Employee Retention

Employee turnover/retention is not something new for business organizations. However, it has not been actively discussed or even understood by employers. Researchers and business experts has done a lot of work on this subject but yet ever evolving business environment makes it more demanding issue. Individual attitude towards job satisfaction is the most important and sensitive variable in determining employee turnover. The fundamentals of employee retention may include competitive salary, benefits, recognition, on job training, growth opportunities etc but retention of the high performing or best ones required even more.

Employee retention can be seen as employers own choice strategy and retention techniques. Employee retention is strongly linked with the work environment in which employees undertake their responsibilities or duties. Helpful and liberated environment is no doubt is first step to wards effective employee retention. Creating a culture where people can express themselves and can associate themselves with the organization would make quitting a difficult decision for them.

Effective retention polices needs to be updated as often as possible because it has to be adequately equipped to respond to ever changing labour market. It is very important for an organisation particularly in today’s competitive business world to retain its highly skilled and top performing employees. High employee turnover can be very expensive or may result in waste of precious resources of the organization but also undermines organisation performance in achieving its goals and targets. Hence, keeping employee turnover within acceptable limits but also improving organisational performance in terms of productivity and customer satisfaction.
The project is worked based on the open-ended responses taken from the employees. The study majorly focuses on the increasing employee turnover, its causes and impact. It looks at various methods to improve employee retention in the organization.