Figure:1
EMPLOYMENT,
Employee retention
Organizations prefer relevant methods to retain their workforce to reduce the impact that can happen with
inefficiency, low productivity and Substandered performance and to complete
their organizational expectations. organizational outcomes decrease when experienced spirits leave their
jobs. This directly affects
organizational success which an experienced employee base leads the
organization to an accelerated drive.
Why
do employees exit the job?
According to
·
Deficient
salary and benefits
·
Poor
work-life balance
·
Overworks
·
Unhappy
with management
·
Lack
of promotions
·
Less
involvement
·
Organizational
financial situation & growth
·
Company
culture, are mainly things for exits their jobs.
Are the main factors which lead to employee exit.
Benefits of employee
retention
According to
Figure:2
benefits of retention
1. Reduce the cost of newcomers for training
advertisement & development
2. Boost morale for
their jobs.
3. Organization must
retain their senior employees.
4. Replacing employees
is almost cost.
5. Newcomers need time to build up relationships with co-workers, settle down the environment.
6. Newcomers, low
experiences, less adept the problems, poor customer services can damage in
reputation.
7. Remained employee base doubt their retention when many others exit. So
employee retention standardizes the culture inside.
8. Happy employees keep good connections with co-workers, management and
customers
9. Reduce extra
expenses, enhance better customer experiences, increase the productivity
10. Employee
engagement is directly impacted by job satisfaction & morale.
Key retention strategies & best
practices
The organizational management considers strategies & practices of employers to do some duties & responsibilities for the employees.
According to
1. Appreciated and
recognized
2. Arrange a better working environment
3. Manage workload
4. Create a path for professional development
5. Polish up the onboarding process.
Conclusion
In Sri Lanka,
Employee retention is also based on Social acceptance of the relevant job, economical stability, job security and respect and pension schemes. Employees get easily excited when the job discrepant with their cultural expectations. This has a high impact on employee retention that leads to organizational outcomes. A happy and experienced workforce leads the organization to success.
References
Half, R. (2021) 14 Effective Employee Retention
Strategies. [Online]
Available from https://www.roberthalf.com/blog/management-tips/effective-employee-retention-strategies
[Accessed 02 Dec 2021].
Holliday,
M. (2021) 10 Benefits of Employee Retention for Businesses. [Online]
Available from https://www.netsuite.com/portal/resource/articles/human-resources/employee-retention-benefits.shtml
[Accessed 02 Dec 2021].
Periyasamy, R. (2021) 7 Best Employee Retention Strategies for Remote Working Teams. [Online]
Available from https://www.apty.io/blog/best-employee-retention-strategies
[Accessed 02 Dec 2021].
sparkbay (2021) 8 Proven Employee Retention Strategies in 2021. [Online]
Available from https://sparkbay.com/en/culture-blog/employee-retention-stategies-2
[Accessed 02 Dec 2021].
Organizations must retain their top employees in order to grow. Employee retention hopes to make this. Employee retention refers to the strategies that an organization develops to minimize employee turnover risks, as well as the processes that it implements to retain important personnel. Employee retention is a key issue for companies and HR departments now (Holliday , 2021).Good one Share here thanks
ReplyDeleteThe main Aspect of this is good relationships and communication. If the good relationship and communication are effective the employees are feeling comfortable working. freedom to speak. This most of the organizations forget to set. once the employees ideas and comments are taken up the feel the happiness. with this organizations should implement transparent policy. one rule for all. good appraisal system and increment policy.
ReplyDeleteFor a company to succeed, employers need to keep their best employees on board. This is the goal of employee retention: an organization's concerted efforts to retain their existing staff.
ReplyDeleteIf I add something to this,
ReplyDeleteThe world has become more concerned about the environment, Perperless and green organizational concepts. More digitalized platforms have eased the job as well.
In this environmentally conscious behavioural society, companies that are more responsible for the environment and sustainable practices can attract and retain employees. Employees like to get involved with eco-friendly companies. (WIKIPEDIA, 2021)
Interesting article.well explained
If an organization wants to retain their employees, they have give priority for few components such as employee reward, working environment and good management.
ReplyDeleteCompensation should be competitive. To maintain and reward top performers as well as recruit fresh talent, great workplaces offer competitive and fair compensation, above-average pay increases, and chances to earn extra pay based on performance, such as bonuses, profit sharing, and other incentives.Thank you
ReplyDelete