Recruitment Challenges Employee Retention
ENGAGEMENT ACTIVITIES TOWARDS EMPLOYEE RETENTION : CHALLENGES FOR HR
ABSTRACT
Many organizations lose dynamic employees to a competitor for no visible reason. Companies are aware that wages and benefits are important to employees ,but compensation alone is not enough to keep the highly skilled and experienced workforce.Employees may feel disempowered, de-motivated and performance is likely to suffer. The challenge before HR is to engage employees in the organization to make them feel an integral part of the organization and to help them grow.Corporates are aware that they need to do a better job of managing their people. They need employees who are loyal and excel in job performance.
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To enhance good professional relationships at work,the management should have respect for the individual.
RECOGINITION
Lack of support from management could leave to high employee turnover. Management can support employees by motivating them, giving due recognition and appreciation.
IMPORTANCE OF EMPLOYEE RETENTION
.Employee retention is critical to the long term health and success of any business and HR managers readily agree that retaining the best employees ensures customer satisfaction , product sales and satisfied co-workers. By retaining employees, organizations are relieved of issues such as increased training costs, lost knowledge, mourning, insecure co-workers and costly recruitment and selection processes. If employees are not retained, then the organisation suffers from the following:
HIGH COST OF EMPLOYEE TURNOVER
The cost of employee turnover increases the company’s expenses. While it is difficult to fully calculate the cost of turnover, industry experts estimate it at 25% of the average employee salary .
LOSS OF COMPANY KNOWLEDGE
When an employee leaves, he takes with him valuable knowledge about the company, customers, current projects and past
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Higher retention rates motivate potential employees to join the organization.
LOSS OF TIME IN HIRING
If an employee resigns ,then good amount of time is lost in hiring a new employee and then training him or her, and even after this the same efficiency from the new employee cannot be assured..
POTENTIAL REASONS FOR EMPLOYEES TO LEAVE AN ORGANIZATION
The reasons for employees to leave an organization are:.Low Salary, lackof challenges ,lack of growth and development, .Lack of trust in senior management, Illness and disabilities and overall low job satisfaction.
EMPLOYEE RETENTION STRATEGIES TO BE ADOPTED BY HR:
Some of the employee retention strategies that can be implemented by HR Departments are:
Hire the right people
Empower the employees
.Make employees realize that they are the most valuable asset of the organization
Provide them information and knowledge
.Have trust in them
Keep providing them feedback on their performance
Recognize and appreciate their achievements
Keep their morale high
Conduct various engagement activities
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