Indian Journal of Science and Technology
No. 12 (Dec 2011)
ISSN: 0974- 6846
Employee retention by motivation
K. Sandhya1 and D. Pradeep Kumar2
Department of Humanities and Social Sciences , JNTUH CEH, Kukatpally, Hyderabad-500085, A.P, India Department of Management Science, Madanapalle Institute of Science and Technology, Madanapalle, A.P-517325, India
Employee motivation is one of the important factors that can help the employer to improve employee and organizational performance. Different theories of motivation are discussed. The paper concludes that employee retention can be practiced better by motivating the employees in the following aspects: Open communication, Employee reward program, Career development program, Performance based bonus, Recreation facilities, Gifts at some occasions.
Keywords: Employee retention, Organizations, Strategies, Career, Performance based. Introduction
Management Update (June, 1988) nine of ten managers
An Employee Retention Program (ERP) is said to be think people stay or go because of money. But, Kaye and effective when a systematic effort is made to create and Evans (2000) conclude that money and perks matter, but foster an environment that encourages and supports employees are interested in challenging and meaningful employees to remain employed by maintaining strategies work, good bosses, and opportunities for learning and and practices in place that addresses their diverse needs.
Employee retention (ER) is a process in which the Significance of employee retention employees are encouraged to remain with the
Retention is not only important just to reduce the
organization for the maximum period of time or until the turnover costs or the cost incurred by a company to completion of the project. Even though ER has now recruit and train. But the need of retaining employees is become a tough task, it is beneficial for the organization more important to retain talented employees from getting as well as the employee.
poached. There are many factors which show the
The job of human resource personnel is done perfect importance of the employee retention. They may be the if it places a right person for a right job at a right place in a turnover cost which includes hundreds of thousands of right time. But retention is more important than hiring. A rupees to the company's expenses. In fact, it is difficult to talented employee will never fall shortage of the calculate the turnover cost which includes hiring costs, opportunities. If a person is not satisfied with the present training costs and productivity loss, industry experts often job, he may switch over to another, of his choice. The top quote 25% of the average employee salary as a organizations are on the top because they care for their conservative estimate. Company information loss is the employees and they know how to keep them glued to the next factor which shows the significance of retention. organization. Employees stay or leave organizations for When an employee leaves the organization, he takes with many reasons the reasons may be personal or him the valuable information about the organization, the professional. Employees who are satisfied and happy customers, the current projects and also the past history with their jobs are more dedicated and work for of its competitors to the new employer. Lot of time and organization’s growth.
money has been spent on an employee in expectation
Job satisfaction is something that working people that he works for organizations future return. When the seek and a key element of employee retention which is employee leaves the organization the investment is not possible only by making the employee feel comfortable realized. Customer services are interrupted where physically and psychologically. The inflationary trends customers and clients do business with a company in part seen in the market economy is...