Employee Retention

Employee retention is very important to organizations. If employees can not be retained, the company will have to invest money for training new employees time and time again. The cost of replacing an employee is high not only financially, but in terms of lost productivity, the time taken by the employer to go through the resumes and the cost incurred to conduct interviews. The best away to avoid this costly affair is to focus on the retention of employees as otherwise it will have a castigating effect on the organization as a whole. By taking a look at the past it is possible to avoid the mistake of losing your central operating powers in the future. When an employee leaves the organization, the employer must make it a point to conduct exit …show more content…
Yet, unmanaged employee turnover can easily steal your company's knowledge base, profits and competitive edge in the market. With today's high employment levels, organizations that don't actively manage turnover's impact, find that the balance of power has shifted from the employer to the employee. Excessive turnover is often a symptom of fundamental problems within the business. It's critically important to retain them; to do this one must know what motivates an employee to stay at a particular company. "The top two reasons employees stay with a company are (1) they feel the company cares about them and (2) they feel their work efforts are important to the growth of the company." (Saxby) Many companys make the mistake of thinking base salary is the only aspect of a retention plan for important employees. Employee morale is more important than …show more content…
This phenomenon has created a need for growing interest in workplace policies and programs to enable workers to balance their work and family responsibilities. Corporations seeking to attract new employees and hold onto their existing work force are attempting to be creative with the promise of flexible schedules, flexible benefits, job sharing, onsite day-care facilities, telecommuting, special deals on parental leave, generous family health care packages and numerous additional individualized incentives that respond to the work- and home-life balance. The appearance of family-friendly policies help employees balance their lives between work and their families. That can mean higher productivity, better morale, and fewer turnovers among staff. To humanize the work setting it would be appropriate to set up day-care facilities at working companies. This gives the working parents the security that their child is being taken care of within the same premises. Not only will it benefit the parent, but also the company, for it would make the company more prosperous. Such cases in which parents would stay late the parent could finish their work without any worries. Establishing a day-care center will cause no worries for the parent in finding a babysitter, reduce absentees or tardiness of the employees, and parents would be able to spend time with their