Employee retention and development - Essay Example

Comments (0) Cite this document
The demand for skilled workers is huge in these countries and organizations are ready to provide any facilities to employees in these countries. However, it is difficult for organizations in these countries to retain their existing employees because of the attractive offers these employees are receiving from other organizations. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.9% of users find it useful
Employee retention and development
Read TextPreview

Extract of sample "Employee retention and development"

Download file to see previous pages Employee retention is more difficult than employee recruitment process in western countries. “The expense of recruiting and re-training a new worker costing anywhere from half to 200% of the departing employee’s annual salary”(Hebenstreit, Ph.D. 2008, p.4). It is estimated that U.S. companies spent $134.1 billion on employee learning and development in 2008 (Kraimer et al, 2011, p.485). Normally an organization spends a substantial amount of money for the training and development purposes of its employees. When an employee decides to quit an organization, all the money spent for the training and development of that employee by the organization will be wasted. It is the duty of the human resource department of an organization to implement strategies to reduce employee dropouts or turnover.
“The UK average employee turnover rate is approximately 15% a year, although this varies drastically between industries. The highest levels of turnover are found in private sector organisations in retailing, catering, call centres, construction and media”(Workforce Management, 2011). The above employee turnover rate is huge when we compare it with employee turnover rate in other parts of the world. The reasons for higher employee turnover rate could be different like; attractive offers from other organizations, dissatisfaction over the working conditions in the present organization, ill-health, personal problems etc. In any case, it is duty of the human resource department to reduce the employee turnover rate as much as possible. “Replacing employee is not only time consuming, but expensive, costing you between 50 to 100 per cent of that positions’ annual salary” (Employee Retention and Recruitment Tips, 2009). This paper analyses the possible employee retention and development strategies, HRM department can implement in an organization. Theories related to Recruitment Before analysing the employee retention and development policy in detail, it is necessary to evaluate the normal recruitment policies adopting by current organization. In fact retention starts at the time of recruitment itself and therefore HRM professionals should start their efforts to retain the employees at the time of recruitment itself. Recruitment methods can be classified into two broad categories; internal and external. Internal recruitment method is normally adopted by organization when it is in need of emergency requirement of employees at some places. For example, suppose the production manager of manufacturing industry, has resigned due to some reasons. It is difficult for the organization to wait till the HRM department identifies a suitable person using external recruitment method. External recruitment process usually consists of many time consuming stages such as posting of recruitment ads in various medias, written tests, interviews, etc. The organization may not get a production manager at least for few months if it opts for external recruitment methods. It is difficult for a production oriented organization to manage its production works for longer periods without a production manager. So, when emergency occurs, such organizations will try to promote some of its existing supervisors to the production manager post. In other words, an organization may opt for internal recruitmen ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Employee retention and development Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved de https://studentshare.org/human-resources/1391088-human-resource-management
(Employee Retention and Development Essay Example | Topics and Well Written Essays - 3000 Words)
“Employee Retention and Development Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/human-resources/1391088-human-resource-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Employee retention and development

Significance Of Training And Development In Employee Retention

...Significance Of Training And Development In Employee RetentionEmployee Motivation The desire by employees to enhance their skills is indisputable. Training and development promote workplace learning. Workers strive to acquire skills to enable them to accomplish greater responsibilities in the workplace. William (2004) observes that employees are motivated and are likely to stay in an organization where they are offered the opportunity to continue growing and developing their career and as well as their knowledge. This is a clear indication of the significance of training and development...
7 Pages(1750 words)Research Paper

How can inservice training and development support employee retention within the communication team

...? How can inservice training and development support employee retention within the communication team? Word Count: 9,255 Word count with executive summary: 10,056 ACKNOWLEDGEMENTS TABLE OF CONTENTS Executive Summary 1.0 Introduction.......................................................................................................... .... 1.1 Rationale of study.................................................................................................... 1.2 Research aims and objectives................................................................................... 1.3 Chapter outline......................................................................................................... 2.0 Literature review... potentially lead...
40 Pages(10000 words)Dissertation

