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.
• To identify the relationship between human resources management practices and employee retention. 1.5 SCOPE OF STUDY 1.6 SIGNIFICANCE OF STUDY organization This research is done especially for this organization whereby through this research Employee Provident Fund organization is clear about their roles in order to retain the employees especially those who are talented in their area and increase the organization’s performance. Besides that, the organization will be able to determine the cause of employees’ retention related human resources management practices. Through this research also, the organization may take an initiatives or any steps that will remain or retain the talented employees in the organization
Even from the supplier facet, the bulk of previous client retention literature has targeted on the economic aspects of retentive customers and the way corporations develop ways to enhance customer retention and maximize returns through the customers‟ life cycles (Clarke et al., 2002). Scholars and practitioners‟ interest in the economic aspects of retentive clients has inflated since Dawkins and Reichheld (1990) reported that a five-hitter increase in client retention generated a rise during a customer web gift worth of between twenty fifth and ninety fifth during a wide selection of health care business sectors. Also, according to Hanks (2007), a mere 5% improvement in client retention will lead to a seventy fifth increase in gain. However, establishing and maintaining strong relationships with all customers might not be the first aim of some organizations as a result of not all customers and their relationships square measure similar or profitable (Hausman, 2001; Chen and Popovich,
Because of this high cost of turnover, the organization sought to understand their employee’s turnover intentions and the reasons for the potential turnover. Through a series of surveys, observations, and interviews, it was determined that the location of the company and its compensation package were the most common factors in remaining with the company and that compensation and lack of challenge and opportunity were the most common factors in contemplating leaving the organization.” “Allen and Meyer (2003), have studied that a model through which the effects of HR practices (i.e. participation in decision making, fairness of rewards and growth opportunities) and POS on voluntary employee turnover were investigated. As outcome of that, the study reported a quantitative assessment that strongly supported the influencing relationship of these organizational factors in employee withdrawal.” “Legge and Wolfe (2003), have investigated that the top ten strategies critical to successful retention: (i) Be data driven (ii) Develop a profile of your ideal candidate (iii) Develop a compelling value proposition (iv) Increase your pool of candidates (v) Improve your selection process (vi) Invest in employee orientation (vii) Focus on people development (viii) Develop your managers (ix) Run a high-performing organization (x) Provide employee
This all will enable an employee to develop realistic job expectations & reduce job conflict in future. A manager should recognize one’s caliber & potential & ensure role-talent fit in the specific position & also retaining him/her at that role for longer duration possible. 2. Start it from the top: Employee engagement requires
These methods include reducing the cost of employee’s healthcare through successful negotiations with healthcare agencies. HR also has to ensure that wages and benefits are pegged to the market conditions and job expectations. This is to ensure that employees’ salaries are justified by the value that they generate with respect to the overall profitability of the company. Conflict Resolution Since the workplaces consists of a mixture different working styles, characters and backgrounds, naturally, disagreements abound. A HR manager or leader may be professionally equipped with the necessary skills to manage and help to solve disagreements in the workplace.
HR analytics aids the HR managers to formulate the strategies which enable the organization to gain an upper hand over its competitors. The papers analyzes whether HR analytics is the cutting edge tool for the HR managers. The study examines how HR Analytics facilitates the improvement of workforce
Many things HR Managers looks up to. They Identify departments and functions that are strategically critical, along with critical employee skills sets going forward. Identify criteria that reflect legitimate business needs. Conduct analyses to ensure that there is not a misappropriate effect of layoffs on members of protected classes and have all analyses and reviewed by an attorney. Reaction Of Employees: In certain mergers there will be an excess of Employees, requiring multiple layoffs.
This current research addresses the following research questions: • What are the areas of HR practices that have low impact on job satisfaction? • How job satisfaction impact on employee’s job performance? This current research addresses the following research objectives: • To investigate the relationship between HR practices and job satisfaction • To find out the relationship between job satisfaction and employee’s job performance. 1.3 Significance of Study From our opinion, there are parties that will gain advantages from this study such as organization, employees and researcher. 1.3.1 Organization The employee’s job performance is a serious challenge to the service sector since it will give an overall view of the organization culture to the customers such as suppliers and distributor.
2.6 RETENTION STRATEGIES The human aspect is fundamental to the achievement of organisational objectives. As a result, it becomes necessary that organisations have to set in place strategies to preserve their labour force. As stated by Peterson (2005), “it is incredibly frustrating to go through a long hiring process, employees training, providing uniform and other necessities and then have the employee to quit after a period of time. Then you start over again.” Below are the three main reasons about why an effective retention strategy is important: To extend an employee’s stay in the business and reduce employees turnover levels To raise satisfaction levels and consequently increasing productivity and profitability To develop an employer