Employee Retention In Retail

882 Words4 Pages
In any industry, attrition leads to cost as companies spend lot of efforts and time as well as money in hiring a single candidate. Further it takes more when it comes to train them and to get acquainted into the system. After putting all the efforts if employee leaves the company, it leads to cost to company in terms of knowledge that he gained while working, worry among coworkers, cost attached to new recruitment and overall it affects the productivity of work. Losing a valued employee is always a loss for the company.
The supermarket industry faces a critical need to find and keep good employees to properly serve its customers. Labor shortages are particularly painful to retailers who built stores or high-skill departments, like pharmacies,
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In organized retailing major workforce is of young talents. Young professionals are growth oriented so always keep searching for new opportunities in the market. Also stress, long working hours & lack of career growth leads to high attrition in Retail. Employee turnover has become the challenge that the organized retailers are facing tremendously.

Thus, retention is more economic than recruiting new employees. Organizations should have an effective retention policy to retain the existing employees. Retention management is the process of retaining the existing manpower specifically the competent & talented one and also to encourage others to join the organization.
Though, there are no fixed practices that show the relevance and significance as to how to retain employees and keep them committed towards the organization because employers lay different emphasis on different variables depending on what suits their organization best. Hiring employees is just the beginning to creating a strong committed work
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Employee turnover may be understood as the employee leaving the organization or profession voluntarily. It has been observed that voluntary turnover is an interdisciplinary and multidimensional construct. Various studies, over the years, have been conducted and different models have been proposed to explain turnover of employees. Different factors have been quoted in the models to reason out the quitting behavior of employees. However, every model indicates one common factor –turnover intention –as the antecedent of actual turnover behavior. This study aims to find out the impact of employee satisfaction on retention of employees in the retail sector identifying the different factors that makes the employee happy and makes them stay with the company. (S. Batty Dorance Jean, 2014).
Clearly as identified, high attrition leads to increased cost to the organizations especially in sectors to which it is commonly observed as what will be discussed in this study. Therefore the HR Manager of the company should either have a proper policy to retain the employees or should plan the exit to prevent the loss occur due to attrition. Through attrition, people not only leave the organization but also take the company resources in the form of expenses occurred in recruitment, training given to them, knowledge they have gained, time
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