Today, employee retention is a major concern, challenge and goal for almost all the organizations. Organizations they recruit people, train them, motivate them for achieving the organizational goal. There for the employee retention is so important when it comes to achieving organizational goals. As mentioned, employee retention is a task, challenge and goal. Employee retention is a huge task since it's a long term process to be achieved. Organizations they spend a lot on employees starting from recruitment, training, motivations, and etc. So there is a need for the employers to satisfy their employees. There for employee retention is a task for an organization (Bidisha and Mukulesh, 2013).
Employee retention is a challenge for an organization. The world is so competitive, and employees may feel bored or dissatisfied with the company after doing the same job for years. In this case, Maslow's needs hierarchy also can be considered as an reference or an example. The ultimate point of this needs theory says, that when a human fulfills one need, another need arises. Based on this, employees may leave the organization when they are bored after doing same thing for years or when they feel they have to move for the next level and other related causes (Aparna and Ishrat, 2019).
Employee retention is also a goal to an organization. Employees are the people who are going to achieve the organizational goals. So the employee retention is a must since companies spend a lot on employees. So it is so costly to loose a trained employee in two ways. One is company has spend a lot, and has to spend more on new recruitment, training and others. The second reason is, when a trained employee leaves the company, he or she will join the competitors and this is deadly situation. There for employee retention is a goal for an organization (Aparna and Ishrat, 2019).
Employee Retention
Source: www.hrtechnologist.com
References
Employee Retention
Source: www.hrtechnologist.com
References
Aparna, R and Ishrat, S,. (2019) Employee Retention A real time challenge in global work environment. Journal of Research in commerce and management, 1(11), pp. 125-130.
Bidisha, L, D and Mukulesh, B,. (2013) Employee Retention. IOSR Journal of Business and Management, 14(2), pp.8-16.
HR Technologists. (2018) HR Analytics. How to use
data for Employee Retention [Online]. Available at https://www.hrtechnologist.com/articles/hr-analytics/how-to-use-data-for-employee-retention/.
Accessed on 29th of March 2019.
To retain the employees in an organization, it is required to address the reasons for turnover. Causes and influencing factors for employee turnover can be categorized into following, managerial factors, economical factors, working environment or culture, expectations, job fit, career promotions, influence of peers, etc. (Chowdhury and Hasan, 2017)
ReplyDeleteRetention strategy takes into account the retention issues the organization is facing and sets out ways in which these issues can be dealt with. This may mean accepting the reality, as mentioned by Cappelli (2000), that the market, not the company will ultimately determine the movement of employees. Cappelli believes that it may be difficult to counter the pull of the market – ‘you can’t shield your people from attractive opportunities and aggressive recruiters’. He suggests that: ‘The old goal of HR management – to minimize overall employee turnover – needs to be replaced by a new goal: to influence who leaves and when.’ This, as proposed by Bevan et al (1997), could be based on risk analysis to quantify the seriousness of losing key people or of key posts becoming vacant.
ReplyDeleteAppreciated your inputs. Thanks all.
ReplyDelete