W7 - Retention Management and Restructuring Flashcards
1
Q
What are the types of turnover?
A
- voluntary vs. involuntary
- functional vs.dysfunctional
- avoidable vs. unavoidable
2
Q
What are the five misconceptions about retaining talent?
A
- All turnover is the same and it is all bad
- People quit because of pay
- People quit because they are dissatisfied with their jobs
- There is little that managers can do to directly turnover decisions
- A simple one-size-fits-all retention strategy is most effective
3
Q
What are some common mistakes that top managers make?
A
- Assume engagement
- Mistake current high performance for future potential
- Fail to delegate talent development to line managers
- Shield talent
- Assume high potentials will take one for the team
- Keep young leaders in the dark
4
Q
“A responsible restructuring strategy focuses on ______ as assets to be _______ and recognizes that ______ are the source of innovation and renewal…”
A
people, developed, people
5
Q
10 mistakes to avoid while restructuring
A
- Failure to be clear about long term and short term goals
- Use of downsizing as first resort, not last resort
- Use of non-selective downsizing
- Failure to change the way work is done
- Failure to involve workers in the restructuring process
- Failure to communicate openly and honestly
- Inept handling of those who lose their jobs
- Failure to manage survivors effectively
- Ignoring the effects on other stakeholders
- Failure to evaluate results and learn from mistakes
6
Q
What are the 9 steps for restructuring responsibly?
A
- Carefully consider the rationale behind restructuring
- Consider the virtues of stability
- Make concerns known / seek input
- Do not use downsizing as a quick fix
- Ensure that the employees perceive layoffs as being fair.
- Communicate regularly and in a variety of ways
- Give survivors a reason to stay, and new hires a reason to join
- Train for the new ways of operating
- Examine HR systems carefully
