What is Employee Retention?

“Employee Retention” is the buzzword that one could hear in all the companies. Hiring a talented employee and retaining them is one of the major concerns faced by the companies. The employees with more experience in an organization are always an asset to the company, the reason being they are much familiar with the company culture.

“Employee Retention always involves Dedicated Employees” – This is a known fact. There could be so many factors why an employee leaves the company. Based on the research I carried out, I found that Carrier Growth and Salary are the two major factors that aid the employee retention. Here are the top five factors why employee leaves the company.

* Need a career growth
* Expect high salary
* Job dissatisfaction
* Lack of good work environment and flexibility in work
* More stress and overwork

If the employee is not satisfied with their work, they will lack commitment on doing it. The employees always prefer good working environment. Company has to be make sure whether they have a very good organizational culture in place, if not they need to make it happen.

One of the key factors why employees leave the company is because of salary. Everyone needs money to survive and to lead a comfortable life. The question arises why some employees still leave the company despite they are being heavily paid. The answer is “The pay structure is not global”. Each and every company has it own salary range and structure. The reason why they are different is because of their organizational budgetary constraints. The employer has to analyze the market trend on a periodic basis and match their pay structure with other companies. This way they could retain the talented and challenging employees in their companies. There are employees who leave the company because of stress and overwork in their job. Such issues should be taken care off by the managers or somebody who could play the leadership role in the organization. It is very essential that the managers should work proactively on this issue.

Many companies go for one hundred percent process control to avoid the risk in employees leaving the company. In case of IT services, if the job performed by the employee is properly documented and there is a very good project management, there won’t be any issues in hiring and training a replacement. Despite there is a time involved in transitioning the tasks from the employee leaving the company, this model does work really great. This process control is being followed in almost all software.

It is a big responsibility for the organization to retain their talented employees. They need to identify and recognize the work done by the employees either by cash or by gift. Apart from the salary, benefits like healthcare insurance, retirement plan should be provided to the employees, which would help retaining the employee. In addition, the employers should sponsor for higher education to the employees. Thereby, the employees could improve their skills set and contribute a lot more towards company’s growth.
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