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Various challenges in employee retention

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Various challenges in employee retention

  1. 1. What are the various challenges in employee retention? Which employee retention strategies are effective in the management of human capital? Quote at least two research studies on the issue. Assignment Topic:
  2. 2. Introduction  Employee retention is directly proportional to employee engagement. If the employee engagement is good and high in rate, then the retention rate of an organization will be high.  There is a huge competition in the market for labor/employees. Businesses everywhere are looking to expand and are open for new positions.  The challenging role of a HR is to keep the right resources in the right jobs while also acknowledging that employees are also capitalists.  Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed with the policies and practices in place that address their diverse needs.
  3. 3. Introduction  “The best employers inspire and maintain a passion for outstanding achievement. They not only pose sharp focus and clarity but also share it simply and effectively with the employees.“  Problems crop up when individuals have nothing creative and challenging to do. So, an organization, which provides a working environment to the employee with complete work engagement, will have a high retention rate.
  4. 4. Key point to keep employees engage 1. Future plans for an employee 2. Interesting job for an employee 3. Work free environment 4. Appreciating employee with awards & Rewards 5. Dedication towards work If we focus on employee engagement then it is for sure that they will retain with the organization for a longer period of time. By understanding what engages employees can help during all phases of the employment, from recruitment to training to performance assessment and beyond. And it is also very easier to retain employees who are engaged and committed to the organization’s success.
  5. 5. Challenges in Employee Retention 1. Monetary dissatisfaction  Every employee has high salary expectations and this is one of the major reasons for an employee to look for a change in job.  Retention becomes a problem when an employee quotes an exceptionally high figure beyond the budget of the organization and is just not willing to compromise.  An individual should not be adamant on a particular figure, otherwise it becomes difficult for the organization to retain him. Remember there is a room for negotiation everywhere.
  6. 6. Challenges in Employee Retention 2. Job opportunities are high  There is a cut-throat competition to attract the best talent in the market  Availability of such lucrative offers makes it difficult to retain good resources for long. 3. Getting board in a short span of time or No Job Rotation  Any employee gets bored, if he/she does the same job for years together.  It becomes really difficult for the HR Department to find out what exactly is going on in the minds of the individual. An individual should voice his opinions clearly to make things easier for the management.
  7. 7. Challenges in Employee Retention 4. Hiring the wrong candidate  Recruitment plays an important role, which is the future of any organization. A right candidate hiring will give a good future and a wrong candidate hiring will give a bad future.  Candidate might not be proficient in branding but would simply say a yes to impress the recruiter and grab the job. It is only later do people realize that there has been a mismatch and thus look for a change.  Problems arise whenever a right person is into a wrong profile. An individual loses interest in work whenever he does something out of compulsion.
  8. 8. Challenges in Employee Retention 5. Unrealistic expectations of employees  It is not possible for an organization to meet the expectations of all the employees. There is actually no solution to unrealistic expectations.  Individuals from different backgrounds come together in an organization and minor misunderstandings might arise but one should not make an issue out of it. Sometimes, when the unrealistic expectations of the employees are not met, they look for a job change.
  9. 9. Effective Employee Retention Strategies  One of the key worries of any organization is how to retain employees, more so the deserving employees.  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.  It facilitates loyal employees sticking to the company for a longer duration, which in turn will benefit both the stakeholders.
  10. 10. Effective Employee Retention Strategies 1. Know the cost 2. Focus on employee orientation 3. Training for managers 4. Hire the right people 5. Individual development 6. Employee recognition 7. Find the reason why employee are leaving
  11. 11. Case study on employee retention 1. Case study on Netflix 1.1 Take care to only hire “A” players by focusing on character in the hiring process 1.2 Treat employees like adults 1.3 Develop great manages
  12. 12. Case study on employee retention 2. Case study on Hyatt Hotels 2.1 Integrate well-planned retention initiatives into your core business strategy 2.2 Empower employees by offering support and security 2.3 Develop and promote existing employees
  13. 13. Conclusion  As you can see, effective employee retention strategies come in all shapes and will look different depending on a variety of factors including your industry, the size of your organization, as well as its culture and demographics.  However, certain themes appear over and over again, including trust, collaboration, values and purpose, personal development, and authentic communication. Use these ideals as a guiding principle when developing or refreshing your retention strategy.
  14. 14. Online Reference  https://snacknation.com/blog/how-to-retain-employees/  https://www.sumhr.com/effective-employee-retention-strategies- company-follow/  https://www.managementstudyguide.com/employee-retention- strategies.htm  https://www.slideshare.net/vkumarab/a-case-study-on-employee- retention-strategies  https://www.0researchgate.net/publication/256636823_KEY_FACTOR S_AND_CHALLENGES_FOR_RETENTION_OF_EMPLOYEES_IN_A_PUB LIC_SECTOR_TELECOM_ENTERPRISE_A_CASE_STUDY_OF_MAHANA GAR_TELEPHONE_NIGAM_LIMITED_DELHI  https://www.tutorialspoint.com/employee_retention/employee_rete ntion_quick_guide.htm

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