Best Employee Retention Practices
Best Employee Retention Practices
“The Ugly Monster Employee Attrition is on the rise causing the biggest challenge to the HR Fraternity. Organizations are gearing up to tackle the grave problem of attrition. Employees are discovering spate of job openings and offers, to which they are discreetly responding. Loyalty is no longer the dominant paradigm of the employer/employee relationships. This nightmarish trend has to be curtailed and managed effectively to overcome obstacles and achieve amazing strategic business objectives.” (Samson, 2013) Employee retention is a critical part of running an efficient and effective business. If a business cannot effectively manage employee retention it can cost the business money and time spent on developing talent. Furthermore it can damage a company’s progress and performance in markets that are becoming increasingly competitive. (Samson, 2013) This research paper will examine what is employee retention and what it means to a business. It will also examine some strategies that a business can use to improve its employee retention. Finally the paper will examine some of the top companies to work for and which employee retention strategies they are using.
Employee retention for businesses is about finding the top candidates to fill positions of need for a company and then retaining that talent for years to come in order to maintain reliable and consistent production. Once a company has found the right person to fill a position it will still take time for that individual to learn what is expected of their position and how to meet the expectations of that position consistently. When an employee stays and grows with a company they can become very aware of the companies challenges and opportunities. As that employee grows with a company so does their understanding of their position and how to attack these challenges and opportunities. A company spends time, money, and resources to…