Hot from Australia, here's a great, yet seemingly obvious, way to get more out of your people. Retrain, award, retain. This seems like it would have big benefits for both employers and employees alike. After all, if employees thought that they might have a real chance at advancement in their company, this might also boost their productivity and morale. Let's think about it.
In Australia, this has been bandied about as a solution to help companies weather the current economic conditions. Instead of having to worry about turnover and lost productivity while finding the right employee, why not make a known quantity (employee) the right employee? From an employer's perspective, it eliminates the risk of making a bad hire, it also helps reassure employees of their value to management, etc.
From an employee's perspective, it allows for greater flexibility. After all, it's only natural that one might get bored with their position, might want to assume greater responsibilities, or just try something new. Taking the time to train for a new position gains you new skills and an improved resume Ė above all, it helps you continue job continuity and to increase earning potential.
Whether or not Australian companies will heed experts' advice and adopt this plan is still unknown, but I think time will prove it to be an innovative solution to a serious problem.