Employee retention - Essay Example

Comments (1) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94% of users find it useful
Employee retention
Read TextPreview

Extract of sample "Employee retention"

Download file to see previous pages 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 ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Employee retention Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Employee retention Essay Example | Topics and Well Written Essays - 1750 words. Retrieved from https://studentshare.org/miscellaneous/1561259-employee-retention
(Employee Retention Essay Example | Topics and Well Written Essays - 1750 Words)
Employee Retention Essay Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/miscellaneous/1561259-employee-retention.
“Employee Retention Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/miscellaneous/1561259-employee-retention.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
vh
vhessel added comment 9 months ago
Student rated this paper as
This essay was always my weak point. I could never finish it well. Still, after I found this precise document, I understood how it should be completed. So, I performed my research afterward and completed the essay in several hours, instead of days as it was previously.

CHECK THESE SAMPLES OF Employee retention

Employee retention and development

...? Human Resource Management: Employee Retention and Development Introduction 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 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...
12 Pages(3000 words)Essay

Employee retention using lessons from motivation theories

...? Employee retention using lessons from motivation theories School Executive summary The tough global economy has had a devastating effect on the labour market. Whereas many companies have been forced to lay off staff, the shortage of talented individuals needed to lead firms through this tough period has meant that retention of critical staff has become challenging. The human capital theory posits that not all labour is equal and therefore it is in the best interest of an organization to retain its high-impact employees. This paper begins by explaining the importance of retaining critical staff. It then proposes that employee retention...
9 Pages(2250 words)Essay

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... at which...
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 superior performance...
8 Pages(2000 words)Essay

Employee retention

...Employee Retention Prepared For: Prepared By: 6/12 Table of Contents Table of Contents Introduction 2 Employee Retention 2 Factors leading to employee turnover 2 Impact of High Employee Turnover 3 Retention Techniques 3 Getting Good People 3 Creating a Retention Plan 3 Job Satisfaction 4 Reward Structure and performance appraisal 4 Defined Career Path 4 Frequent and Honest Communication 5 Conclusion 5 References 6 Introduction With the increase in globalization, competition and deregulation, companies have to constantly evolve and improve. This includes improvement on two aspects: investing in technology...
8 Pages(2000 words)Term Paper

Managing Employee Retention and Absenteeism

...Human Resource Management Managing Employee Retention and Absenteeism Introduction 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. If an organization has to remain competitive in the market and continue on its success growth, it is very essential to effectively manage its human resources. Today’s work place is very demanding and challenging. Globalisation and industrialisation have had a great impact on how an organization is run and human resource management is...
7 Pages(1750 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

Employee Retention in the fast Food Industry

... Introduction This chapter of the study presents an introduction together with background information on the contemporary study’s nature and its purpose and objectives. It is divided into four, background of the study; problem statement, purpose, objectives, significance of the study and how the study is organized. Background of the study Retention of employees has proved to be significant to the formulation and accomplishment of goals and objectives of the organization. According to Abraham (2012) Employee retention can be a crucial competitive advantage for any organization. The study tried to explore the key factors that contribute to retention of employees. It also clarifies the theoretical framework for the major problems... with...
9 Pages(2250 words)Assignment

The Problem of Low Employee Retention

...The Problem of Low Employee RetentionEmployee retention is very vital in the formulation as well as accomplishment of objectives and goals of an organization. This has been a critical issue in a number of organizations because currently they find it very hard as well as challenging to manage employee retention and keep the employee turnover ratio below the industry target and norm. This issue contributes to the sudden loss of the organization’s investment training and the experience of such outgoing employees. This turnover culture of employees leaving the organization quite often...
1 Pages(250 words)Assignment

Employee Retention

...EMPLOYEE RETENTION - SPECIFICALLY, THE POSITIVE ROLE LEARNING AND DEVELOPMENT PROGRAMS HAVE HAD ON DECREASING TURNOVER. EXECUTIVE SUMMARY Human capital management is a growing challenge for HR department of every business, irrespective of size, place and domain. Also with economic down turn firms have become more considerate to reduce cost; this in turn has resulted in firms’ increased attention to retain employees. For the purpose, various retention strategies are aggressively being adopted worldwide. Retention of employees, which in turn results in reduced employee turnover, brings benefits to the firm far beyond...
10 Pages(2500 words)Research Paper
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 for FREE!

Contact Us