handled.
Typical issues that the policy addresses are:
TALENT RETENTION activities help the organization reach its business goals and live up to its stated values.
The TALENT RETENTION strategy,
IMPLEMENTATION TACTICS, and activities all follow the relevant laws, rules, and organizational policies.
The following are some examples of laws and rules that TALENT RETENTION systems must follow:
Laws and rules about labor, like the Fair Labor Standards Act.
Laws and rules about equal access to the workplace, limiting discrimination, and spotting sexual harassment, such as the Equal Employment Opportunity (EEO) laws and regulations, the Older Workers Benefit and Protection Act, and the Equal Pay Act.
Laws and rules about retirement and pensions, like Social Security, Medicare, COBRA, and the Employee Retirement Income Security Act.
Act to Protect Consumer Credit.
Any other national, provincial, state, or local laws or rules that apply.
The organization's TALENT RETENTION strategy and plan are made clear and responsibilities are given.