Managing Employee Retention and Turnover Essay

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Managing Employee Retention and Turnover

Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their own best interest to retain that employee, to further develop and motivate him so that he continues to provide value to the organization. But, employers must also recognize and tend to what is in the best interest of their employees, if they intend to keep them. When a company overlooks the needs of its employees and focuses only on the needs of the organization, turnover often results. Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. We will look at
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· Training - Employees want to increase their skills, knowledge, and abilities to remain marketable. It gives them a sense of job security. In today's workplace, the more training employees get, the more likely the employer will retain them. "According to a 1999 Emerging Workforce Study conducted by Interim Services and Louis Harris and Associates: Among employees who say their company offers poor training, 41 percent plan to leave within a year, versus only 12 percent of those who rate training opportunities as excellent. (Business Week, March 1, 1999)"

· Recognition - According to Roger Herman, chief executive officer of The Herman Group, a management-consulting firm in Greensboro, N.C., "you need to show [your employees] that you appreciate them, that you value their opinions--and show them in a lot of ways." Care and concern for employees on a personal level means more to many employees than compensation.

· Balance - "Management's recognition of the importance of personal and family life remains the top driver of employee loyalty. Employees who spend a moderate amount of time each week attending to personal matters while at work have a higher level of commitment to their employer than those who spend no time." (America @ Work 1999," Aon Consulting, Chicago, Illinois; 312.701.4844) Employers who provide a work/life/family balance
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