Employee Retention - Keep Your Best Talent From Leaving!

Employee retention refers to the various policies and practices which makes the employees stick to the organization for a longer period of time. Because of rapid change over, the past decade finding and keeping employees has become more difficult than ever. Every organization invests time and money to recruit a new employee, and then to make him align with the existing employees through full training. The organizations are completely at a loss when the employees abandoned their jobs and leave suddenly.

Today organizations are faced with immense competition and that is to sustain and achieve its competitive advantage. And for the achievement and sustain of this competitive advantage employee retention has become a vital fact. When employees are leaving, they take a great deal of tacit and explicit knowledge with them. They also take with them a thorough experience in the relevant fields. Rather than the tangible properties these knowledge and experience are valuable and affect for the long run, success and the sustainability of the company (Wingfield& Berry, 2004)

There are numbers of factors affect for the employee retention in any company. And they are,

#. Management styles including superior-subordinate relationships

#. Employee and skill recognition

#. Competitive salary and rewarding systems

#. Working Environment

#. Job satisfaction and interest toward the job

#. Job security

#. Training and development

#. Hiring practices

Many organizations use several retention strategies to retain the competitive work staff along with them. It was also found that employees remain longer and work for the attainment of successful organizational goals when appropriate retention strategies are adopted and practiced by the organizations (Feldman, 2000)

Now days the companies have to make increasing efforts to retain their skilled employees. Losing the employees form a company means a loss of investment that the company has made in order to recruit and train that employee and also the company has to invest again on recruiting and training a new employee to fill the vacated position. Also when skilled employees leave a company, they can take a large capacity of knowledge and experience with them, and thus the company is at risk of losing confidential information to their competitors which will directly affects for them to maintain their competitive position and sustain in the market Managers and other business leaders are highly responsible on making the employees retain within the organizations by appreciating their staff every day and constantly in work.

Therefore in order to retain the good employees, The organizations must have proactive practices to  identify what is the existing organizational culture and then should focus on attracting the employees who will sustain within this culture and environment. Then these employees would have been able to retain for a long period of time.

References

Feldman, D.C., & Arnold, H.J., (1983). Managing Industrial and Group Behaviour in Organizations McGraw-Hill, New York, p.192

Barb Wingfield, Janice Berry ,Viva Books ,(2004), 567

Taylor, C. R. (2004). Retention leadership. T&D, 58(3), 40–45.