Talent Management - Employee Retention
Employee retention is the act of retaining employees to work in the organization on a longterm basis. In fact, every organization grooms new employees into skilled personnel and hence, wants to retain them for a long time.
Employee retention undertakes different measures so that an individual continues to work in an organization for maximum period of time. It fosters long-term effective association between the employees and the management representing the organization.
It avails the organization with skilled and experienced workforce which is useful for increasing the productivity of the organization. Organization with poor employee retention culture seldom grow as desired.
Creating effective retention strategies is one of the most important jobs as a manager in an organization. Hence, there is a need to understand the causes that make the employees leave the organization
Reasons Why Employees Leave an Organization
Work not as per expectation.
Low salary.
Lack of growth prospects and career opportunity.
Absence of motivation in the organization.
Lack of a congenial work environment.
Unregulated work timings.
Unwanted interference.
No respect for employees’ personal life.
Physical strain and stress.
Lack of trust among the employees and between the employees and the management.
Strategies of Employee Retention
Recruit the right person at the right time and place in the ladder of the organization.
Fulfill all promises or benefits to the employees in time.
Make employees realize their value in the organization.
Treat employees as assets instead of liability.
Train and develop employees for next challenges.
Give timely and proper feedback of their performance and support them.
Always keep them motivated.
Create healthy environment, and good and effective work culture.
Design good incentive policy to retain high employee morale.
Provide bonus to employees.
Draw a positive career graph of each employee and update it with their new skills and qualifications.
Major Factors Involved in Employee Retention
Compensation − It includes salary, advance, bonus, rewards, health insurance, and retirement benefits.
Environment − Organizational environment motivates employees to perform better. Positive environment creates positive energy.
Growth − Every employee needs growth in his/her career, and most employees look for growth within the organization.
Support − Support culture helps employees grow professionally and they perform better in their job. Organizations need to support employee financially and emotionally so that they perform better, and feel secured.
