Employee Retention
CHAPTER-I
INTRODUCTION
1.1 DEFINITION, MEANING, AND CONCEPT
DEFINITION:
Employee Retention involves taking measures to encourage employees to remain in the organization for the maximum period of time.
Employee retention is a systematic effort by employers to create & foster an environment that encourages current employees to remain employed by having policies &practices in place that address their diverse needs.
Retention is the process for members or volunteers remain active with the organization. Retention is not a particularly formal process. Instead it focuses on maintaining a welcome environment, member morale, and organizational process.
MEANING:
Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. It involves taking measures to encourage employees to remain in the organization for the maximum period of time.
CONCEPT:
How to retain valuable employees is one of the biggest problems that plague companies in the competitive marketplace. Replacing staff is obviously expensive. But in addition a company’s reputation is also at stake. No one feels confident dealing with an organization which cannot hold onto their employees. It suggests instability, poor management and a lack of good planning. Regardless whether an individual is let go or leaves on their own accord, more often than not the employee leaves with a bitter taste in their mouth. That feeling is taken with them – along with the skills they learned while working for you – and their sentiments are often repeated to future employers and their personal network. Reactively losing talented individuals can damage your company’s reputation for years to come.
Lastly, constant high turnover creates unrest in present employees. Positions which are made vacant create increased workloads for other staff members – often outside their position profiles. The sense of instability and frustration can cause work
INTRODUCTION
1.1 DEFINITION, MEANING, AND CONCEPT
DEFINITION:
Employee Retention involves taking measures to encourage employees to remain in the organization for the maximum period of time.
Employee retention is a systematic effort by employers to create & foster an environment that encourages current employees to remain employed by having policies &practices in place that address their diverse needs.
Retention is the process for members or volunteers remain active with the organization. Retention is not a particularly formal process. Instead it focuses on maintaining a welcome environment, member morale, and organizational process.
MEANING:
Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. It involves taking measures to encourage employees to remain in the organization for the maximum period of time.
CONCEPT:
How to retain valuable employees is one of the biggest problems that plague companies in the competitive marketplace. Replacing staff is obviously expensive. But in addition a company’s reputation is also at stake. No one feels confident dealing with an organization which cannot hold onto their employees. It suggests instability, poor management and a lack of good planning. Regardless whether an individual is let go or leaves on their own accord, more often than not the employee leaves with a bitter taste in their mouth. That feeling is taken with them – along with the skills they learned while working for you – and their sentiments are often repeated to future employers and their personal network. Reactively losing talented individuals can damage your company’s reputation for years to come.
Lastly, constant high turnover creates unrest in present employees. Positions which are made vacant create increased workloads for other staff members – often outside their position profiles. The sense of instability and frustration can cause work