This executive summary will identify a core process using Bruce Larue’s design process and outline. The inquiry process identified talent retention as the most important issue Countrywide faces today. The inquiry process determined how Countrywide treats, motivates, and compensates employees has a direct impact on talent retention and an overall effect on profitability, even in a declining market. This paper will discuss brainstorming results from a six-member action learning team consisting of two managers, one Vice President, one loan officer, and one processor. The design process will prioritize the gaps the inquiry process identified according to strategic importance with a cost and benefit analysis.
At a glance
- Six-member Countrywide design team included managers, loan officers, a processor and vice president
- Design process used open discussions with Human Resources and selected employees
- Retention strategy design follows Bruce Larue’s process
Contents
1. Abstract
2. Introduction
3. Gaps
4. Justification and prioritization
5. Key questions asked
6. Team members
7. Recommendations
8. Conclusion
Objectives and Themes
This executive summary outlines a design process for developing a talent retention strategy at Countrywide. It asks how the organization can address retention gaps identified through an inquiry process, using an action learning team’s discussions to guide priorities and proposed measures.
- Employee retention and its strategic importance
- Connections between retention, customer loyalty and effective teams
- Brainstorming by a six-member design team
- Benchmarking retention across employee and organizational characteristics
- Implementation planning and evaluation
- Training, communication and management accountability
Excerpt from the Book
Introduction
An inquiry process identified that a retention and customer service issue exists within Countrywide. The inquiry process asked specific questions that identified people as Countrywide’s most valuable resources. The inquiry process determined how Countrywide treats, motivates, and compensates employees has a direct impact on talent retention and an overall effect on profitability, even in a declining market. The inquiry process led to the design process to explore and create a road map to bridge the gaps uncovered in the inquiry process. The design process uses brainstorming from a six-member action learning team consisting of two managers, one Vice President, one loan officer, and one processor. The action learning team provides a practical process of knowledge to ensure the action learning team makes a difference for the organization. The inquiry process identified talent retention as the most important issue Countrywide faces today. The design process will uncover the gaps the inquiry process identified.
Gaps
Today we are in a strong economic recovery. History has shown that when the economy improves, a talent shortage follows (Kornick, 2006). Companies that prepare for the economic recovery by hiring talent and retaining talent will see hiring cost lower with a less disruptive practice of replacing currently employed talent (Rynes, Bretz, & Gerhart, 1991).
The design process will prove if a link exists between successful talent retention, customer loyalty, and effective teams. With more choices in today’s marketplace, strong talent retention strategies need to be flexible and compatible for the high stress workplace (Greenbaum, 2000).
Independent organizational studies conducted within Countrywide determined the cost of turnover equals an employee’s full year of salary. This can be a significant cost, which has led to the criticality and strategic importance of keeping Countrywide’s own employees. Estimations show the benefit of retaining employees will help develop stronger more productive work teams (LaRue, 2004). With productive teams, organizations can be more competitive and profitable, which will strengthen retention and increase salaries, creating a more stable lower turnover work environment (Kornick, 2006).
Chapter Summaries
Abstract: The executive summary introduces the retention issue, the design process and the action learning team.
Introduction: The author connects the earlier inquiry into retention and customer service with a design process intended to address identified gaps.
Gaps: This section discusses turnover costs and the proposed relationship between retention, customer loyalty and effective teams.
Justification and prioritization: The author explains the strategic importance of retention and proposes benchmarking across employee and organizational characteristics.
Key questions asked: The design team considers the initiative’s scope, timeline, obstacles, desired outcome, affected groups and measurement of success.
Team members: This section describes the design team’s roles, its discussions with employees and Human Resources, and the groups selected for participation.
Recommendations: The author presents proposed retention measures involving surveys, exit interviews, training, communication and managerial accountability.
Conclusion: The author reflects on employee involvement, leadership and the shared organizational effort needed to support retention.
Keywords
employee retention, Countrywide, action learning, design process, talent management, employee turnover, customer loyalty, benchmarking, human resources, recruitment, management training, employee engagement
Frequently Asked Questions
What is this work about?
It presents an executive summary of a process for designing an employee retention strategy at Countrywide.
What are its central themes?
The work addresses retention gaps, turnover costs, team discussions, benchmarking and proposed organizational practices.
What is the primary objective?
The objective is to develop a roadmap for addressing retention gaps identified through an earlier inquiry process.
What method does the author use?
The author describes a design process based on Bruce Larue’s outline, using brainstorming by an action learning team and discussions with Human Resources and selected employees.
What does the main body cover?
It examines retention gaps and priorities, design questions, team membership and proposed retention measures.
Which keywords characterize the work?
Key terms include employee retention, action learning, turnover, benchmarking, recruitment and human resources.
Who participated in the design team?
The team is described as comprising two managers, a senior loan officer, a rookie loan officer, a processor and an operational vice president.
How does the team propose measuring success?
The team proposes calculating the percentage improvement in retention after one year of implementation.
Which employee groups were considered for participation?
Human Resources managers were asked to select participants from Human Resources, Sales, Management and Operations.
- Quote paper
- Dr. Whitney Stevens (Author), 2006, Retention Strategy Design Process, Munich, GRIN Verlag, https://www.grin.com/document/189612