The Importance of Employee Retention

...? The Importance of Employee Retention I.D. of the 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. Globalization, which began in the early 1990s, had a profound effect on employee retention. Sheridan (1992, p. 1036) had conducted an important study, which examined “the retention rates of 904 college graduates hired in six public accounting firms over a six-year period.” According to him, “Organizational culture values varied significantly among the firms. The variation in cultural values had a significant effect on the rates... due to...
5 Pages(1250 words)Term Paper

Employee Retention

...Employee Retention “To very few research projects have been conducted to develop more efficient retention strategies of hourly employees and the identification of methods to reduce their turnover rate.” –Milman and Ricci, 2004 Introduction The work force of any company or organization is clearly the entity that drives any successful business and corporate endeavor. However, its behavior can be affected by a wide variety of factors that may alter the company outcome, income and the services that it offers to its consumers drastically. One of these factors, include the ability of a company to entice their work force to maintain allegiance and exhibit...
8 Pages(2000 words)Essay

Employee retention

...Employee Retention: In a slowed economy, it is imperative that organizations consciously work to retain employees. The cost associated with retraining new employees can prove astronomical. Not only do retaining the best and brightest staff gives a company the competitive advantage it can boost morale and overall productivity. Management should make it a priority to make employees feel valuable and create an all inclusive atmosphere. To reduce the costs of high turnover, effective human resource managers should implement strategies to retain employees and thoroughly assess the reasons for departure. One of the first things a company can implement to retain employees is to offer benefits both tangible and intangible. According... to the...
7 Pages(1750 words)Essay

Employee retention

...to the company. Such communication can be in the form of e-mails, newsletters or meetings such as town-hall meetings or some other initiatives to connect with the senior leadership. Moreover, those employees who can be seen as the future leaders of the company shall be sent individualized messages about how their development suits and fits into the organizational plan (Martin and Schmidt, 2010). However, studies have suggested that pull communication, that is driven by employee involvement has more significant influence on retention. Companies shall encourage employees to involve employees in generating new ideas, activities and shall...
8 Pages(2000 words)Term Paper

Employee loyalty and retention

...that lead to leaving one employer for another. Conversely, employers may use better pay/benefits as a competitive tool for the attraction and retention of the best employees. Theories of employee motivation also support this view, identifying rewards as the crucial determinant of motivation, which directly relates to loyalty and retention. Noe, Hellenbeck, Gerhart and Wright (294) state that a positive work environment and good relationship with the supervisors according to surveys, while employees respond with pay and benefits as main determinants of satisfaction. Provisions for professional and personal development also form a core...
3 Pages(750 words)Research Paper

Why Americans should vote

2 Pages(500 words)Essay


...(Berger, 2011). Zmuda’s assertion that Zappos is much different from other consumer companies I agree that Zippos is different from other companies. Al through, the company has mastered the art of customer service by emulating a culture unique from other corporations. Most companies focus on profits and forget the importance customer service. The choice of the company to remain at breakeven was a difficult one (Berger, 2011). What particular aspects of Zappos would other organizations do well to emulate? Organizations can perform well if they emulate proper customer service and motivation of workers. Employee motivation ensures efficiency in the work place, and proper customer service ensures...
1 Pages(250 words)Essay

Employee retention/motivation

...Employee retention/motivation Contents Contents 2 Employee retention: needs and root causes 3 Cost of employee retention 3 Time and resources involved in employee retention 4 Measures of employee retention 4 Involvement of parents 4 Reference 5 Employee retention: needs and root causes The survey at a major fast food outlet found that although employees are happy, it would not require much though and effort on their part to leave their current job. This is an ideal example that could lead to attrition of employees. In order to understand the root causes behind this mindset, the demographics and the needs of the employees should be understood. The majority of the employees in the fast food outlet are school going students. Although... this is...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Employee retention and development for FREE!

Contact Us