Retention: 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 …show more content…
The prerequisite to make sure that the most valuable members of employees are retained is, however nothing new with, for example, rational choice economics laying down efficiency pay, where market excess pay is given to attract, retain and initiate the loyalty of high individual employee as a cure to the dear problem of high rates of employee retention. Companies should exercise new retention approach that combines and integrates pay, total rewards, companies’ distinctive culture and value key talent by making them feel important. (Patricia K.Zingheim and Jay R.Schuster, 2009) The increasing identification of the need to secure commitment from the entire levels of employees has noticeably extended the base on which those that are important within an organization are assessed. This resulted that attention is more and more being paid to the retention of the entire levels of employees rather than just focused on the few (Beach, 2000). Nevertheless, the academic literature remains apparently gravitated towards a thought of the retention of managerial rather than operative grades and this might, partly, replicate the fact that detailed retention strategies generally arise out of a useful need to retain managers (Hom and Griffeth, 2001). The most important intention for the companies is to “retain the best talent from going to larger companies”. They admit that key talent will go for the best deal. (Patricia K.Zingheim and Jay R.Schuster 2009) Clearly,
One constant trend throughout many organizations if not all is the struggle in finding qualified candidates to fill job openings. Not only is it difficult to recruit skilled workers, but also to retain them. Going back to my parent’s work experience, companies expected job loyalty, but today, I noticed and read stories of employees accepting other job offers only weeks after being hired. I wonder if people have changed or is it that employers are not able to satisfy employees. To completive and win the battle for workforce share, organizations should rethink their strategies to effectively recruit, motivate, and retain committed employees.
By discovering the reasons as to why employees leave the organisation, strategies for organisations to increase retention can then be identified (Mowday 1984).
Retaining employees is one way the turnover rate can decrease, Branham (2000), focuses on retaining valuable employees by incorporating four key elements. The first key elements is, “be a company that people want to work for”. There are many companies that have been labeled as, “employers of choice”. These employers all have something in common, which is how they value their employers (Branham, 2000). They treat their employees with respect and like family. With being an “employer of choice,” people are the most valuable asset; not just customers but employees too. Many companies go above and beyond for their customers, but not for their employees, yet they wonder why they are losing valuable talent.
In this paper Team C has discussed the issue of poor employee retention concluding in a high employee turnover rate. This is an issue that can be common among some companies and that is a great example of
Riordan's annual employee satisfaction survey results indicated a strong trend of employees possibly leaving for another company offering 10% more money. The survey in 2001/02 results was the complete opposite of the 2003/04 results which indicates a downward trend; leading towards a retention issue. An opportunity Riordan can consider is identifying components of effective retention initiatives. Riordan can develop and implement many retention and career development processes starting with various pay types; Merit, Lump Sum, Commissions, Individual Incentives, Stock Options. The effectiveness of these retention options are determined by interpersonal intelligence gathered during interviews and surveys (Dreher.G & Dougherty, T . 2001)
The retention of employees basically refers to different procedures and practices that help retain employee for a much longer period of time. The following issues should be taken under consideration if they want their employees retained for a longer time period: management, communication, salaries, decision making, perks, career development, recruitment, understanding and appreciation (Belanger and Caron, 2005).
This paper shall establish a plan for Quality Improvement (QI) activities in an establishment like a therapeutic massage clinic such as the Relax Station. I have been a massage therapist since 1996. My training was in Florida, where I graduated in 1996 with 650 credit hours. I am certified from the school I attended, and am insured by one of the biggest associations for massage therapy, Associated Bodywork and Massage Professionals, (ABMP). I have worked as an employee and a contract worker for massage establishments. I am a contract worker now, but, used to work for Relax Station in Ann Arbor, MI, as an employee. The Relax Station has a problem with keeping staff, and the turnover is high.
As the labor force becomes more highly developed and demanding, rivalry between organizations for talented employees is drastically increasing. It is extremely important that organizations make their company more enticing as an incomparable career opportunity. Instituting a total rewards system into an organization can do much to help it invite the paramount talent available and significantly condense turnover. The longevity of an organization’s employees is contributed to its total reward system. According to Heneman (2007), total rewards is defined as all of the tools, whether intrinsic or extrinsic, offered to the employer that may be employed to attract, motivate and retain employees. This could
As such, staff retention falls under the umbrella of the second function. Staff retention is a challenge for contemporary organisations as the skills shorten worsens. Various retention strategies are in place including rewards and recognition program, training and development, flexible working arrangements and others. How people want to be managed and how people are being managed and the gap between contributes to
compensation externally competitive within its industry. Employee attraction and retention can be improved by maintaining
The research topic that I have chosen is staff retention in a domiciliary care setting to enable me to do this I will be looking into the 4 main categories to research which are:-
Employee retention because employees want to be compensated for the work they do. Being compensated on the job is like being rewarded for your work. Receiving benefits is the icing on the cake because not all employers offer benefits and it’s also a way to keep your employees healthy and have less sick days taken.
Tillman, A. (2013). Improving Worker Satisfaction Yields Improved Worker-Retention Rates. Employment Relations Today (Wiley), 39(4), 27-31. doi:10.1002/ert.21386
Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank
In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.