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Employee Retention and It's Importance

Employee Retention and It’s Importance

What is a corporation?

A setup where individuals work for the same goal or mission is known as an organization. Individuals working together in a corporation to earn their bread and butter also to make profits are called employees. Employees are the lifeline of a corporation and contribute effectively to its successful running and profit-making. An organization can’t survive if the workers aren’t serious about it and are more concerned about their personal interests.

What is Employee Retention?

Employee retention refers to the varied policies and practices which let the workers stick with a corporation for an extended period of their time. Every organization invests time and money to groom a replacement joinee, make him a company-ready material and convey him at par with the prevailing employees. The organization is totally at a loss when the workers leave their job once they’re fully trained.

Why do Employees Leave?

Research says that the majority of the workers leave a corporation out of frustration and constant friction with their superiors or other team members. In some cases, low salary, lack of growth prospects, and motivation compel an employee to see for a change. The management must try its utmost to retain those employees who are really important for the system and are known to be effective contributors.
It is the responsibility of the managers also because to make sure that the workers are satisfied with their roles and responsibilities and therefore the job is offering them a challenge and learning throughout their journey.

Let us understand the concept of employee retention with the assistance of an example:

Suman was a talented employee who delivered her best and completed all her work within the specified time frame. Her work lacked errors and was always found to be innovative and thought-provoking. She never interfered in anybody else’s work and stayed far away from unnecessary gossips and rumors.

She avoided loitering around at the workplace, was serious about her work, and had no doubt her performance was always appreciable. Ajay, her immediate boss never really liked Misha and thought of her as his biggest threat at the workplace. He left no stone unturned to insult and demotivate Suman. Soon, Misha got uninterested in Ajay and decided to leave the organization.

Situation 1 – HR didn’t make any efforts to retain Suman and accepted her resignation.

Situation 2 – The HR immediately intervened and discussed the several issues which prompted Suman to think for a change. They tried their utmost to convince Suman and even appointed a new boss to form the items better for her.

Situation 1 would presumably leave the organization. it’s tough to seek out an employee who gels well with the system and understands the work. Hiring an employee, training him/her, and making him/her fit to add a corporation incurs huge costs and thus sincere efforts must be made to retain the employees of the organization.

Every problem features a solution and therefore the management must probe into the precise reasons for an employee’s displeasure. Employees sticking to a corporation for an extended time tend to understand the organization better and develop a sense of attachment towards it. The workers who stay for an extended duration are conversant in the corporate policies, guidelines also like rules and regulations, and thus can contribute more effectively than individuals who come and go.

Employee retention techniques go an extended way in motivating the workers to enjoy their work and avoid changing jobs frequently.

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