Such employee prioritizes his work and does not get time for controversies. As part of the organization for some time, employees find it difficult to leave when they enjoy a cordial relation with their colleagues. Coaching and monitoring of team members by their team leaders also create job satisfaction and also a sense of responsibility. Performance reviews are a must to make sure every one finds his job interesting. Challenges in Employee Retention In the current scenario, a major challenge for an organization is to retain its valuable and talented employees.
By correctly compensating employees and offering further pay incentives such as bonuses or paid time off, the company will suffer less from employee turnover, which will benefit their success in the long run. CNBC guest columnist Ron Volper summarizes how paying employees’ salary and incentives will positively impact an organization, “The companies with the highest employee morale and productivity pay a mix of salary and incentives. The salary compensates employees for performing all the tasks required of them and provides them with a consistent income.” This high moral and positive attitude for compensation will positively result in retaining good employees for the long run of their
Yanadoria and Katob, (2010) says that family supports enhances employee retention. 2.1.4 The reasons for talent retention According to Oracle (2015), Talent retention is critically important for all organisations for two main reasons. One of the reasons being that the value of turnover is very expensive and the second reason is that top performers drive business performance so losing them would adversely affect the productivity of the business. According to Ramllal (2003), excessive employee turnover often engenders far-reaching consequences and at the extreme may jeopardise all efforts by the organisation to attain objectives. Furthermore, they indicate that when an organisation
Yet even today, in too many organizations, employees are viewed as an asset to be managed rather than as individuals who can create the next innovation for success. Long-term engagement starts with good communication between employer and employees as well as among co-workers, fostering a positive working environment. Employee engagement is integral to successful organizations. Engaged employees are satisfied and feel a attachment to their job and company. They promote the very best in the organization and work towards its success.
Friendship among employees is one strong factor which helps to retain employees. Individuals who have reliable friends at the workplace are reluctant to move on for the sake of friendship. No one likes to leave an organization where he gets mental peace. It is essential to have a cordial environment at the workplace. The human resource department must ensure that it is hiring the right candidate.
15 Chapter - I Introduction and Research design Introduction Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. How to retain valuable employees is one of the biggest problems that plague companies in the competitive marketplace .Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover may include lost customers and business and damaged morale. In addition there are the hard costs of time spent in screening, verifying credentials, references, interviewing, hiring and training the new employees. (Workforce Planning for Wisconsin State Government, 2005).” “Cost control is the top benefit objective for employers in the
Many of their solutions improve efficiency and, ultimately, profitability. Improved employee morale is another advantage of turnover. Disengaged workers sap the workplace of enthusiasm, energy and productivity. When employees who are performing at marginal levels leave the organization, it inspires remaining workers and returns the workplace to a team-oriented work environment where everyone is focused, driven and interested in doing a good job. The strain placed on an organization by managing employees whose presence affects the entire workforce is lifted when those employees are separated from the company.
All organisations and groups experience the direct relationship between job satisfaction, and performance. In order to maximize the performance of those within a system, it is significant important to develop interpersonal relationship. One way for an organization to become more innovative is to capitalize on its own employee’s to innovate. Organizational Behaviour also helps individual to create self-awareness all the times. Individuals will be able to draw and execute his own action plan, and well known the current position of him, and be aware of where is the next position he is going to reach.
Next, defining the subordinates ' roles and responsibilities and actively listening to their concerns, this builds their personal communication skills and improves their communication competences. When subordinates and management have good business relationships and the feeling of equal empowerment and positive self-concepts are shared, it makes for a productive work atmosphere. Giving workers the opportunity to participate in the decision making process, that affect their jobs, is another way to build confidence between themselves and upper management. It is also important to show subordinates that they are valued, by praising their good work performance verbally, which maintains and develops their self-concept.On the other hand, effective interpersonal communication is the most important aspect in determining the success of workplace practices. Effective interpersonal communication includes practices such as honesty, clarity, and mutual respect.
Ahmed (2016) stated kahn was the first person bring out this concept as “USE VARYING DEGREES OF THEIR SELVES – PHYSICALLY, COGNITIVELY AND EMOTIONALLY IN WORK ROLE PERFORMANCES”. Staff Engagement is one of the key element to maintain employee morale, loyalty, and achieve customer satisfaction. He also discussed the factors affecting staff engagement as training and development, reward, job security, promotion opportunity, and supervisor relationship. Singh (2016) had added on that and mentioned there is total 8 key factors of successful employee engagement. The remaining 3 factors are nature of the job, pride about company, co-workers.