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An examination of employee retention strategy in Ramsay Health Care UK - Dissertation Example

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Abstract Introduction The economic condition in United Kingdom is volatile which has impacted significantly on the way business organizations are managed and controlled in the country. The organizational success or failure is dependent on the human capital so the new world of work puts more importance to the human capital…
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An examination of employee retention strategy in Ramsay Health Care UK
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Download file to see previous pages According to the studies of Lee (2006); Raub and Streit (2006); Stovel and Bontis (2002) have numerously linked employee turnover and also employee retention to recruitment source. The focus of the present study is to consider the efficacy of employee retention system in Ramsay health care. Employee Retention Practices of Employee Retention Employee Turnover: Theoretical Framework: Current Retention Strategy: The organization under investigation, which is Ramsay Health Care UK, has a retention strategy which includes rewards that mainly consists of non-financial rewards. These rewards includes 75% medical aid support, subsidized food, housing loans, educational support program, uniforms and transport allowances to the lower level employees. Ramsay Health Care UK offers 100% medical aid support, subsidized food, allowances for transport and housing, fuel, car of company, education and housing loans and cell phones of company as well as bonuses on holidays for high level employees. Apart from these all retention packages, Ramsay Health Care UK is offering a strategic recruitment program in which they are sponsoring students with an undertaking that students benefitted from the program will work for Ramsay Health Care UK after the completion of their studies for the number of years the sponsorship lasted. In case, a student who has received sponsorship for 5years then he will have to work for the organization for at least five years then he can look for an alternative job elsewhere. As a part of retention program of Ramsay Health Care UK, there is a promotion within Ramsay that foster decent succession proposal and also encourages the employees to form a life-long career in Ramsay Health Care UK. This act will also bring loyalty and constancy amongst the employees. Significance of the Study The significance of the study is that that the selected topic is not as popular in such type of the organizations. Usually we relate medical centers with surgeons, doctors, number of beds, facilities, operation theatres, etc. but this study moves around a neglected issue of a medical center that can eventually play a vital role in the performance of a medical center and whose enormous magnitude can move a performance graph from bottom to top or top to bottom. This issue is related with the ones who run the medical center i.e. the employees. This study goes deep into the issues of employee turnover and the employee retention strategy. The causes of employee turnover at Ramsay Health Care are explored; the current retention practices have been examined, the effectiveness of the retention practices have also been determined and the study is concluded on a workable retention strategy, that can reduce the rate of employee turnover in the Ramsay Health Care if applied. This study will help to improve the already existing strategies in the organization and will also facilitate other relevant fields and organizations to improve their employee retention strategies. This study will also help the administration of the organization to identify the causes of turnover rate of employees and provide them an insight to overcome those causes and factors which are creating hindrance in employee retention practices. This study may lend a hand to the organization to have a strong and healthy milieu, as the health care units need to have a calm and peaceful ...Download file to see next pagesRead More
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