is certainly true for service clubs. It's true not only because it takes less effort to keep a member than find a new member, but also it is less expensive to retain a member than recruit a new one
. Employee retention 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 employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.
Poor management—uncaring and unprofessional managers; overworking staff; no respect, not listening, putting people in wrong jobs; speed over quality; poor manager selection processes.Lack of career growth and advancement opportunities—no perceivable career paths; not posting job openings or filling from within; favoritism or unfair promotions.Poor communications—problems communicating top-down and between departments; after mergers; between facilities.Pay—paid under-market or less than contributions warrant; pay inequities; slow raises; favoritism for bonuses/raises; ineffective appraisals.Lack of recognition—that says it all.Poor senior leadership—not listening, asking, or investing in employees; unresponsiveness and isolation; mixed messages.Lack of training—nonexistent or superficial training; nothing for new hires, managers, or to move up.Excessive workload—doing more with less; sacrificing quality and customer service for numbers.Lack of tools and resources—insufficient, malfunctioning, outdated, equipment/supplies; overwork without relief.Lack of teamwork—poor coworker cooperation/commitment; lack of interdepartmental coordination.
Employees are an organization's intellectual asset that is responsible for the day-to-day business operation. Although retaining competent employees in an organization generates goodwill in the work force, it also has a positive effect on the product or services a company offers. Employee retention is a financial gain for organizations.
What is Retention?• Employee retention refers to theability of an organization to retainits employees.OrEmployee retention refers to thevarious policies and practices whichlet the employees stick to anorganization for a longer period oftime.
What is Recruitment?Recruitment is a process ofsearching for prospectiveemployees and stimulating themto apply for jobs in theorganization.
Why do Employees Leave ? Leave an organization out of frustration Constant friction with their superiors orother team members. Low salary Lack of growth prospects Lack of motivation Lack of recognition Lack of teamwork
Lack of tools and resourcesExcessive workloadLack of trainingPoor senior leadershipPoor communicationsPoor management
Why is retention soimportant?• The Cost of Turnover• Loss of Company Knowledge• Disruption of Customer Service• Turnover spirals into more turnover
Reasons of Retention• Existing employeeskills, talents, values, aptitude, commitmentand contribution is known better based onperformance• Potential of new employee, sometimes, maybe a myth.• Existing employees cultural fit is judged andtested• Existing employees aspirations andexpectations are clear.
• Existing employees has alreadycompleted adjustment stage and is incontributing and performance stage.• Existing employees is aware ofcompany and community environmentand climate• There won’t be further cost ofrecruitment, relocation and training,in case of existing employees.
The Advantages of EmployeeRetention• Employees are an organizations intellectualasset that is responsible for the day-to-daybusiness operation.• Employee retention is a financial gain fororganizations.• Acquiring Talent• Training and Development• Skilled Labor Force• Impact on Customer Service