In the contemporary world skilled staff is a vital resource as it is a scarce resource. The efficiency of operations depends on the skill of the people in an organixation to plan, control and organize operations. They also determine the innovative potential of the organization and they are vital for many business organizations. In this respect the management must have human resource policies and strategies to retain skilled staff in their organization. They cannot be replaced easily and they are costly and they affect the organizations ability to cope with changes and to grow in a sustainable manner.
The strategies to retain skilled staff depends on many factors. The important factors are the economic conditions and the shortage of skilled labor in the labor market and within the organization. Mostly when the economy is at high levels of employment skilled labor becomes more scarce compared to unskilled labor. In such situations the retention of skilled staff becomes important as they are costly and they determine competitiveness of the organization.The other factor is the organizational culture. It determines the ways an organization control and mechanisms of motivation in the organization. That is, the strategies must be in tune with the organizational culture.
The most workable strategies to retain staff are reward systems, career path, job characteristics, decsion-making process, employee relations, change management processes, grievance procedures, management style within the organization, communication chennels, social factors within the organizations. In effect, the strategies must be drafted in such a manner so that it comsidres all aspects of human resource mangement aspects. which affects staff retention within an organization and improve the probability of retaining skilled staff.
In effect, strategies to retain staff is a complex issue and must be carefully drafted considering the factors which increases staff retention and devise policies, which are within the objectives of the organization and affordability and which enhances the possibility of retaining staff , which is within the constrains and do not affect the cost and the profitability of the business as a whole.