In the current business context of the world organizations are going through significant changes with the relationship with their employees. Employee retention has become a challenge for organizations due to the rapid increase of the job market opportunities across majority of the industries. Skilled and qualified professionals have a wide selection of employment opportunities with added benefits at their disposal. Organizations across majority of industries are focusing on retention of skilled employees who are an asset to the organization.
An organizations concern over retention of employees rather than replacement makes sense considering high costs involved in employee turnover. There can be drops in productivity observed in the event of employee turnover until such time the new employee has been given proper training and has adjusted to the new job role.
Source: (www.cfoselections.com)
How to overcome the employee retention battle?
To achieve long term sustainable retention, employee retention strategies adhere to the following practices;
- Hiring the right candidates best suitable for the job.
- Compensating the employees adequately.
- Promoting work life balance in the organization.
- Encouraging employees to take part in new initiatives.
- Ensure that the employees know that they are valued and is an asset to the organization.
- Provide a pleasing and convenient workspace.
- Providing employees information and insights.
- Ensuring their hard work is recognized, appreciated and awarded.
- Considering employee's family when structuring benefit packages.
- Creating a work culture where the employees would love to work and truly enjoy what they do.
It takes great involvement and commitment from corporate management to formulate the above strategies which would definitely pay off in the long run (Lewis et al,2012).
Thank you so much for your valuable insights Manoj
ReplyDeleteEmployees have been unhappy and overworked in achievements for a much longer than these buzzwords have been around. What else is the employees are ready to demand that they change and employers are starting to see it's the best interest to listen to.Thanks for sharing such a great information.. it's really usefull for us, good luck and keet it up.
ReplyDeleteThank you very much for your valuable feedback Niranchala
DeleteI completely agree with the author's viewpoint on the importance of employee retention in the current business context. As mentioned in Briscoe, Schuler, and Tarique's book "International Human Resource Management: Policies and Practices for Multinational Enterprises," high employee turnover can result in significant costs for organizations, including drops in productivity until new employees have adjusted to their roles (2012).
ReplyDeleteTo overcome this challenge, organizations need to focus on hiring the right candidates, compensating employees adequately, promoting work-life balance, and creating a work culture where employees feel valued and appreciated. According to Lawler and Boudreau's book "Global Trends in Human Resource Management," recognizing and rewarding employees for their hard work is also crucial for retention (2015).
In addition, providing employees with information and insights and considering their families when structuring benefit packages, as mentioned in the blog post, can also contribute to employee satisfaction and retention. By implementing these strategies, organizations can retain skilled and qualified professionals who are an asset to the organization and ensure long-term sustainability (Pedler, Burgoyne, and Boydell, 2013).
Thank you for your valuable insights Hassaan
DeleteYour comprehensive coverage of various retention techniques, such as competitive compensation, career development opportunities, and fostering a positive work environment, highlights the importance of investing in employees for long-term organizational success.
ReplyDeleteAdditionally, it would be interesting to examine how technology and remote work trends are influencing employee retention strategies and expectations, as well as the potential benefits and challenges associated with these shifts. Hope to see some of those in your future blogs!
Thank you for your valuable feedback Prasadi. Will ensure to include your suggestions in future blogs.
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