Retaining Employees: A Value Addition for an Organization

Abstract:

Presently organizations are facing a common problem of retaining employees. Employees today are very conscious about job enrichment along with ample prospect and amenities due to which employee turnover ratio has been increased. There are lots of reasons why employee leave the organizations. Hence in today’s competitive era it is utmost important that organizations should try to understand & fulfill the needs of their employees and should design & implement various policies and strategies to retain them. Few employee retention strategies includes timely reward, Continuous Motivation, Scope for career advancement, Occasional gifts, Provide fair feedback etc. This paper is just an attempt to focus & suggest few employee retention strategies.

Keywords: Retention, Motivation, Reward, Feedback

"The Customer Comes Second: Put Your People First and Watch 'em Kick Butt."

(Hal Rosenbluth, Rosenbluth International)

Introduction

When we discuss about most valuable asset of an organization, lot of answers comes in our mind like it may either be name, customer, goodwill, product line, etc. Actually the answer is none of these. A company’s most valuable resource is its' employees. Organizations are made up of people & function through people. The organizations cannot exist without people. Every employee who works has his own set of needs, drives, goals, and experiences. People join the organization with certain specific motives to earn money, to get employment, to have better prospect in future, to be treated as a human being while at the place of work and when their dreams not fulfilled, they leave the organization. When an employee resigns, then good amount of time is lost in hiring a new employee and then training him/and this goes to the loss of the company directly which many a times goes unnoticed. And even after this one cannot assure the same efficiency from the new employee.

In today’s competitive era the companies are focusing on hiring the talented people’s by offering them good job with ample of opportunities hence craze of changing job has increased. In present scenario employee retention is become a serious & critical issue for every organizations.

Employee Retention: Definition

Employee retention refers to the various policies and practices which let the employees stick to an organization for a longer period of time. According to one author Employee retention refers to the ability of an organization to retain its employees.

Magnitude of Employee Retention

World today is very dynamic & in this cutthroat competition organizations are focusing on retaining & delighting their employees because