Employees Retention
Introduction.
Human
resources are a key factor for organization growth. even though most of
the organizations found to be technology driven. Human resources are required
to run the technology. They are the most vital and dynamic resources of any
organization. With all-round development in every area of the economy, there is
competition in the market. With this development and competition, there are
lots of revenues and opportunities available in the hands of human resources. The
biggest challenge that organizations are facing today is not only managing
these resources but also retaining them. Securing and retaining skilled
employees plays an important role for any organization (Denton,2000).
Key factors affect for employees retention.
·
Competitive
compensation and benefits
Talented employees can be attracted
by offering fair wages, benefits and opportunities for career growth.
·
Reward
and recognition
Salary increment, bonus, shares
purchasing opportunities, profit sharing factors can be considered as rewards. Thank
you notice, public acknowledgement, employee appreciation can be considered as recognition.
·
Promotion
and opportunity for career growth.
·
Participation
in decision making.
The modern business always keeps
its employees well informed about all the important affaires of its business
and involves them in decisions making at all levels.it is affected to building positive
relationship between employee and employer
·
Work
life balance.
Working life and personal life
balancing is very important to enhance the mental health of the employees.
·
Positive
work environment.
Positive work environment is
fostering a culture of respect, collaboration and trust.
·
Training
and development.
This is the opportunity given for growth
and skill development.
·
Leadership.
·
Employee’s
job satisfaction is directly affected by leadership style.
·
Job
Security.
Employees
consider about above key factors to retain with an organization (Agarwal N.C, 2009).
Image-Google.com
https://www.google.com/search?sca_esv=bb72d535a07d16c1&sxsrf=AHTn8zqvRjBayMerlGEPSWR-xiVIx29L5g:1741541452692&q=how+to+retain+employees&udm=2&fbs=ABzOT_CWdhQLP1FcmU5B0fn3xuWp6IcynRBrzjy_vjxR0KoDMp_4ut2Z3jppK72fzdIpWsBpYmR8fwcVczrRGmP-Hf4kyGoG08G50WIsnC9LXvKhLgbH0IHP2IHEuwi1rO2cIR57V-1debd15ZKJzUixLWIw2tukLAshyRiMr_q44YTJJbZtkrVujZpfQG5SjLwTHGlFvlmQo6mU3fPD9RyHDuQUbY6WRw&sa=X&ved=2ahUKEwjy2Ji9w_2LAxUzavUHHVEsLrkQtKgLegQIEBAB&biw=1280&bih=593&dpr=1.5#vhid=u6OjetUi4O0sFM&vssid=mosaic
Conclusion.
Employees retention is very
important for the employer.
·
Reduced cost.
High turnover is very expensive
because of the involvement in recruitment, training and lost productivity while
a new employee adjusts. retaining employees saves the cost
·
Improved morale and engagement.
When employees feel valued and appreciated,
they are more likely to stay leading to a more positively engaged work force.
·
Increased productivity
Experienced employees are more
effective than newcomers and retaining them helps maintain a high level of
output.
·
Less time spent recruiting and training
With lower turnover, organizations
spend less time and resources on hiring and onboarding new employees.
·
Better customer experience
Loyal employees who are familiar with
the company and its product or services are better equipped to provide valuable
customer experience.
·
Preservation of institutional knowledge.
Experienced employees possess
valuable knowledge and experience that can be lost with turnover, and retention
helps preserve this institutional knowledge.
·
Improved company culture.
A stable workforce fosters a
stronger and more positive company culture, as employees feel more connected
and invested in the organization.
·
High employee engagement.
Employees who feel valued and appreciated
are more likely to be engaged and motivated, leading to better performance and
innovation.
·
Improved revenue and ROI
By retaining skilled employees, companies
can maintain a high level of productivity and innovation. Ultimately, it leads
to increased revenue and return on investment.
References:
·
Diwakar. S(2019) A literature review on Employee
Retention with Focus on Recent Trends, Volume 6/Issue 1
Kyndt Eva, Dochy Filip ,Michielsen Maya, Moeyaert Bastiaan (2009). Employee Retention: Organisational and Personal Perspectives ,Vocations and Learning DOI 10.10.07/s12186-009-9024-7.
