Employee Retention

Retention

Retention
 We can't stop employee from leaving
unless we have a plan to make them stay.
Employee retention refers to the ability
of an organization to retain its employees.

Retention
 However, many employee consider,
retention as relating to the efforts by
which employers attempt to retain
employees in their workforce. In this
sense, retention becomes the strategies
rather than the outcome. In a Business
setting, the goal of employers is usually
to decrease employee turnover, thereby
decreasing training costs, recruitment
costs and loss of talent and organizational
knowledge.

Retention
 By implementing lessons learned from key
organizational behavior concepts employers
can improve retention rates and decrease the
associated costs of high turnover. Employee
retention is a process in which the employees
are encourage to remain with the
organization for the maximum period of time
or until the completion of the project.
Employee retention is beneficial for the
organization as well as for the employee.

Employee retention involves five
major things:-

Compensation

Relationship

Environment

Growth

Support

What make employees make leave:-
 Job is not what employee expected
 No growth opportunities
 Lack of appreciation
 Lack of trust and support
 Stress from overwork
 Compensation
 New job offer

Employee retention strategies:-
 Hire the right person in the right job
 Empower the employee
 Make them realize that they are valuable
for the organization
 Have faith in them, trust and respect them
 Provide information and knowledge
 Give feedback on performance.

Employee retention strategies:-
 Appreciate their achievements
 Keep their moral high
 Create healthy environment

Importance of employee retention:-
 The cost of turnover
 Goodwill of company
 Loss of company knowledge
 Loss of talent
 Turnover leads to more turnover
 Interruption of customer services