Retention of employees a key for organizational success

Figure 1 ; employee-retention

Employee retention is a main debate over the last few years due to the world wide spread of Corona Pandemic and the following the collapse of emerging economies. However, companies who were able to retain their talented and well experience employees are showing their resilience at present.

Several researchers have cited their view on this as follows,

Hytter (2007) explained that there are some factors such as personal premises of loyalty, trust, commitment, and identification and attachment with the organization have a direct influence on employee retention and workplace factors such as rewards, leadership style, career opportunities, the training and development of skills, physical working conditions, and the balance between professional and personal life have an indirect influence.

Davies et al (2001) Compensation to top workers is given by every organization but very few organizations uses it strategically. They said that “Salary and benefits policies are not being used strategically, within the organization to improve morale, reduce turnover, and achieve targets within an establishment”.

Why employees are retaining with the employer.

Below mentioned figure summarize the key attributes which tied the employees with their employers

Figure 2 ; Lagou E,2019 ; Employee retention strategy

·         Following a proper recruitment process

 

We need to identify the talent of the person to be recruited are matching with the requirements of the company. Also, we must let them know the expectation of the company before hand to avoid mismatching of ideas. Majority of employee turnovers occurs due to mismatching of employee and employer expectations at the initial stage of their career. Further we have to educate the company culture to the newly recruited people in order to better understand the way things done at the company which will avoid any conflicts of interests.

 

·         Employee empowerment

 

We have to identify the contributions made by the employees to the success of the company by recognising them and supporting them to perform their duties (Giving the authority to them when required). This will inculcate a motivation factor within them and they perform their duties with higher degree of satisfaction which positively impacted on employer retention.

 

·         Employer reward schemes

 

We have to identify the performing employees and need to reward them by granting promotions, salary increments, allowances etc. This will enhance the enthusiasm among the employees in the view of that the company will be looked after them well and also allowed career progression within the organization if they performed well. This will help to improve other employees’ performances as well.

 

·         Work life balance

If the company expect their employees to work long hours it will adversely impacted towards employee retention. However, employers could arrange such work by giving some compensation towards such situation or grant an extra day off when its necessary. Also, they could consider offering flexible working schedules and encourage staff to take their leaves on a planned manner. This will enhance the employee satisfaction on a greater way.

·         Communication and obtaining feed backs

 

Employees should grant access to give their feedback to the management and also management needs to give them back honest feedback which will develop the constructive dialog. This initiative will improve the employees’ mindset that leaders are there to listen and give value to their ideas.

 

·         Team work

Always we would be able to gain better results than what we achieve individually. Also when performing as a team the enthusiasm among employees are higher which will positively impact to employee retention

 

Importance of retaining employees

Figure :3: Finn K, 2023 ; 10 benefits to prioritizing employee retention

The above figure will explain the benefits of employer retention at a glance and how it will affect to the organizational success. Also, please refer following video which will elaborate regarding employer retention as well.

Video 1: Employee Retention strategies with examples | How to reduce attrition

Conclusion

Retention of employees are a key to organizational success since it will provide enhance customer experience through the matured staff while safe guarding culture of the company. Also, it will prevent loss of vital data to competitors and also help to grow the organization with a satisfied and motivated set of employees. Further employer retention helps us to save time and costs for new recruitments and training which we could use for much productive activities in the work place.

References

Finn K, 2023 ; 10 benefits to prioritizing employee retention ,Available at : https://go.workstep.com/blog/10-benefits-to-prioritizing-employee-retention-in-2022/

Figure 1,https://depositphotos.com/stock-photos/employee-retention.html

Figure 2 ; Lagou E,2019 ; Employee retention strategy ; available at : https://www.netcompany-intrasoft.com/blog/employee-retention-strategies

Hytter, A. (2007) Retention Strategies in France and Sweden. Irish Journal of Management, 28, 59-79.                                       

Davies, D., Taylor, R. and Savery, C. (2001) The Role of Appraisal, Remuneration and Training in Improving Staff Relations in the Western Australian Accommodation Industry: A Comparative Study. Journal of European Industrial Training, 25, 366-373

Gorde S,2019 ;  A Study of Employee Retention , (ISSN-2349-5162) , Available online : https://www.researchgate.net/publication/339253142

Video 1: Employee Retention strategies with examples | How to reduce attrition

Available at online: https://www.youtube.com/watch?v=IuaNFR7WTsg