Employee turnover reflects a company’s internal strengths and weaknesses. New hires need to be constantly added, further costs in training them, getting them aligned to the company culture, etc. all pose a challenge. Organizations also face difficulties in retaining the remaining employees as well as attracting potential employees. High attrition rates also lead to a chronic or systemic cycle. All this has a significant impact on the strength of a company in managing their business in a competitive environment. This study is conducted to find out the main causes which increase the employee turnover in an organization. Keywords: Human resource, Employee, Attrition, Turnover, Retention Strategy.
Rationale of the Study
Long term health and success
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Organizational factors are management, pleasant environment, social support and developmental opportunities. Factors at job level are compensation, autonomy, work-load and work life balance. It was found that organizational level factors are more important for employee retention then job level factors. This research has practical implications for practitioners due to the importance of retaining top talent for increased competitive advantage.
Tripathi & Pareek (2015) suggested that employees can be retained directly or indirectly in the organization. Directly by signing a legal bond with the employee or indirectly by following some strategies. They categorized retention strategies at three levels- Low, Medium and High. At low level employee should be provided with good working conditions. At medium level training & development and at high level they are more interested in family holidays, entertainment tours by company and timely good
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Retention of the talented workers becomes difficult day by day due to intense competition and demand of work and inability of management to understand their need leading them to change their jobs. Retention is an important concept that has been receiving considerable attention from academicians, researchers and practicing HR managers. The increasing attention paid towards Retention is justified because of several reasons. Motivated employees come out with new ways of doing jobs. They are quality oriented. They are more productive. Any technology needs motivated employees to adopt it successfully. Several approaches to Retention are available. Early theories are too simplistic in their approach towards Retention. For example, advocates of scientific Management believe that money is the motivating factor. The Human Relations Movement posits that social contacts will motivate workers. Mere knowledge about the theories of Retention will not help manage their subordinates. They need to have certain techniques that help them change the behaviour of employees. One such technique is reward. Reward, particularly money, is a motivator according to need-based and process theories of Retention. For the behavioural scientists, however, money is not important as a motivator. Whatever may be the arguments, it can be stated that money can influence some people in certain circumstance.
“Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants” Money does not generate happiness. It only brings an evil into something that is already great. .The controversy over collegiate athletes being rewarded for their play on the field has grown dramatically.
Money does not get you your way, money will always shape the person that has their hands on
Society don't care where the money comes from, because it makes a person seem successful. Whoever doesn't have much according to them, is a lazy and useless
“Money can’t buy happiness.” “Money isn’t everything, its just paper.” Anyone who has ever grown up without money and lamented about it has heard these kinds of phrases many times. In looking around our culture and society today it would be hard to say those statements are true. While everyone has problems, rich and poor alike, having money gives you access to more solutions to those problems.
Money makes it easy to be selfless since we do not have to worry about ourselves and instead take care of others. Money can be an important factor in happiness but only if used right. If you use your money on useless material that only benefits you it will not help. Money is only helpful when you have someone to spend it on. Happiness also can come from success and setting realistic goals.
Thirdly, I believe that flexibility is very important today with the employees, because if the working hours are not flexible, they tend to either do not prefer working here or when they get the opportunity they move out. So if wee summarize, in my experience I believe that wages, growth and flexibility are the main reasons that cause turnover in the
The consistent use of money allows a person to control their lifestyle to hide their true feelings. This is demonstrated
New hires are critical to the organization because of their knowledge on new technologies, attitudes about the work, and career aspirations. These are the initiatives we have taken to retain new hires. 1. Adopting management style of culture in the organization 2.
Although motivating employees can be a challenge, a number of theories about motivation at work can be used as a basis for creating practices, procedures and processes to affect employee
Motivation is essential for a group as well as an organization. In the eyes of the leader of organization McDonald’s, authorizing and inspiring staff members to do the best in their job and they’re capable of helps create job satisfaction, lowering gross revenue in an industry that has a standing for stimulating its employees. In addition, a glad, stable workforce not just conveys better customer service; it is likewise more compelling at building deals and attracting repeat business. There are five concentrate benefits of employee motivation which Mc Donald’s approached at: 1. Improved Productivity 2.
This section reviews theories on employee retention. 2.2.1 Herzberg Two Factor Theory Frederick Herzberg (1959) two-factor theory is also known as the motivation-hygiene or the dual-factor theory. Herzberg’s theory states that certain factors in the organization related to the contentment of the job which provides satisfying experience for employees while separate set of hygiene factors cause dissatisfaction among employees in the workplace. The former factors are called motivators or satisfiers and include achievement, recognition, the work itself, responsibility, opportunity to do something meaningful, sense of importance, advancement and growth while the former factors are known as hygiene factors such as job security, fringe benefits, salary paid
Organisations have long struggled to retain employees without pouring in too many resources into incentives, however there are many other factors that influence the motivation for an employee to work for an organisation. The following factors are very important to retaining employees: ➔ Vision and Mission: Each organisation has a vision set by its leaders, a ground basis on which it stands for. This vision is the key for driving innovation, research and development for the company. Vision is also the driving force and motivation for its employees, to push their limits and to outperform the competition.
Introduction In today’s business, maximization of profits represents the principal feature of business operations. In order to achieve the highest profits, companies have to manage their human resources effectively. Thus, employee’s motivation has emerged as a critical component, it holds the key to the success of a company. Therefore, human resource managers must motivate their employees to let them perform to their best and achieve the organizational goals.
Create a comfortable and healthful environment. Employee retention is significant for the lengthy-time period, development and success of the corporations. So, eventually if we truly respect, appreciate, and treat the staff proper we can never lose them. Employee retention could be very beneficiary for the organization as well as the worker. It is the sole responsibility of the management to keep the best expertise.
It could be applied for retaining an ageing workforce to promote continuity of care, and retain more experienced HCP in the workforce. The experienced HCP would act as role model among young HCP, and pass their knowledge and skills to them and subsequently improve the quality of healthcare services. They would decide to stay in the organization because of familiarize of working culture and appreciated, and they might not be able to get high salaries in other organizations due to high competition. However, more money does not indicate higher motivation. Therefore, additional retention strategies for HCP should be