Abstract:
Analyzing Strategies for Effective Employee Retention – Employee retention is the conscious and deliberate effort to retain quality individuals on the company payroll. Stated otherwise, it is the proactive methods utilized by successful organizations to stop the drain of company profits caused by excessive employee turnover. In today’s world the power of intrinsic motivators cannot be undervalued. Employees are constantly exploring various avenues to develop their skills so that they can be promo table and employable in the fast changing times. Organizations need to consider individuals learning needs and address them suitably by creating learning opportunities for them.
The aim of this project is to have an understanding of the employee retention strategies and to study the issues related to it. The primary objective of this project is to study the Employees retention strategies adopted in the organization.
Introduction
With the labor market at its tightest in recent memory, the talk of the town seems to be attracting top talent to a company. But what a company does to retain that talent, and the talent it already employs, is arguably more important than attraction. In recent times, employee’s retention has become one of the leading challenges for organizations. Given today’s weak company loyalty, employees are increasingly “jumping ship” for better job opportunities elsewhere. The issue isn’t simply losing a key member of your team; there is also the hassle-and cost-of replacement. It is obvious that employee’s retention is one of the most pressing issues that Human Resource Professionals face today. Organizations have come to realize the critical strategic implications of losing their best people. Employee’s turnover is assuming crisis proportions for many employers who struggle to retain people in the tightest labor markets in recent memory.
Retention
“Employee retention is the conscious and deliberate effort to retain quality individuals on the company payroll. Stated otherwise, it is the proactive methods utilized by successful organizations to stop the drain of company profits caused by excessive employee turnover”. -HERMAN
“Employee retention is not some externally generated set of activities or metrics that have a life of their own and that are applicable to every circumstance. Effective employee’s retention is something that is very specific to each individual organization.
Effective Retention Strategies
On effective employee retention strategies Aldrich’s Nancy’s explains various strategies as follows, Retention needs to be looked at differently. The first step towards management of employee retention begins with acceptance of the reality that today it is not the company, which determines the movements of its employees but the market. The reason for such a conclusion is simple. It is not too impossible for a single company to counter the pull of the market. Instead of attempting to minimize migration, the management practices must aim at influencing those who leave and at what time.
Acceptance of the reality thus enables the management to develop a focused retention program duly accompanied by an effective contingency plan for filling the prospective gaps in skills. An honest assessment of an organization’s need for a set of employees to remain with the company makes it clear as to which group should be handled with what concern for retaining them. Once this analysis is over and the management identifies who is to be retained for how long, it can customize retention practices to encourage employees to stay loyal to the organization.
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : HR
Delivery Time : Within 12 hours.
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