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Employee Retention of Gap

Employee Retention of Gap

Discuss Employee Retention of Gap within the Human Resources Management (H.R) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; The Gap, Inc.[2] (NYSE: GPS) is an American clothing and accessories retailer based in San Francisco, California, and founded in ...

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Pratik Kukreja
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pratikkk
Student of PGDM at PATLIPUTRA MEDICAL COLLEGE
Jamshedpur, Jharkhand
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Employee Retention of Gap - April 9th, 2011

The Gap, Inc.[2] (NYSE: GPS) is an American clothing and accessories retailer based in San Francisco, California, and founded in 1969 by Donald G. Fisher and Doris F. Fisher. The company has five primary brands: the namesake Gap banner, Banana Republic, Old Navy, Piperlime and Athleta. As of September 2008, Gap, Inc. has approximately 135,000 employees and operates 3,076 stores worldwide, of which 2,551 are in the United States.[3] Gap, Inc. remains the largest specialty apparel retailer in the U.S., though it has recently been surpassed by the Spanish-based Inditex Group as the world's largest apparel retailer.[4]
Despite the company's publicly traded status, the Fisher family remains deeply involved in Gap, Inc.'s business and collectively owns a significant quantity of the company's stock.[5]
Donald Fisher served as Chairman of the Board until 2004 and remained on the board until his death on September 27, 2009. His wife and their son, Robert J. Fisher, also serve on Gap's board of directors. Robert Fisher succeeded his father as chair in 2004 and also became president and CEO on an interim basis following the resignation of Paul Pressler in 2007.
Glenn K. Murphy is the current CEO of the company. Previous Gap, Inc. CEOs include Millard Drexler and Paul Pressler.

A recent study by the Aberdeen Group reveals that the onboarding process has become increasingly important in workforce management because it helps address several challenges, including improving employee retention and productivity.

Employee retention and satisfaction start before an employee’s first day on the job. The employee’s ability to complete forms quickly, assimilate culturally, and understand performance expectations before the start date help smooth the way to better employee retention, satisfaction, productivity, and overall workforce management.

IMPROVING EMPLOYEE RETENTION THROUGH ONBOARDING

Getting to a best-in-class onboarding process that improves employee retention, employee satisfaction, and productivity starts with three steps, according to Aberdeen Group:

Begin onboarding before the employee’s start date
Meet with new employees before their start date to set performance expectations and development plans
Improve collaboration between hiring managers, HR, and recruiting.
TALENT MANAGEMENT SOFTWARE FEEDS EMPLOYEE RETENTION STRATEGIES

Human resources management looking to improve workforce management, should turn to talent management software to smooth the way.

Integrated talent management software streamlines interactions with candidates from recruiting through post-hire employee surveys.
Employment screening tests, such as skills assessments, help identify areas to include in the development plan.
Collaboration tools improve communication throughout the hiring process.
Employee surveys measure employee satisfaction as the new employee assimilates. Employee surveys also help assess improvements to the onboarding process.
Only 40% of Aberdeen’s Best-in-Class HR organizations have automated onboarding, leaving a gap in their employee retention, employee satisfaction, and productivity strategies. Talent management software can help reduce recruiting costs while improving employee retention.

Find out more about Abso talent management software and how integrated tools can help improve employee retention.

Even amidst the current recession with unemployment numbers among the highest they’ve been in my life time top talent is hard to come by, especially if you have the newer skill sets and experience needed by socially connected corporations.

And when the recession finally does come to an end, years from now (5 to be exact), things won’t be any better. Baby Boomers who were forced to put off retirement will finally retire (although not in the way we traditionally think of it). Millenials won’t have the experience to fully fill the gap left by Boomers and there aren’t enough of Gen X to fill the gap. Technology and outsourcing won’t fill the gap either, if anything I predict they will make the need worse, creating an even greater skills gap.

So with all of that you would think that employee retention would be one of the most crucial goals for companies but I think this is misguided. Why? Because, no matter what you do, most of your top talent will eventually leave. Especially those stop gap employees that are part of Gen X.

