The Importance of Employee Retention - Term Paper Example

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The Importance of Employee Retention I.D. Name of the University The Importance of Employee Retention Introduction Employee retention is a major human resource development and management topic that has primary importance in the realm of quality and productivity issues regarding business management and administration…
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Download file to see previous pages 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. 1036) Now when the subject of organizational, or more precisely, corporate culture is included in discussing the issue of employee retention, multidimensional analysis becomes imperative. This essay is a literature research based analysis of the issue of employee retention in the global work environment. Sources from scholarly publishers have been utilized and works of reputed experts in the field have been referenced. Quality and Productivity Issue: Employee Retention The term employee retention cannot be defined in a way that does not emphasize on its multidimensional aspects. 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. (Garavan, 2007) According to the experts of Management Study Guide (2012), “Employee Retention refers to the techniques employed by the management to help the employees stay with the organization for a longer period of time. Employee retention strategies go a long way in motivating the employees so that they stick to the organization for the maximum time and contribute effectively.” So, sincere hard work must be done to ensure learning and growth for the employee in his/her current job assignments and help him/her to enjoy them. Contextually, Linley and Harrington (2010, p. 145) have stated that “organizational theorists interested in the “Happy/Productive Worker Thesis” almost exclusively concentrated on the role of job satisfaction in the prediction of both employee job performance and retention decisions.” In the modern competitive age of stricter labor regulations and more complex corporate cultures, employee retention thus emerges as a complicated problem. 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. 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. Consequently, the human resource department has to initiate the whole recruitment process once more for the same post, which is a sheer duplication of the employment processes requiring money for the same task repeatedly. Finding the right member of staff for a company is a wearisome job and every effort merely goes waste at the instance the employee quits. (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 ...Download file to see next pagesRead More
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