How can HRM help in talent retention, when the organisation is keen on cutting costs through layoffs?
Talent retention and lay-offs are two different things. Lay-off is a non-voluntary employee turnover (employees don’t want to leave the job) where as talent retention is an HR strategy to prevent voluntary employee turnover of key performers. Cost cutting through employee lay-off is again indicative of an organisation with poor insight in their HR functioning. One, it shows bad man-power planning (they shouldn’t have hired more staff in the first place) and second it shows lack of business vision of the HR team. Cost cutting through employee lay-offs should be a company’s last resort to get the finances in order; only an HR function with a deep understanding of how and where does the business make money can identify where the money is being lost. It will seldom be that employees will be the only source of loss; however they are the most visible source and therefore become an easy source for instantly reducing the costs. Although, an HR management that has ‘talent’ high on its agenda ha
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