Retention

‘Retention’ refers to the act of retaining or holding something and if we talk about ‘Employee Retention’, it refers to an organisation’s ability to retain its employees. Employees once being trained have the tendency to move to the other organisations for better prospects. Whenever the employees expresses his willingness to move on, it should be the responsibility of the management or the HR manager to find the exact reason which led to this decision. High employee turnover cost may affect the time and productivity of business owners.

Employee Retention have become a major concern for the corporates in the present scenario and so, dedicated efforts should be made by the organisation to ensure growth and learning for the employees.

Now, lets see why retaining a valuable employee is essential for an organisation.
1) As we all know that ‘Hiring’ is not an easy procedure. The HR professionals have to shortlist individuals from a large pool of talented people and further they have to conduct interview, etc. so, Recruiting is a time consuming process.
2) An organisation spends huge money and time to groom an individual and to make him ready for the corporate culture. So, its not good for the organisation if the talented employees will leave the workplace as it will affect the productivity.
3) The Employees working for the longer period gets familiar with the company’s policies,procedures and so they adjust better but if the Employee turnover ratio will be high then the organisation will have to spend more on induction and socialisation process.
4) It has been observed that the individuals sticking to an organisation for a longer period of time are expected to be more loyal to the organisation than the new ones.
5) The most important factor to retain the employees is to retain the potential within the organisation. No organisation can survive without the top performers.

So, sincere efforts should be made by the organisation to retain the best employees and to stay happy in the current scenario.

Click here for government certification in Human Resources