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Retention and the competitive edge.
Clinical Leadership & Management Review : the Journal of CLMA
|January 17, 2002
Summary
Retaining experienced employees is crucial for market competitiveness. Despite higher apparent costs, their deep knowledge provides a competitive edge, making retention a key organizational goal.
Area of Science:
- Organizational Behavior
- Human Resource Management
Background:
- Seasoned employees are often perceived as more expensive.
- The costs associated with replacing experienced personnel are frequently underestimated.
Purpose of the Study:
- To analyze the true cost-benefit of retaining seasoned employees.
- To highlight the strategic importance of experienced workforce retention for competitive advantage.
Main Methods:
- Comparative cost analysis of retaining vs. replacing seasoned employees.
- Qualitative assessment of the value of intimate job knowledge.
Main Results:
- The total cost of hiring and orienting new employees can exceed the perceived higher cost of retaining seasoned staff.
- Intimate job knowledge held by experienced employees is a significant competitive asset.
Conclusions:
- Retaining seasoned employees is a strategic imperative, not just an operational consideration.
- Organizations should prioritize strategies for experienced personnel retention to maintain and enhance their market position.
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