Compare different approaches to retaining people

 

Approaches to retaining people:	Realistic Job Previews (RJP)	Reward
Definition	RJP, in this case, involves the process of involving candidates in job opportunities and giving them an honest portrayal of the job, and what it has in store both in terms of its benefits and difficulties (Taylor, 2021).	Rewards for employee contributions can be either monetary (pay, bonuses, etc.) or non-monetary (recognition, benefits, etc.).
Purpose	To align candidate expectations with actual job demands, reducing early attrition due to unmet expectations.	In order to ensure that the expectations of the candidates are the same as the real demands of the job, which will reduce the initially leaving working population due to not meeting expectations (Marchington et al., 2020).
Effectiveness in warehouse context	Good at lowering turnover in the early stages by making new warehouse hires less shocked by the physical demands or pace of the job (Taylor, 2021).	Very good at getting and keeping employees in jobs where there are similar ones available elsewhere with better pay or benefits.
Labour market competitiveness	It helps weed out candidates who are likely to leave quickly, but it doesn’t directly compete with jobs that pay more.	Directly competes with other companies by matching or beating their offers, which helps keep good employees (Weeks, Reilly, and Hirsh, 2018).
Cost implication	Low implementation cost (e.g., job shadowing, videos, honest interviews).	Low cost of implementation (for example, job shadowing, films, and honest interviews) (Taylor, 2021).
Motivational impact	Setting expectations can help keep employees, but it might not make them more motivated once they’re recruited.	A strong incentive, especially if it is tied to performance or length of service; it makes employees feel more valuable.
Long-term benefit	Less early turnover lowers the expenses of hiring and onboarding new employees.	If used regularly, it builds loyalty and satisfaction, especially in places with a lot of turnover (Dinnen &  Alder, 2017).
Limitations	Does not address continuing engagement; cannot be used alone to achieve long-term retention.	Costly if unsustainable and may fail to address non-financial reasons of turnover (for example, poor management) (Marchington et al., 2020).

References

Dinnen, M. and Alder, M. (2017) Exceptional talent: how to attract, acquire and retain the very best employees. London: Kogan Page.

Marchington, M., Wilkinson, A., Donnelly, R. and Kynighou, A. (2020) Human resource management at work: the definitive guide. 7th ed. London: CIPD Kogan Page.

Taylor, S. (2021) Resourcing and talent management: the theory and practice of recruiting  and developing a workforce. 8th ed. London: CIPD and Kogan Page.

Weeks, A., Reilly, P. and Hirsh, W. (2018) Workforce planning practice. Guide. London: Chartered Institute of Personnel and Development. Available at: www.cipd.co.uk/knowledge/strategy/organisational-development/workforce-planning practice