EMPLOYEE RETENTION WITHIN ORGANIZATIONS.......
Employee retention can be defined as an ability of an
organization to keep its contributing and valuable employees while reducing the
turnover of them.
Employee retention is one of the critical issues which organizations
have to face since it directly influences the smooth functioning of day to day
work schedules of the organizations. Human capital is the most valuable asset
for an organization and it consists of skilled, trained and knowledgeable
employees who help to push organizations towards its goals. Human capital
creates unique competitive advantage to organizations since most of other
competitive advantages can be followed and copied by competitors easily.
Importance of
employee retention…
Converting a person into a skilled employee is a long term
process and organizations invest money and time for same. When an individual
leaves his job, organizations have to waste time and money again to build up
another person up to the standard by duplicating the recruitment and training processes.
As stated above skilled and qualified employees create a
competitive advantage to an organization. If an organization fails to retain its
employees there is a possibility of catching those employees by the
competitors.
Organizations can train new people to replace the leaved
employees but it is difficult to create employees with loyalty and it takes
considerable time for new employees to adjust with the organizational culture.
Why employees leave
their jobs…………..
Most of the organizations all over the world are trying to
find solutions for this employee retention issue by developing effective
strategies.
How to retain
employees within organizations………
Benefits including salaries, bonuses and promotions provided
by the organization should be increased up to a comparatively acceptable level
with similar positions in other organizations. However this is a costly method
which directly effects in the organizational profits. Other than that, recognition
and appreciation play a major role in employee retention since employees like
to be recognized for their good works.
Most people quit their jobs due to failures in work-life balance.
Organizations can take necessary steps, allowing employees to maintain healthy
work-life balance by reducing employee pains such as stress and overwork.
Another reason for leaving of jobs is conflicts arise with superiors. Mostly
this occurs due to poor communication among employees and superiors. Some
organizations use to maintain strong internal communication methods and, to get
active involvement from employees in decision making in order to retain its
valuable employees by appreciating their valuable ideas. Providing growth
opportunities is another way to satisfy employees since some employees are in need, to get upgraded themselves towards career development.
Employee retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain the employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.
ReplyDeleteOne of your best employees resigns out of the blue. Right away, you've got a number of challenges to tackle on top of your daily responsibilities. Not only do you have to find a replacement for such a talented team member — no small feat when skilled professionals are in high demand, as they are today — but you also have to consider the impact this departure will have on the rest of your staff.
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ReplyDeleteEvery organization invests time and money to groom a new joinee, make him a corporate ready material and bring him at par with the existing employees. The organization is completely at loss when the employees leave their job once they are fully trained. Employee retention takes into account the various measures taken so that an individual stays in an organization for the maximum period of time.
ReplyDeleteCreate open communication channels in the organization. Employees should be encouraged to speak frankly with their managers without fear of repercussion. Expectations from the employee should be clear to them. They should know what is expected in terms of their responsibilities towards the organization. Offer some special financial rewards such as stock options or other financial awards for employees who meet performance goals or exceed them based on certain levels of achievement in the specific goals. Finally make work fun.
ReplyDeleteAgreed. Furthermore, other than the financial rewards offered, there are some non- financial factors that organizations should focus their attention on an employees side such as providing training and development opportunities, ensuring healthy work-life balance, communication, and feedback, team collaboration, etc.
DeleteAbove things will increase employee satisfaction level and it may cause reducing of employee turnover.
Employee retention is an organization’s ability to keep its employees. Employee retention is usually represented as a percentage. For example, an annual retention rate of 80% indicates an organization kept 80% of its employees that year and lost 20%. Improving retention is the only way to negate this expense, therefore an organization needs to track retention to see if there is room for improvement - and subsequently room to protect their bottom line.
ReplyDeleteEach association contributes time and cash to prepare another joinee, make him a corporate prepared material and carry him at standard with the current workers. The association is totally at misfortune when the representatives exit their profession once they are completely prepared. Worker maintenance considers the different estimates taken with the goal that an individual remains in an association for the most extreme timeframe.
ReplyDeleteEmployees are different from each other and they have unique desires and goals. But in common and practical scenario all of them are like to have a monetary befits above the market rates and fair treatment along with appreciation from their employers.
Deletesuccessful employment retention mechanism mainly focuses on employee satisfaction since it is the main reason for an employee to retain within an organization for a long period.
Advantages of employee retention. High staff turnover can be bad for business. It can create unease, affect morale and cost a company in both time and recruitment fees to find a suitable staff replacement. Investing in employee incentives to boost and maintain staff retention can help
ReplyDeleteRetention of a positive and motivated employee is very important for the organization's success. 🏆
ReplyDeleteHigh employee turnover increases the expenses and also has a negative impact on the organization’s morale. 😐
Implementation of an employee retention program is an effective way of making sure that the pivotal workers remain employed while balancing and maintaining job performance and productivity. 😊😀
Organizational culture plays a major role in employee behavior and it builds-up a strong bond between employee and organization which leads to honest and psychological relationships among both parties.
ReplyDeleteWhat are the factors that we can use as measurements for on employee turnover within an organization?
ReplyDeleteMainly there are two main factors that can be considered as measurements in this regard. they are voluntary turnover rate and involuntary turn over rate.
DeleteRetention management is the process of voluntary retention of employees using motivational and focused strategies.
ReplyDelete