EFFECTIVE EMPLOYEE RETENTION STRATEGIES

 

Figure 1:source google content(wisestep.com)

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.