Download file to see previous pages...
extremely essential to retain the human resources of the organization so as to enhance its productivity and brand value in the market among other rival players. This essay is divided into four phrases mainly highlighting the importance of retention as well as the ways to increase the rate of retention of the employees in the organization. Along with this, the retention strategy is also devised in order to reduce the ratio of attrition of the Hertfordshire-based SME so as to amplify its reputation and efficiency in the market among others.
It is the process by which, employees are retained within the organization for longer period of time so as to enhance its image and productivity. Due to which, retention is recognised as the most important tactic of talent management process. So, it is offered higher attention by the organizational entrepreneurs in this competitive age (Cannon & McGee, 2011). Retention of an employee within an organization is essential as it acts as its driving force. This is because it helps in introduction of varied types of inventive products and services thereby satisfying the changing requirements of the customers. As a result of which, it enhances the reliability and trust of the customers towards the brand thereby amplifying its position and dominance in the market among others (Finnegan, 2010, pp. 556-561). Not only this, employee retention also gears the goodwill of the organization to a significant extent thereby amplifying its cost of profit margin and net income. In addition, employee retention also helps in regaining the efficiency and effectiveness of the organization, long term success and profitability and improvement of turnovers. Thus it might be stated that retention of employees might enhance customer satisfaction, improve total sales cost and amplify returns of the Hertfordshire-based SME. The term retention seems easy, but it’s extremely hard. This is mainly due to various reasons presented. Lack of appreciation is one of
...Download file to see next pagesRead More
Some set their sights on a promotion of rank believing that if they do well on their jobs and accept the challenge of more responsibilities that eventually, they level up to a position of more power and authority. Handy (1999) reports that the initial goals of motivation research was to encourage individuals to provide better service to their employers by exerting more effort and maximizing their talents at work.
Typically, majority of the performance management systems incorporate performance reviews, learning activities, coaching and mentoring, performance measurement metrics, rewards, team work and training and employee development programs (Aguinis 2012). Historically, performance management was used to determine the wage based compensation of employees and drive employee behaviours that aimed at attaining organisational objectives.
There are unique views about the role of pay and rewards in the motivation of an individual. Some authors are of the view that pay only needs to be ‘fair and competitive’ (Berger & Berger 2003). However, what is considered ‘fair’ is another debate
This paper gives information that the employees would not only remain in an organization for remuneration purposes, the reward system hence must be highly stressed upon. The reward management is about the designing, implementation, the continued maintenance and upgrading of the packages, communication with the workforce.
is crucial and begins with recruiting and selecting the right employees then motivating them through rewards to achieve the desired organizational goals. Rewards are in form of wages, incentive programs, benefit programs and recognition (Hegar, 2012, p. 13). They may also be
Performance management is the whole process of which performance appraisal is just a part. Performance management is about providing the employees with the resources, skill sets, and equipment that they can use to achieve the goals that have been assigned to