Employee retention
involves the strategies taken to satisfy and motivate the employees to remain
at the company for a longer period. Retaining the best talents in the
organization can be crucial since it can directly affect the growth and
profitability while reducing the employee turnover.
Why do employees leave?
Employees leave their current job mainly because of the following reasons.
·
Lack of recognition and career advancement
·
Not meeting the expected financial gains
·
For a better work-life balance
·
Conflicts between colleagues and workplace
discrimination
·
Dissatisfaction due to working environment
and workload
Furthermore, Maslow’s hierarchy
of needs (1954) theory can also be applied.
Reasons to leave can be due to not meeting any of the above, as the particular employee's expectations and needs.
Employee Retention Strategies
According to Walker (2001), there are seven factors that can enhance employee retention: (i) compensation and appreciation of the performed work, (ii) provision of challenging work, (iii) chances to be promoted and to learn, (iv) invitational atmosphere within the organisation, (v) positive relations with colleagues, (vi) a healthy balance between the professional and personal life, and (viii) good communications.
Clear recognition and
rewarding policies – As mentioned in the Maslow’s theory of
needs (1954) and Walker (2001), employees expects proper recognition and fair rewarding as they rise up
the need hierarchy. Transparent frameworks related to career enhancement, staff
mobilizing and financial/non-financial incentives should be implemented.
Defined job roles and
authority levels – This can help to fairly distribute the
authority and responsibility among employees to minimize the tension and
conflicts between peers, supervisors and subordinates.
Training and development
–
Timely training & development programs and workshops should be carried out
after identifying appropriate employees to improve their skills, knowledge and
competencies which will support them to contribute more towards reaching the
organization's goals.
Positive working
environment – A satisfying and friendly working
atmosphere can increase the performance and productivity of employees while
grow the employee engagement.
Constant communication – Continuous
communication with employees with regard to feedbacks on performances,
instructions, direction of the company and staff problems can lead to a healthy
relationship between the employer and employee.
Why Employee Retention Is Important
Reduce employee turnover
–
Through retaining the best employees, the company can save cost on recruiting,
training and developing new employees. Apart from these new workers take time
to reach the competency level of the well experienced staffs.
Increased employee
engagement – When employees are highly satisfied they
tend to engage more with the company and this will help to enhance the employer
branding as well.
Expert talents – With
proper retention strategies it is potential for the company to preserve a pool
of proficient knowledge workers. This is will help to function with great
efficiency and a smooth flow of operations.
Conclusion
Failing to retain
experienced employees can be time and cost consuming. Hence it is critical to
implement necessary strategies to satisfy and retain key talents with the
organization.
References
Cloutier, O., Felusiak, L., Hill, C. and
Pemberton-Jones, E.J., 2015. The importance of developing strategies for
employee retention. Journal of Leadership, Accountability & Ethics, 12(2).
Kyndt, E., Dochy, F., Michielsen, M. and Moeyaert, B.,
2009. Employee retention: Organisational and personal perspectives. Vocations
and Learning, 2(3), pp.195-215.
McLeod, S., 2007. Maslow's hierarchy of needs. Simply psychology, 1(1-18).
SHRM, n.d. SHRM.
[Online]
Available at: https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/managingforemployeeretention.aspx
[Accessed 15 04 2022].
This is good article about employee retention.well discribes of employee retention strategies as well and importants of employee retention.good points for any organization .good luck..
ReplyDeleteRetaining your top staff is critical to the success of your company. People used to shift jobs frequently in the present competitive atmosphere in order to find the correct value for their abilities. HRM plays a critical role in developing appropriate policies and processes to retain its staff. Best wishes.
ReplyDeleteThis is a timely article as many organisations experience high rates of staff turnover. Retaining staff is very important and one of the main functions of HR. High staff turnover has many cost implications such as financial costs in advertising, training and recruiting. And also issues such as demotivation of existing staff. Hence HR should take steps to minimise staff turnover. Good article. All the Best!
ReplyDeleteSince staff turnover is a cost to a business, increasing employee retention increases productivity while also increasing revenue. Employees will stay with a company for a long time if they get opportunities to advance their careers and improve their skills. Good luck
ReplyDeleteEmployee turnover is much considered to retain the staff with the company. Employee retention is well explained with its impotency. good job well done.
ReplyDeleteThis is a good article about retaining employees. Staff retention tactics, as well as the importance of employee retention, are well described. Good points for any company. Best of luck.
ReplyDeleteEmployee retention and employee turnover are directly impact to the organizational achievement. Through out employee retention employer can be reduce employee turnover and save worthy and loyal employee in the organization. Employee retention will cause to reduce the cost of employee recruitment and it will directly effected for the efficient outcome in the organization.
ReplyDeleteIts good topic you've selected.Good Luck!
Appreciate you sharing the content. Retaining the best talents in the organization can be crucial since it can directly affect the growth and profitability while reducing the employee turnover.
ReplyDeleteThank you for making the material available. Retaining the best talents in an organization can be critical because it can have a direct impact on the organization's growth and profitability while also lowering employee turnover.
ReplyDeleteRetaining the best talents in an organization is a critical function of the HR Manager
ReplyDeleteKeeping the finest employees in a company is a vital responsibility of the human resources manager, and it is essential for the business's success.
ReplyDeleteThe human resources manager has a very important job: to keep the best people in the company. This is very important for the business's success.
ReplyDelete