Employee
turnover/retention is not something new for business organizations. However, it
has not been actively discussed or even understood by employers. Researchers
and business experts has done a lot of work on this subject but yet ever
evolving business environment makes it more demanding issue. Individual attitude
towards job satisfaction is the most important and sensitive variable in determining
employee turnover. The fundamentals of employee retention may include
competitive salary, benefits, recognition, on job training, growth
opportunities etc but retention of the high performing or best ones required
even more.
Employee
retention can be seen as employers own choice strategy and retention
techniques. Employee retention is strongly linked with the work environment in
which employees undertake their responsibilities or duties. Helpful and
liberated environment is no doubt is first step to wards effective employee retention.
Creating a culture where people can express themselves and can associate
themselves with the organization would make quitting a difficult decision for
them.
Effective
retention polices needs to be updated as often as possible because it has to be
adequately equipped to respond to ever changing labour market. It is very important
for an organisation particularly in today’s competitive business world to retain
its highly skilled and top performing employees. High employee turnover can be
very expensive or may result in waste of precious resources of the organization
but also undermines organisation performance in achieving its goals and
targets. Hence, keeping employee turnover within acceptable limits but also
improving organisational performance in terms of productivity and customer
satisfaction.
The
project is worked based on the open-ended responses taken from the employees. The
study majorly focuses on the increasing employee turnover, its causes and
impact. It looks at various methods to improve employee retention in the
organization.
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