Human Resource Management – Employee Retention
Employee retention is important for any organization due to various reasons such as; high cost of employee turnover, Goodwill of the organization, Customer retention and morale of the existing employees. As part of course requirement we have tried to study the importance of employee retention and its effects on the larger goals of the organization. Retention is an important tool for any organization and almost every organization is spending more on this area than recruiting new employees or anywhere else. This document emphasizes on the various reasons for employee attrition i.e. corporate culture, relationship with boss, work life imbalance, inadequate wages etc. In addition, it throws light on various tools and strategies available with organizations to retain its employees. This document also focuses on six key practices prevalent or can be implemented in organization to increase retention. The key employee retention practices include recruiting the right people in the first place, improving the manager’s ability to manage, and giving employee’s constant feedback about clear, meaningful goals, empowering employees to manage their own careers, proactively driving talent mobility, continuously measure and improve retention strategies.
It also talks about employee commitment levels and satisfaction which can be enhanced through motivation which creates a sense of belongingness among them. Aspiration management helps to match the job with employee expectations. In order to cope up with challenges of business environment organization should consider successful motivation and retention of talent as a critical issue. Employee satisfaction can reduce the intent of employee to leave the organization. Aspiration management is a powerful tool to create work environment that helps to understand employee’s aspirations and provide means for accomplishment of goals and objectives