Talent Management, Work-Life Balance and Retention Strategies

Human resource departments today have a more distinct, calculated position within organizations, and human resource strategy influences the bottom line. “One of the challenges for HR leaders is convincing executive leadership teams that human capital is one of the most important resources in which the company can invest” (Mayhew, 2014, p.). Subsequently, “this return on investment is an essential part of the argument for including HR as part of an overall business strategy” (Mayhew, 2014, p.). Human resource departments utilize the information given to them from company executives and leaders, coupled with their respective expertise on all things personnel, and they plan and implement staffing concerns for the betterment of the organization. From preparing job analysis, to comparing inventory and forecasting, it is the responsibility of human resources to consider the objectives of an organization and fulfill those goals while operating the specific planning relative to HR.

Human resources plays a great part in the functioning of the company and could impact the success

Organizations with high rates of employee retention concentrate on creating four distinct cultures that keep people focused on the organization and its goals. The purpose of this article is to explore these four cultures and to recommend practical strategies for developing these cultures in your workplace. Effective retention cultures include an intense focus on choice, balance, development and care.

Although organizations know the importance of staff retention, there are many barriers that cannot be easily changed by the

Human resources play a very important role in success of an organization and thus, management

I became really interested in the well-being of employees within a corporation. I consider that in order to obtain happiness and satisfaction of employees, human resources is very important for any type of business, even a small one.

Employee turnover can occur for numerous reasons. Employers need to listen to employees’ needs and implement retention strategies to make employees feel valued and involved in order to keep them. The cost of retention is far less more brutal than the cost of employee turnover. Employee turnover has many aspects that will contribute to becoming a lot more money that a company is losing. By recognizing the reason for employee turnover, the cost associated and implementing retention strategies an organization can become a place where everyone will want to work.

Laura Michaud expresses the importance and what it takes to retain employees in her article, The Value of Retaining Employees. It’s hard to retain employees especially when opposing organizations try to influence employees with offers of more money or more perks. Michaud discusses five important retention tips that will keep employees happy; build relationships, offer praise, listen, create a fun environment, and strengthen the team. Retention is important for a company because losing employees can potentially cost a lot of money. “According to the U.S. Department of Labor, it costs a company one-third of a new hire’s annual salary to replace him or her” (Michaud 2000). The direct costs the company uses to find new employees includes

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

Human Resources constitute as one of the most imperative components of any organization, be it small scale business or a large conglomerate. Some of the key functions of the Human

Whether an organization consists of five or 25,000 employees, human resources management is vital to the success of the organization. HR is important to all managers because it provides managers with the resources – the employees – necessary to produce the work for the managers and the organization. Beyond this role, HR is capable of becoming a strong strategic partner when it comes to “establishing the overall direction and objectives of key areas of human resource management in order to ensure that they not only are consistent with but also support the achievement of business goals.” (Massey, 1994, p. 27)

Employee retention is a practice in which the employees are convinced to stay in the organization for the most period of time or until the accomplishment of the plan. There is no scarcity of opportunities for a capable person. There are countless organizations, which are looking for such employees. If individuals are not satisfied by the job they are doing, they might switch over to some other more appropriate job. In today’s upbringing it turns out to be very imperative for organizations to retain their employees (Dibble, 2000). Employee retention is supportive for the organization with that of the employee. Employees today are diverse. They are not the ones who don’t have first-rate opportunities in hand. As soon as they

The basic foundation of every business and organization is the Human Resource department. Human Resource managers manage workers within the organization in addition to the operation, and employment payroll aspects (Woods,2015). In Jiang, Lepak, Han, Hong, Kim, and Winkler (2012) clarifies the importance of building a relationship across leaders and employees. Figure 1 a relationship between HR practices within HR programs (Jiang, Lepak, et.al, 2012) illustrate components maintain by the HR system. However, the theoretical impulses do not reference a policy of retaining key workers.

Meeting the demands of today's changing business environment requires building and retaining a loyal and motivated staff. However, finding and keeping quality employees also pose a challenge to human resource management. Today's workers are no longer inclined to stay at one company for the duration of his or her careers. The most talented professionals often are courted by other businesses and the effects of turnovers can be costly. The time and money it takes to recruit, rehire and retain can quickly cut into the company’s bottom line. Employee turnover is inevitable but when excessive can put a company into the red. Many new employees do not become fully productive until they’ve been trained and gain experience, a process that usually takes several months. The time, effort, and money invested in those employees, walk out the door when they leave.

A STUDY ON EMPLOYEE RETENTION TABLE OF CONTENTS CHAPTER NO. TITLE PAGE NO. 1 INTRODUCTION 1.3 INTRODUCTION TO THE STUDY 1.3.1 Objectives of the study 1.3.2 Need of the study 1.3.3 Scope of the study 1.3.4 Limitations of the study 2 REVIEW OF LITERATURE 3 RESEARCH METHODOLOGY