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One of the first things a company can implement to retain employees is to offer benefits both tangible and intangible. According to the article “His job: helping employers hold on to their staff; High turnover can be costly. Consultant says its vital to offer respect, good pay, retirement plan” by Kasandra Kyle the most important thing that a potential employer can offer a new employee is good pay, respect and a retirement package . These benefits help make employees comfortable in their current position and will retain an employee sometimes even when another job offer with a more lucrative offer comes around. Another fringe benefit is the flexible work schedule. Although this is not practical in all cases, if it is at all possible it serves as an excellent retention strategy.
Offering tangible and intangible benefits are essential, but it is imperative to work diligently to keep specialty trained staffers. The low turnover of maintaining skilled employees offers the benefits of low turnover and positions companies for growth. The author goes on to say that the cost of training specialty staffers can cost the company valuable time, enormous finances and slowed production (Kyle, 2008).
Although it is important to offer workplace benefits at your larger companies, it is dire to offer those benefits at a small business. The article, “Workplace benefits are strategic in small business” states that recent study performed by MetLife’s annual Employee Benefits Trends study shows more than half (55%) of smaller employers, those with fewer than 500 employees say benefits play a very important role in employee retention. However, there is contradictory results as the study goes on to reveal that only 34% of workers at smaller employers say the benefits they receive are a very important reason to remain with their employer, versus 53% at larger firms. In addition, just 37% of employees at smaller corporations say they are
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Manpower shortage, especially skilled manpower shortage is a major problem in western countries like America, Britain, Germany, Australia etc. Organizations in these countries are outsourcing most of the jobs to cheap labour oriented Asian countries in order to compete effectively in the extremely globalized international market.
The study proposes that employee retention is largely determined by motivation and as such warrants a review of motivation theories. The motivation theories covered include Maslow’s hierarchy of needs, Herzberg’s two-factor theory, Adam’s equity theory, Vroom’s expectancy theory, Hackman and Oldham’s Job characteristics model and Hofstede’s cultural dimensions theory.
The study would aim at answering these research questions: How effective are Sanofi’s existing retention strategies in terms of keeping its existing employees loyal and motivated at work? What are the similarities and differences in the work preferences of baby boomers, generation X, and generation Y employees? What is the impact of equal opportunities for further training and career development on employee retention?
Investigation of Causal Relationship between Leadership Styles and Staff/ Employee Retention 1. Introduction It is a common notion that employees are more concerned about their salary, job security, working environment etc., but when it is asked that who controls all these, then the answer is very evident; The Boss.
It often reflects the employees' belief in the mission and goals of the company, willingness to expend effort in their accomplishment, and intentions to continue working there.
Commitment is usually stronger among longer-term employees, those who have experienced personal success in the company and those working within a committed employee group.
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
at London hotels in general have been substantially experiencing alarmingly less employee retention levels than their counterpart competitors elsewhere in the world. These features assume crucial importance given the centrality of the service industries, including hospitality to
s important to hire skilled people for an organization, but it is even more important to keep them in the organization and utilize their skills to the best possible extent.
With the advent of information age, talented people will always find better exciting opportunities and
Human resources are the most valuable asset of an organization. It is the quality of the human resources that an organization possesses that gives it a competitive edge over its competitors in the market. At the same time, human resources are the toughest asset of the organization to manage.