Turnover also affects organizational performance. High-turnover industries such as retailing, food services, call centres, elder-care nurses, and salespeople make up almost a quarter of the United States population. The theories have overlap, but the fundamental nature of each model differs. While Maslow's hierarchy implies the addition or removal of the same need stimuli will enhance or detract from the employee's satisfaction, Herzberg's findings indicate that factors garnering job satisfaction are separate from factors leading to poor job satisfaction and employee turnover.
Employee retention strategies go a long way in motivating the employees so that they stick to the organization for the maximum time and contribute effectively. Sincere efforts must be taken to ensure growth and learning for the employees in their current assignments and for them to enjoy their work.
Employee retention has become a major concern for corporates in the current scenario. Individuals once being trained have a tendency to move to other organizations for better prospects.
Lucrative salary, comfortable timings, better ambience, growth prospects are some of the factors which prompt an employee to look for a change. Whenever a talented employee expresses his willingness to move on, it is the responsibility of the management and the human resource team to intervene immediately and find out the exact reasons leading to the decision.
Hiring is not an easy process: The HR Professional shortlists few individuals from a large pool of talent, conducts preliminary interviews and eventually forwards it to the respective line managers who further grill them to judge whether they are Scope of employee retention for the organization or not.
Recruiting the right candidate is a time consuming process. An organization invests time and money in grooming an individual and make him ready to work and understand the corporate culture: A new joinee is completely raw and the management really has to work hard to train him for his overall development.
It is a complete wastage of time and money when an individual leaves an organization all of a sudden.
The HR has to start the recruitment process all over again for the same vacancy; a mere duplication of work. Finding a right employee for an organization is a tedious job and all efforts simply go waste when the employee leaves. When an individual resigns from his present organization, it is more likely that he would join the competitors: In such cases, employees tend to take all the strategies, policies from the current organization to the new one.
Individuals take all the important data, information and statistics to their new organization and in some cases even leak the secrets of the previous organization. To avoid such cases, it is essential that the new joinee is made to sign a document which stops him from passing on any information even if he leaves the organization.
Strict policy should be made which prevents the employees to join the competitors. This is an effective way to retain the employees. They perform better than individuals who change jobs frequently.
Employees who spend a considerable time in an organization know the organization in and out and thus are in a position to contribute effectively. Every individual needs time to adjust with others: One needs time to know his team members well, be friendly with them and eventually trust them.
Organizations are always benefited when the employees are compatible with each other and discuss things among themselves to come out with something beneficial for all. When a new individual replaces an existing employee, adjustment problems crop up.
Individuals find it really difficult to establish a comfort level with the other person. After striking a rapport with an existing employee, it is a challenge for the employees to adjust with someone new and most importantly trust him.
It is a human tendency to compare a new joinee with the previous employees and always find faults in him. It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization: They enjoy all kinds of benefits from the organization and as a result are more attached to it.
They hardly badmouth their organization and always think in favour of the management. For them the organization comes first and all other things later. It is essential for the organization to retain the valuable employees showing potential: Every organization needs hardworking and talented employees who can really come out with something creative and different.
No organization can survive if all the top performers quit.Employee retention is a challenge for nearly every organization. Even the best leaders have a hard time keeping top talent.
Although it may seem impossible to perfect a retention strategy in the face of these odds, you can often make a dramatic improvement with a few simple steps. A STUDY ON EMPLOYEE RETENTION IN A CONSTRUCTION COMPANY BY CHEW SIEW YEE were correlated with employee retention in the organization.
The Pearson correlation Scope of the Research 29 Limitation of the study Good retention starts from the time you hire employees to the time they leave your company. See how tweaking some of your employment practices can have a big impact on employee retention: Recruitment and hiring.
To ensure that our records are accurate and secure, we ask our employees to adhere to this policy. Scope In this policy, a “record” is any type of electronic or paper file (document, spreadsheet, database entries) that we store in our systems.
Employee Retention refers to the techniques employed by the management to help the employees stay with the organization for a longer period of time.
Employee retention strategies go a long way in motivating the employees so that they stick to the organization for . Employee Satisfaction: Scope and Influencing Factors. Nidhi Arora Tweet. No company cannot achieve its goals if it does not have the right set of employees.
The employees in a company largely determine the success of the company. It enhances employee retention and the company does not need to train employees repeatedly.