Download file to see previous pages...
When an employee leaves the organization, he along with him also takes the knowledge, company policies, and strategies along with him to the competitor. Moreover, selecting another candidate and aligning him to company culture add another cost to the organization. Although the problem of employee retention has been in existence since a long time, the problem is getting grimmer and serious with time. In this context, it is important for companies to retain their employees. This has led to an increased interest in research in the area of Employee Retention.
Employee retention is the set of tools, processes and techniques that HR managers shall use to encourage employees to be in the organization for maximum amount of time. The main objective of employee retention processes is to reduce the voluntary turnover. It is important to note that these are not just a set of HR practices but it also requires an understanding of the psyche of the employees and their interrelationships with their subordinates and managers. This paper does a literature review of the various research papers that have been published in this area.
The research focusing on reasons on voluntary turnover by employees has mainly pointed out two categories of reasons: family (personal) reasons or professional reasons. Often, employees leaving the organization leave it because they do not find a fit between the organizational goals and their own goals. One of the propositions on why employees leave is based on the fact that employees are having a psychological contract with the organization where each has a set of expected outcomes from the other party. If an employee feels that the organization is not fulfilling its duty in terms of what it owes to the employee, he is more likely to quit the job (Vos and Megank, 2007). Job dissatisfaction among an employee may be the result of job stress, repetitive work, ambiguous role or excessive workload. Economic factors such as pay, rewards, bonuses
...Download file to see next pagesRead More
Job satisfaction is the employee’s satisfaction level towards a job that he or she performs. Organizational commitment refers to the dedication and loyalty that an individual can exert on the objectives and goals of an organization. Employee retention is the measures that are developed by the managers or the leaders in order to retain employees in an organization.
It is the responsibility of the human resource department to recruit such employees, who can prove to be productive for the company. Human resource department is considered one of the most important departments of a company because it is concerned with the employees who are the most valuable assets of a company because they make their company able to compete in the world of competition.
However, maintaining full employee satisfaction is difficult considering economic uncertainties, budgetary constrains, and layoffs facing organizations. Non-monetary human resource initiatives in this case may come in handy in increasing employee satisfaction and consequently reducing employee turnover rates (Grobler and Warnich, 2005, p.127).
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.
Having branches in 12 states in America, our company has efficient, well trained and experienced personnel. Due to our good reputation in service delivery, the Toto’s Gourmet Pie and Coffee Shop has hired our services. Toto’s Gourmet Pie and coffee shop is a national chain of about 100 outlets that operates primarily on the west coast.
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
Unfortunately, majority of companies follow an incorrect approach to hiring and this leaves them with numerous vacancies or with employees who do not fit into to the position that they have been employed into. The worst
Energetic involvement of employees will increase operational efficiency. Commitment of employees depends on engagement policies of human resource management. In the current study, Tesco organization is used
8 Pages(2000 words)Term Paper
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Term Paper on topic Employee retention for FREE!