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These benefits help make employees comfortable in their current position and will retain an employee sometimes even when another job offer with a more lucrative offer comes around.
Employee retention is primarily a human resources related issue, which is an integral part of the cultural analysis of the corporate world.
Here, the word culture points to the work culture of the company, which further spans over the other important topics like business organization, strategic management, organizational behavior, etc.
(Slugoski, 2008; Garavan, 2007) Contextually, on the basis of the research results, Slugoski (2008, p.
6) writes, “Indirect costs of replacing an experienced employee with an inexperienced employee included decreased organizational performance, potentially leading to decreased customer (“The Importance of Employee Retention Term Paper”, n.d.) The Importance of Employee Retention Term Paper.
It is only when HR professional understand the intrinsic motivators of the employees that they can effectively manage employee retention.
There are various challenges or issues that HR managers face with respect to employee retention and following are few important ones: Employees leave managers not companies Theoretically, numerous reasons can be pointed out for employees quitting the company.Employee Retention: Extent and Importance Employee retention and organizational culture extensively affect each other.An organization has to invest funds and time to groom an individual, make him/her ready to understand its culture, and achieve his/her professional pursuits.Although employee retention has.....the article “His job: helping employers hold on to their staff; High turnover can be costly.Consultant says its vital to offer respect, good pay, retirement plan” by Kasandra Kyle the most important thing that a potential employer can offer a new employee is good pay, respect and a retirement package .The variation in cultural values had a significant effect on the rates at which the newly hired employees voluntarily terminated employment.The relationship between the employees’ job performance and their retention also varied significantly with organizational culture values.” (Sheridan, 1992, p.A new employee is totally underdone and the management truly has to effort hard so that he/she can be trained.It is an absolute wastage of funds, time and energy when the individual leaves the company all of a sudden.Although this is not practical in all cases, if it is at all possible it serves as an excellent retention......Employee Retention Prepared For: Prepared By: 6/12 Table of Contents Table of Contents Introduction 2 Employee Retention 2 Factors leading to employee turnover 2 Impact of High Employee Turnover 3 Retention Techniques 3 Getting Good People 3 Creating a Retention Plan 3 Job Satisfaction 4 Reward Structure and performance appraisal 4 Defined Career Path 4 Frequent and Honest Communication 5 Conclusion 5 References 6 Introduction With the increase in globalization, competition and deregulation, companies have to constantly evolve and improve.