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Developing an Effective Retention Strategy through Total Rewards

What is it that makes some companies so successful at attracting and retaining human capital? Paul Shaw highlights the factors that contribute to a unique and meaningful employment proposition and shows us how we can develop an effective retention strategy.

by Paul Shaw

ABOUT MABILI

Mabili is a leading South African Executive Search and Reward business. Mabili was founded in 1998 and has grown rapidly to become a dynamic advisory firm focused on leadership, talent acquisition and retention.   Mabili immerses itself in the cutting-edge issues that shape human capital performance and develops, with its clients, innovative solutions that build organisational capabilities through robust leadership and human capital capacity. Mabili works with multinationals and leading listed organisations in South Africa and abroad, to provide pragmatic and innovative senior-level executive search and reward solutions. For more information visit: http://www.mabili.co.za/ or contact Paul Shaw: +27 11 236 4900

What is it that makes some companies so successful at attracting and retaining human capital? We can all think of companies that we’d love to work for. Maybe you’re lucky enough to be part of one of those ‘employers of choice’. Conversely, you may have worked for a company where every day was a drag. You couldn’t wait to get out of the place and Sunday blues reached unprecedented heights.

What are total rewards?
World at Work, the global human resource organisation focused on integrated total rewards, talk about the ‘it’ factor. According to World at Work, the ‘it’ factor may be bringing your dog to work as in the case of Google, it may be that it’s closer to home or it may be the fringe benefits – employees of South African Breweries rave about their monthly allocation of beer!

The ‘it’ factor is the unique and proprietary way to attract and retain employees. It is the set of reward factors that make up the psychological and contractual agreement between employers and employees in return for employees time and efforts in advancing the interests of the organisation.

The ‘it’ factor is rarely a single factor, but rather a set of factors that contribute to a
unique and meaningful employment proposition.  Following extensive research on retention, the following components appear to be critical to a total rewards strategy within the South African context.

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