Davies, D., Taylor,R., Savery, C (2001). “The role of appraisal, remuneration and training in improving staff relations in the Western Australian accommodation industry: A comparative study”. Journal of European Training, 25 (6/7). 366-373.
Attracting talented employees through fair wages, benefits, and opportunities has several key benefits such as higher employee satisfaction, higher productivity, and less employee turnover
ReplyDeleteAbsolutely agree! Talent management is a game changer for both employees and organisations. When companies prioritise employee growth and wellbeing, they create a more engaged and high performing workforce. Its great to see industries like banking and IT in Sri Lanka leading the way. Hopefully, more businesses will recognize the value of strategic talent management and invest in their people.
ReplyDeletePlease recheck your citation format. Normally we cite the author not the journal. You have number of citations in the main text, but only one reference listed. Whatever citations you cite should be listed as reference at the end.
ReplyDeleteThe correction was done,Sir
DeleteEmployee retention is key to maintaining a stable and productive workforce. You have highlighted how important it is to create a supportive work environment, offer growth opportunities, and recognize employee contributions. By focusing on both intrinsic and extrinsic motivators, organizations can reduce turnover and keep their top talent engaged. Great insights on fostering long-term employee loyalty!
ReplyDeleteThe text highlights the significance of fostering a supportive work environment for employee retention, emphasizing that valued and engaged employees are more likely to remain with the organization.
ReplyDeleteThe essential part of holding onto employees often gets skipped when organizations neglect employee leadership training.Better communication and leadership competencies among managers lead employees to feel more valued so they become less likely to depart from the organization.
ReplyDeleteComprehensive article of why and how employee retention is crucial to a organisation to maintain their success. Measures like work life balance will be a good strategy that a particular organisation can adapt to retain their valuable human resources
ReplyDeleteYour article effectively highlights the key factors influencing employee retention and their impact on organizational success. The emphasis on competitive compensation, leadership, and work-life balance is particularly insightful. Modern days Companies are increasingly investing in mental health programs, which contribute significantly to retention. But different industries face unique retention challenges. ( e.g., IT, healthcare, retail)
ReplyDeleteInsightful article to elaborate how Employee retention matters to organizational overall performance.Employee retention strategy of an organization is an successful indicator to reach enhanced Employer Branding.
ReplyDeleteYou have covered all aspects related to employee retention. In past few years, the major issue was for Sr Lankan organizations was employee retention due to the economic crisis. This significantly influenced to the productivity and growth of the organisations.
ReplyDeleteRetaining employees within an organization enhances stability and performance in its sector. A high retention rate reflects positively on the organization's reputation and indicates a healthy work culture. It fosters loyalty and improves productivity, creating a cohesive team environment. Organizations known for talent retention set a standard in the industry, attracting potential hires and clients. Ultimately, prioritizing employee retention contributes to long-term success and sustainable growth.
ReplyDeleteThis summary effectively highlights the many benefits of employee retention, from cost savings to improved morale and productivity. It reinforces the value of a stable workforce in driving business success. Well-structured and insightful!
ReplyDeleteHere's your refined comment:
ReplyDeleteYou've provided an excellent explanation of employee retention in your blog post. From my perspective, employee retention is crucial for employers as it leads to increased productivity, preservation of institutional knowledge, and improved morale and engagement. I greatly appreciate the detailed insights you've shared. Looking forward to more valuable content like this!
Employee retention is all about creating an environment where people feel valued and supported. Offering fair compensation, recognition, career growth opportunities, and a healthy work-life balance goes a long way in keeping employees happy and motivated. When companies invest in their people, they not only reduce turnover costs but also boost morale, productivity, and customer satisfaction. It’s a win-win
ReplyDeleteThe points mentioned here clearly show how important it is to create a supportive and positive work environment to retain employees
ReplyDeleteEmployee retention policies play a pivotal role in any organization’s sustainability since Training & Development activities will cost much. Moreover, the skills gained through experience are more important than the skills discuss at various forums. Many Sri Lankan companies specially in IT , Banking & Health sectors happened to face much difficulties in retaining their employees in the prevailed economic crisis.
ReplyDelete