A Study on Employee Retention

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)

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

Chern’s talent philosophy involves the retention and development of their employees. In a recent analysis of the turnover data, the executives learned that a disproportionate number of good sales associates had left the organization. These sales associates could have been potentially strong candidates for the department manager and assistant department manager positions. Chern’s uses supervisor recommendations and structured interviews to promote about 75 percent of their sales associates to department managers and assistant department managers. In the exit interviews the sales associates indicated that they were leaving because they didn’t feel there was the potential of reaching the managerial positions they wanted. This indicates that Chern’s efforts to communicate promotional opportunities and succession planning intentions to high-potential sales associates is not sufficient. Chern’s needs to improve their internal promotion practices to ensure high-potential sales associates are developed and retained or the managerial positions.

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.

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).

Staff retention is the process of keeping staff in the business; businesses want to keep their employees working for them for as long as they can. During the employees working period, the employee would have accumulated experience and developed their skills whilst working for that business. Finding a new employee will be easy to find however they will not encounter the same knowledge and level of experience. ‘On average the cost of replacing an employee is £30,000, it also takes up 28 weeks on average for a new recruit to get up to speed.’ When employees decide to leave the company, the employer should preform an exit interview. During the exit interview, the employer may discover the reason/s why the employee wants to leave. It may be that he/she feels as if they are not being paid enough. Employers can try to resolve the issues, which may reduce the risk of other employees leaving the company. This improves performance as retaining staff means that you will have more employees working for. A great number of employees mean that you are more likely to make more profit at a faster rate, this will have a positive impact on the business’ financial performance. Retaining staff also means that they will continue to develop their skills and accumulate experience even further. Once a staff member has been there for a long time they may be promoted to a managerial role.

By discovering the reasons as to why employees leave the organisation, strategies for organisations to increase retention can then be identified (Mowday 1984).

There are two types of turnover, voluntary turnover happens when the employee makes the decision to leave and involuntary turnover is when employees has no choice in their termination (Schmitz, 2012). Every month or sooner managers experience some of their exceedingly qualified employees leave the company. After realizing that their company is becoming less profitable is when they begin to wonder why and brainstorm on ways to retain them. In Information Technology, “the cost of recruiting new staff is high and the loss of continuity when staff leave can also be very expensive” (Bott, 2005, p. 111). In IT, human resources strive to maintain their highly skilled employees while employees’

There are many types of retainers, although they can be broadly classified into two main types, removable retainers and fixed ones. Removable retainers, as their name suggests, can be removed by patients allowing them to clean their teeth. These removable retainers can be worn on a part time or full time basis according to the patient's own situation and the orthodontist's treatment plan (Johnston and Littlewood 2015).

In addition this study is expected to link the gap on the determinants of employee retention in the organization. The researcher is convinced that there is more than one solution available to promote employee retention as there is definitely not only one factor that is causing nurses to leave their organization. Finally the researcher believes that this research study would give an opportunity for the organization to grow and at the same time it gives new life for the

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

The key parameters of the employee retention are the major activities & functions of Human Resource Management Department of any company, so, it can be said that the role of HR Department in any company is of very crucial nature and the key requirement. Human Resources department operational in current scenario is continuously engaged in preparing and implementing strategies to retain talented individuals with the company. Whereas the major issue in employee retention is their expectations and rapidly growing market with more lucrative and competitive offerings. Therefore, it can be easily noted the recruitment and selection of skilled individuals is a same level equal challenge as the retention of those employees with the company. It is now very important for the companies specially the multinationals and global

reference to her lack of time management, detail and initiative as it related to her position. This occurred in early 2009 prior to the assault.

An Effectiveness of Human Resource Management Practices on Employee Retention in Institute of Higher learning: - A Regression Analysis

The basis of retaining employees derives from the avoiding voluntary turnover and quashing factors of dissatisfactions before they become major issue. Even though the Theory of Progression of Withdrawal has clearly identified this, retention rates in industries such as teaching are high requiring the exploration of what causes are leading to this trend.