Employee Retention & HR Planning

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Don’t hire! Do retain

Most of the organizations are facing this problem of employee turnover.  Employee retention can play a major role in organization’s development and profitability. Existing employees can take the organization much far and can achieve the goals at the given period of time, the reasons are they knew and understand the organization goals and objectives in the other hand they also knew the organization culture.

But a newly hired employee takes much time to understand the organization goals, objectives and organization culture. After understanding all this he or she can contribute to the organization. Now a day’s organization believes that they can easily get the right candidate from the market due to higher rate of unemployment. This is fact cannot be neglected that even there are lots of right candidates are available, but the above mention factors should also be considered in mind while recruiting the new candidates.

Retention of productive employees is a major concern of HR professionals and business executives. It is more efficient to retain a quality employee than to recruit, train and orient a replacement employee of the same quality.

Fairness and transparency are fundamental yet powerful concepts that can make a lasting impression on employees. 

Why Employees leave?

  • Employee dissatisfaction. 
  • Better alternatives.
  • A planned change.(eg: marriage, pregnancy, family issues)
  • Negative interactions. ( eg: bullying, harassment, unfair treatments)

What is Employee retention?

Employee Retention is defined as an organization’s ability to retain its employees. It can also be called as a process, in which the resources are motivated and encouraged to stay in an organization for a longer period of time for the sustainability of the organization.


How we can retain our employees?

  • Market Competitive salary.
  • Benefits like medical transportations and other
  • Employer branding
  • Peaceful working environment
  • Empowerment
  • Other Compensation like bonuses allowances and cash rewards
  • Events like (sports day, picnics and day out activities)
  • Hygienic and secure working environment






In an organization, the core drivers of retention policies are the strategies behind them. The team of line managers and the leaders are the owners of the documentation and the HR department has to measure the progress, successes and failures of the strategies applied. The ownership of the strategies falls on the team of line managers and the leaders, who need to protect the work interests of the employees and retain them. Therefore the retention program has to be measured. The HR department has to measure the performance of the retention plan. They should measure the difference in the turnover, the development of the attrition and the satisfaction of employees in the program.

 

References

Comments

  1. Buddima BandaraJuly 17, 2020 at 9:51 AM

    Employee retention is most important thing.So how do you thing,employee retention is validity for HR planing.

    ReplyDelete
  2. Ajith NishanthaJuly 18, 2020 at 1:20 PM

    How would you retain a most valuable, loyal and dedicated employee coming under your purview trying to leave your company

    ReplyDelete
  3. Sajitha EkanayakeJuly 19, 2020 at 3:04 AM

    Hi Hasa, Good topic, i think it is the most relevant topic in MAS before covid situation, but now its a different scenario with loosing lots of jobs due to covid pandemic.

    ReplyDelete

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