Retention We cant stop employee from leaving unless we have a plan to make them stay. Employee retention refers to the ability of an organization to retain its employees.
Retention However, many employee consider, 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. In a Business setting, the goal of employers is usually to decrease employee turnover, thereby decreasing training costs, recruitment costs and loss of talent and organizational knowledge.
Retention By implementing lessons learned from key organizational behavior concepts employers can improve retention rates and decrease the associated costs of high turnover. Employee retention is a process in which the employees are encourage to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as for the employee.
Employee retention involves five major things:-
What make employees make leave:- Job is not what employee expected No growth opportunities Lack of appreciation Lack of trust and support Stress from overwork Compensation New job offer
Employee retention strategies:- Hire the right person in the right job Empower the employee Make them realize that they are valuable for the organization Have faith in them, trust and respect them Provide information and knowledge Give feedback on performance.
Employee retention strategies:- Appreciate their achievements Keep their moral high Create healthy environment
Importance of employee retention:- The cost of turnover Goodwill of company Loss of company knowledge Loss of talent Turnover leads to more turnover Interruption of customer services