It’s nothing personal, Gen X, as a whole, is just incapable of forming the loyalties that generations before us had. Even Millenials are showing signs of a renewed loyalty.

With that in mind is there a better way to think about employee retention? I think so.

Instead of focusing on retention I think companies need to think about a greater level of value creation by focusing on creating Knowledge, Networks and New Opportunities.

Even amidst the current recession with unemployment numbers among the highest they’ve been in my life time top talent is hard to come by, especially if you have the newer skill sets and experience needed by socially connected corporations.

And when the recession finally does come to an end, years from now (5 to be exact), things won’t be any better. Baby Boomers who were forced to put off retirement will finally retire (although not in the way we traditionally think of it). Millenials won’t have the experience to fully fill the gap left by Boomers and there aren’t enough of Gen X to fill the gap. Technology and outsourcing won’t fill the gap either, if anything I predict they will make the need worse, creating an even greater skills gap.

So with all of that you would think that employee retention would be one of the most crucial goals for companies but I think this is misguided. Why? Because, no matter what you do, most of your top talent will eventually leave. Especially those stop gap employees that are part of Gen X.

It’s nothing personal, Gen X, as a whole, is just incapable of forming the loyalties that generations before us had. Even Millenials are showing signs of a renewed loyalty.

With that in mind is there a better way to think about employee retention? I think so.

Instead of focusing on retention I think companies need to think about a greater level of value creation by focusing on creating Knowledge, Networks and New Opportunities.

Retention: The process of keeping employees within the organization by taking steps to
help prevent unwanted turnover.
You may have identified high employee turnover as a serious threat to your agency’s ability to
achieve its strategic objectives. Workforce instability and high turnover result in compromised
program effectiveness in many human services agencies. Your gap analysis may have revealed
both staffing gaps and competency gaps due to high turnover.
Building your Competency Model into all of your Human Resources management (HRM)
processes will have a positive impact on employee retention:
�� Recruiting and selecting employees with the competencies associated with successful
performance will result in a better job fit.
�� Aligning performance management and professional development processes with the
Competency Model should strengthen employees’ abilities to effectively meet the
challenges of the job.
�� Employee loyalty and retention increase when employees clearly understand what is
expected of them and receive constructive feedback on how they are doing.
�� Providing competency-based development provides employees with the insights and
tools necessary to become better workers and prepares them for future advancement.

A recent study by the Aberdeen Group reveals that the onboarding process has become increasingly important in workforce management because it helps address several challenges, including improving employee retention and productivity.

Employee retention and satisfaction start before an employee’s first day on the job. The employee’s ability to complete forms quickly, assimilate culturally, and understand performance expectations before the start date help smooth the way to better employee retention, satisfaction, productivity, and overall workforce management.

IMPROVING EMPLOYEE RETENTION THROUGH ONBOARDING

Getting to a best-in-class onboarding process that improves employee retention, employee satisfaction, and productivity starts with three steps, according to Aberdeen Group:

Begin onboarding before the employee’s start date
Meet with new employees before their start date to set performance expectations and development plans
Improve collaboration between hiring managers, HR, and recruiting.
TALENT MANAGEMENT SOFTWARE FEEDS EMPLOYEE RETENTION STRATEGIES

Human resources management looking to improve workforce management, should turn to talent management software to smooth the way.

Integrated talent management software streamlines interactions with candidates from recruiting through post-hire employee surveys.
Employment screening tests, such as skills assessments, help identify areas to include in the development plan.
Collaboration tools improve communication throughout the hiring process.
Employee surveys measure employee satisfaction as the new employee assimilates. Employee surveys also help assess improvements to the onboarding process.
Only 40% of Aberdeen’s Best-in-Class HR organizations have automated onboarding, leaving a gap in their employee retention, employee satisfaction, and productivity strategies. Talent management software can help reduce recruiting costs while improving employee retention.
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Last edited by pratikkk; April 9th, 2011 at 04:10 PM..
   
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