What is an
employee Retention?
Retention refers
to various policies and practices that allow employees to remain in the
organization for a long period of time. Each organization invests time and
money in order to prepare a new member, turn it into ready-made corporate
material and bring it to the same level as existing employees. The organization
is completely lost when employees leave their jobs after undergoing full
training. Retention of an employee takes into account various measures taken to
retain a person in an organization for a maximum period.
Why is important employee retention for an organization?
Retention is a critical issue as companies struggle for talent in a tough
economy. According to the Human Resource Management Society, an award for
organizations that focus on employee retention is worth the time and
investment. Increasing productivity, increasing productivity, increasing the
morale of employees and improving the quality of work, not to mention reducing
staff turnover, are all advantages for the organization.
How can retain employee?
Sometimes it can be difficult to know during an interview if someone is the
ideal candidate for a position and your company. Respondents are often nervous
and their true personality does not shine. However, it is essential to try to
determine whether the candidate will appreciate the work and the culture of the
workplace to reduce the risk of early resignation. This can be done by
arranging more than one interview to make the interviewee less nervous the
second time, or by taking a personality test as part of the interview process
to see if they fit together. Be clear about what the job will entail and what
you expect from a person in this position. This way there is no surprise for
the new employee and he will be less likely to resign.
If you recognize and reward the achievements and
accomplishments of your employees, they will not be motivated to repeat them.
When an employee feels respected and attentive, they are more likely to stay in
your company and you will reduce staff turnover.
Employees will work better when they feel challenged by their work. This does
not mean challenging them in the sense that they are impossible or difficult,
but doing the work that motivates them to resolve and find the best solution.
If an employee is bored of work, they can start looking for work elsewhere.
Take time to have an honest conversation with yourself to
identify areas in which you could improve and take actionable steps to
bettering yourself. No manager is perfect, but you should strive to be the best
you possibly can for your employees' well-being and happiness.
By improving your management style and technique you will
have a better chance at retaining great employees and reducing turnover.
References
COOK, G., 2018. 7 Easy Ways To Reduce Employee
Turnover. [online] Plecto.
Available at:
<https://www.plecto.com/blog/motivation/7-easy-ways-reduce-employee-turnover-foto/?utm_source=googleads&utm_medium=ads&utm_campaign=INT-GA-C-Plecto_DSA_Promotion-A-ANY-M-WW&utm_content=DSA&gclid=Cj0KCQjwupD4BRD4ARIsABJMmZ8UR1sIUMIlH8h3hyEkqmWNAo75gvdXDibWUV8es_qQ0BpCu9I3hDMaAh0-EALw_wcB>
[Accessed 9 July 2020].
What are the actions that your company is taken for retention.
ReplyDeleteEffective practices in a number of areas can be especially powerful in enabling an organization to achieve its retention goals. These areas include:
DeleteRecruitment. Recruitment practices can strongly influence turnover, and considerable research shows that presenting applicants with a realistic job preview during the recruitment process has a positive effect on retention of those new hires. Turnover is often high among new employees. Socialization practices—delivered via a strategic onboarding and assimilation program—can help new hires become embedded in the company and thus more likely to stay. These practices include shared and individualized learning experiences, formal and informal activities that help people get to know one another, and the assignment of more-seasoned employees as role models for new hires. See Reducing New Employee Turnover Among Emerging Adults.
Training and development. If employees are not given opportunities to continually update their skills, they are more inclined to leave. See A Personalized Approach to Corporate Learning.
Compensation and rewards. Pay levels and satisfaction are only modest predictors of an employee's decision to leave the organization; however, a company has three possible strategies:
How would you retain a most valuable, loyal and dedicated employee coming under your purview trying to leave your company
ReplyDeleteLoyal mean employees dedicate his life for the organization. This means he or she should be rewarded or promoted . If not we can’t retain him. If he or she doesn’t have the academic qualifications company should train him and help financially for the education
DeleteNaleen,I also agree with you . An organization with a good employee relations program provides fair and consistent treatment to all employees so they will be committed to their jobs and loyal to the company. In order to maintain strong relationship between employers and employees the leaders of the organization should have clear understanding about human behavior.
ReplyDeleteThanks mahesh . Retention and turnover affect everyone in the company, not to mention your bottom line. Getting a handle on it employee retention factors not an easy task, but doing so pays dividends far into the future. It never hurts to regularly review your retention strategy to ensure you’re doing the best you can to providing working conditions and keep your team strongly
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