Employee Retention Definition By Authors – Understanding employee retention risks and implementing strategies to reduce talent attrition rates is a fundamental aspect of human capital management – and for good reason. The cost of employee turnover is very high, affecting not only operating costs, but also revenue, productivity, company culture, customer experience and more.
Despite the devastating impact that high turnover can have on an organization, many companies nevertheless fail to prioritize employee retention. Those who invest in developing it, however, are seeing huge returns across a number of critical areas.
Employee Retention Definition By Authors
Employee retention refers to the strategies and processes an organization develops to retain its key talent and reduce turnover risks.
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Leading workforce management challenges for many organizations and human resources (HR) professionals, creating significant operating costs for employers and impacting their growth and profitability.
Average employee turnover rates vary by industry, from less than 20% in public sector occupations to more than 60% in professional services and construction, according to the US Bureau of Labor Statistics. Some sectors that tend to employ large numbers of first-time, part-time, seasonal and student workers – such as retail, restaurants and hospitality – are particularly prone to serious fraud.
Individuals leave their employers for many reasons, including: they find a different or better job, they move, go back to school or retire. Some are fired or laid off. While these are all examples of turnover, employee retention is the focus
Large US businesses lose at least $1 trillion annually to voluntary employee turnover, and many of the employees who leave say their managers or organizations may be has prevented it.
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A comprehensive human capital management strategy includes a well-thought-out plan for retaining valuable employees that your organization has taken the time to recruit, onboard and train. It makes good business sense: the cost of replacing an employee can be between half and two times the employee’s annual salary. Company culture, employee satisfaction and other soft costs also rise.
Companies that don’t prioritize employee retention are clearly paying a steep price. However, those who invest in improving employee retention and addressing turnover risks will reap significant rewards. They report sales growth, improved productivity and quality of work, as well as higher employee morale.
Employee retention initiatives and related data can be effectively managed with a human resource management system (HRMS). The suite of HR software applications helps with every step of the employee lifecycle from candidate management to onboarding and employee engagement. The tools help you understand your conversion rate, and monitor the progress of any steps you take to address potential issues.
Employee retention is not just about minimizing the damage to the organization when employees leave. It also offers opportunities to improve company performance across a number of key metrics. The following are 10 ways effective employee retention strategies and processes benefit organizations.
Pdf) Employee Retention: Organisational And Personal Perspectives
Building a financially strong organization involves developing structures that will keep your best employees around. Companies that do so reap significant benefits, including better corporate performance, higher productivity, better work quality, better employee satisfaction and a better customer experience.
Replacing a new employee—including recruiting, hiring, and training a new employee—cost as high as 50% to 60% of the lost employee’s salary. Company culture, employee satisfaction and other soft costs also rise.
A good employee experience can increase employee engagement and satisfaction. Employees who feel respected and trusted, fairly compensated and given the opportunity to use their skills tend to stay with their organizations for the long term.
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Project On Employee Retention By Sanjay Gupta
Feature papers represent the most advanced research with great potential for high impact in the field. A Feature Paper should be a substantial original Article that includes several methods or approaches, provides insight into future research directions and describes potential research applications.
Feature papers are submitted on individual invitation or recommendation from the scientific editors and must receive positive feedback from reviewers.
Editor’s Choice articles are based on recommendations from scientific editors of journals from around the world. Editors select a small number of articles recently published in the journal that they believe will be of particular interest to readers, or important in the respective research area. The aim is to provide an overview of some of the most interesting work published in the various research areas of the journal.
Received: 10 June 2018 / Revised: 27 July 2018 / Accepted: 2 August 2018 / Published: 14 August 2018
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(This article belongs to the Special Issue HRM and Firm Internationalization: How does HRM deal with firm internationalization?)
Due to “War for Talent” every organization is fighting for the best recruitment status. Therefore, every organization attracts, hires and retains talented human capital. In this regard, the aim of this study is to answer the most frequently and recently asked question regarding what is the value(s) of an organization that aims to retain its employees? In doing so, Social Learning Theory and Equity Theory were used as a theoretical background; To proceed with the study, data was purposively collected from 204 respondents from educational institutions in Pakistan. The results of the study showed that development value has a significant relationship with employee retention. Therefore, developing new knowledge and skills lead to the development of your current job. In addition, the study’s limitations and implications are discussed.
Due to the dynamic environment, among major competitive organizations, acquisition and retention of the best and qualified employees has become essential for the organization’s survival and competitive advantage over other competing organizations. It is evident from observations that human resources are the crown resource of the organization. Within an increasingly saturated labor market the employment and retention of key human resources has become a key objective for businesses and employers (Collins 2001). This has started a talent acquisition war among agencies. It is very important that companies take steps to ensure that talent is acquired and retained in order to be competitive. Campaigns aim to integrate the branding principles with the strategic human resource management strategies and practices. Branding is a concept derived from marketing, and employer branding is defined as a process of applying branding principles to Strategic HRM, which is used to differentiate companies from competing companies by inviting, encouraging and engaging both potential, as well as existing employees (Backhaus and Tikoo 2004). Employer branding focuses on the individuality and uniqueness of a company. Several studies have concluded that an organization as a brand is only related to organizational characteristics that may include quality and innovation, etc. based on organizational values, culture, programs, and most importantly , people. Nowadays, employer branding is used as a new technique to attract new, talented and qualified employees while ensuring the loyalty of existing ones. Therefore, it is not only a strategy of seeking an employee, but also a strategy to ensure the reliable and attractive reputation of the organization (Nappa 2013).
Today’s enterprises are investing considerable resources and efforts to achieve ‘Best Employer’ status due to increased competition to recruit and select new talented employees coupled with competition for new purchases and higher market share (Berthon et al. 2005). The only reason for this change in business movement is to be able to differentiate and gain a competitive advantage over competitors (Lievens and Highhouse 2003). Employer branding guides the company’s operational practices through building a strong corporate image of the company in the market and turning it into an attractive workplace (Ahmad and Daud 2016). Today’s organizations value their intellectual assets more than their hard assets and physical resources. Increasing levels of importance to recognize employees, employee skills, employee knowledge and employee experiences are sources of value for the company and its stakeholders. This is why the recruitment and retention of employees has become a major concern for organizations (Arachchige and Robertson 2013).
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Due to the shift in the recruitment trends of the industries, it is essential to examine individuality, individuality and attractiveness together. Because it is better for the organizations to attract talent by developing an attractive employer image. Also, at the same time, guaranteeing that their constructed image does not match employees’ perceptions of the organization’s identity (Lievens et al. 2007). Further research on employer branding is still very much needed to find valid answers to many questions. It also happens that there is less observed data as well as actual autonomous studies on aspects of employer branding. The objective of this study is to determine which dimension(s) of employer branding affect employee retention.
There are more opportunities for employers and employees when it comes to employer branding. This leads to employer branding becoming a
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