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Employee retention refers to the ability of an organization to retain its employees. Employee retention according to many experts can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain the employees in their workforce. According to this, retention becomes the strategies rather than the outcome. A distinction should be drawn between low-performing employees and top performers. Notably, efforts to retain employees should be targeted at valuable and contributing employees. Employee turnover is a symptom of deeper issues that have not been resolved. This may include low employee morale, absence of a clear career path, lack of recognition, poor employee-manager relationships or many other issues.
For many organizations, a retention plan is focused primarily on employees that have been working within the company for an extended period. However, retention begins with hiring and does not end until the employee's very last day of work. Retention tactic was brought as a possible way out of increasing employee turnover. Employee turnover is harmful both for individuals affected by it and the employer. The individual gest to develop a bad habit of quitting a job, which lasts in him or her for long. It is harmful to the employer for a reason they invest a lot in hiring and nurturing employees. Sometimes, employees can develop bad habits, become complacent, resistant to change, or have poor attitudes.
When one of the best employees resigns from a job, then it tends to become a nightmare for the manager. Immediately, there should be a plan to balance the number of challenges to tackle. As the market demands skilled and talented professionals, it is very difficult to find a replacement for a talented resource and further balance the team. The retention tactic is, therefore, a very handful way for treating all these issues effectively. Moreover, the resignation of a talented employee will also have an impact on the other team members. Hence, considering this being the fact a manager’s most important job is to create an effective employee retention strategy.
It is worth noting that employees leave organizations for many reasons; oftentimes these reasons are unknown to their employers. Employers need to listen to employees' needs and implement retention strategies to make employees feel valued and engaged to keep them. Moreover, these retention methods can have a significant and positive impact on an organization’s turnover rate. One of the uses of a retention tactic is to control the turnover rate. Turnover is costly. According to Right Management, a talent and career management consulting firm, it costs nearly three times an employee’s salary to replace someone. This includes recruitment, severance, lost productivity, and lost opportunities.
Retaining employees will help in the long-term growth of an organization. This will add to their goodwill. However, the most difficult task faced by an organization today is retaining as well as satisfying these resources. Although, there are various research works in the area of employee retention and job satisfaction; however, these works have still not covered many things. There is still much scope remains for more exploration. There are various factors, which need thorough research works on it. These factors are compensation practices, leadership and supervision, career planning and development, alternative work schedule, working conditions, and flexible working hours, etc. HR professionals should conduct these efforts.
Retention strategies or tactics refer to policies companies follow to retain employees, and reduce turnover and attrition and ensure employee engagement. Moreover, retention strategies refer to policies companies follow to retain employees and reduce turnover and attrition and ensure employee engagement. The main goal is to meet the expectations of employees without losing sight of the company’s goals and to ensure maximum return on investment. Notably, a lot of money is invested in hiring, training and developing professional skills in employees. Therefore, employers adopt retention tactics to give them the best chance of retaining their employees and increasing their employee base. Moreover, they do it to reduce or control the increasing employee turnover. Employee turnover is a serious matter, which does not just cause financial loss to the company but also its knowledge base. However, the key challenge for the businesses is ensuring a retention strategy aligns with business goals to ensure maximum return on investment. This is where the human resource team and in particular the human resource manager will be tested for their skills and circumstantial strategies.
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