The Rational of Employee Retention
The current trend of staff leaving the organization for their better perspective has increased
rapidly, one of the root cause of this issue can be job satisfaction and the attraction of the other
organizations. The results showed that Job satisfaction had the greatest influence as a retention
factor. It was found that there was a difference between factors which influenced an employee to
stay or leave. There was no significant difference between the retention factors for the differently
tenured groups.
The descriptions of employee retention are approach in which the employees are encouraged to
remain with the organization for the considerable amount of time. While there are various causes
for turnover, which are Job satisfaction, remunerations, organization policy, management
decisions, effect of leadership which result in a loss of management time, create pressure in
workforce planning, and a multiple of direct (e.g. recruitment of replacement staff, training) and
indirect
Most of the employees are attracted to the Organization - Type of work , Career opportunities,
Skills development , Company reputation, Potential for significant financial reward and the deep
rooted reason for leaving the Organization, Poor management/leadership , Inability to use core
skills (type of work not stimulating/challenging), Feeling unappreciated; not valued, Lack of
development , no career opportunities and frequent reorganizations
The Effects of Employee Turnover
An organization's retention rate can lead to substantial negative consequences for all
organizations. These costs include lower quality products and services; higher financial expenses
in the areas of recruiting, hiring, and retaining employees; and losses in productivity during the
time a position is vacant. Low retention also interrupts the flow of products and services, costing
organizations thousands of dollars each year (Kutilek M., 2000)
Understanding the relationships between job embeddedness' and retention within the population
of Extension agents will assist HRD professional in formalizing policies and procedures that
embed employees to organizations and communities. I hope that the results of this study will be
useful in addressing retention among all Extension Service employee groups (Kutilek M., 2000)
The Effective Employee Retention
According to half , (2018) it's s every manager's nightmare: One of the best employees resigns out
of the blue. A number of challenges to tackle on top of the daily responsibilities. Not only do
have to find a replacement for such a talented team member but also have to consider the impact
of his departure will have on the rest of the staff.
That's why employee retention and employee job satisfaction should be high on every
organization's list of priorities, and why creating effective retention strategies to decrease
turnover should be one of management's most important jobs.
Development of Employee Retention Strategies
Succeeding in employee retention efforts requires to think about from the team's point of view.
All employees are different and each has unique desires and goals. In the meantime, they want to
feel that they are appreciated by their employer and treated fairly. They want to be challenged
and excited by the job they are asked to do.
Ways to Improve Employee Retention
Every area of the employer-employee relationship in the organization deserves our attention. The
key strategies to improve the organization's employee retention and boost employee satisfaction
are:
- On boarding and orientation — Every new hired should be set up for success from the very start, from the first day of work to the first week and beyond.
- Mentor ship programs — Pairing a new employee with a mentor is a great idea for on boarding. New team members can learn the ropes from a veteran with a wealth of sources.
- Employee compensation —Companies to offer attractive compensation packages as per the market rate. It includes salaries and all the other perks.
- Recognition and rewards systems —Make it a habit to thank your direct reports when they go the extra mile, whether it's with a sincere email, a gift card or an extra day off.
- Work-life balance —A healthy work-life balance is essential, and people need to know that management understands its importance.
- Training and development — Smart managers invest in their workers' professional development and seek opportunities for them to grow.
- Communication and feedback — Keeping open lines of communication is essential for employee retention. The direct reports should feel that they can come to you with ideas, questions and concerns, and likewise, they expect to be honest and open with them about improvements they need to make in their own performance.
- Dealing with change — Every workplace has to deal with unpleasant changes occasionally, and the staff looks to leadership for reassurance.
- Fostering teamwork — When people work together, they can achieve more than they would have individually. Foster a culture of collaboration that accommodates individuals's working styles and lets their talents shine.
- Team celebration — Celebrate major milestones for individuals and for the team.
source: youtube vantage circle
Conclusion
Based on the above study, it has being well recognized that, Employee Retention is one of the
key factor which contributes towards the success of an organization. effectively managing the
employee turnover by using and following most appropriate methods such mentioned above will
immensely contribute towards satisfied and motivated employees, who will not leave the
organization unless for a justifiable reason.
Assess the employee retention strategies at least once a year. Stay on current on market salary
rates and benefits, and best practices in developing workplace culture and manager employee
relations. This will keep staff morale high and turnover low while guaranteeing organization’s
success. (half , 2018)
References
half , R., 2018. Managment Tips. [Online]
Available at: <https://www.roberthalf.com/management-tips/effective-employee-retention-strategies>
[Accessed 06 11 2021].
Kutilek M., L., 2000. Learning form Those who leave , Issue 38.
