Employee Turnover and Retention Management

Employee Turnover and Retention Management

EMPLOYEE TURNOVER

               “Employee Turnover is the movement of members across the boundary of an organization”

CONSEQUENCES OF EMPLOYEE TURNOVER

NEGATIVE CONSEQUENCES

  • Recruitment & Selection Cost
  • Training & Development Cost
  • Operational Disruption

POSITIVE CONSEQUENCES

  • Increased Performance
  • Reduction of cost
  • Increased mobility & morale
  • Innovation & adaptation

REASONS WHY AN EMPLOYEE LEAVES AN ORGANIZATION

  • Monetary factors
  • Lack of good working condition
  • No flexible work schedules
  • Over pressure
  • Lack of respect
  • Leg pulling environment
  • Organization is more concern towards business
  • Employee needs pride in where they work and what they do.
  • Lack of appreciation
  • Lack of challenges in job
  • The job or workplace was not as expected

EFFECT ON ORGANIZATION IF ITS EMPLOYEES LEAVE

  • Loss of productivity
  • Replacing qualified employees
  • Poor retention creates a “revolving door” culture in the organization
  • Recruiting cost
  • Interviewing cost
  • Time wastage

 

EMPLOYEE RETENTION
HOW TO ATTRACT, KEEP & MOTIVATE YOUR WORKFORCE

  • The Employee retention is a process in which employees are encouraged to remain in the organization for the maximum period of time or until the completion of the project.

EMPLOYEE RETENTION INVOLVES FIVE MAIN THINGS

  • Environment
  • Growth
  • Compensation
  • Relationships
  • Support

EMPLOYEE RETENTION STRATEGIES

  • Hire the right person in right place.
  • Empower the employees.
  • Make them realize that they are important to organization.
  • Have faith in them, trust & respect them.
  • Provide information & knowledge.
  • Appreciate their achievements.
  • Create a healthy environment.
  • Keep their morale high.
  • Provide efficient career planning & development programs.
  • Encourage the internal mobility and job change through innovative practices.
  • Use family involvement programs, family welfare and family recognition programs.

IMPORTANCE OF EMPLOYEE RETENTION

  • Less cost of Turnover.
  • Avoid the loss of company knowledge.
  • Turnover leads to more turnover.
  • Avoid leakage of the company’s information.
  • Positive impact on the goodwill of the company.

 

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