Need & Importance of Employee Retention
Let us understand why retaining a valuable employee is essential for an organization.
Hiring is not an easy process
The HR professional shortlists a few individuals from a large pool of talent, conducts preliminary interviews, and eventually forwards them to the respective line managers who further evaluate them to judge whether they are fit for the organization or not. Recruiting the right candidate is a time-consuming process.
Investment in employee development
An organization invests time and money in grooming an individual and making them ready to work and understand the corporate culture. A new joinee is completely raw, and the management really has to work hard to train them for their overall development. It is a complete waste of time and money when an individual leaves an organization suddenly. The HR has to start the recruitment process all over again for the same vacancy, which is a mere duplication of work. Finding the right employee for an organization is a tedious job, and all efforts simply go to waste when the employee leaves.
Risk of joining competitors
When an individual resigns from their present organization, it is more likely that they would join the competitors. In such cases, employees tend to take all the strategies and policies from the current organization to the new one. Individuals take all the important data, information, and statistics to their new organization and, in some cases, even leak the secrets of the previous organization. To avoid such cases, it is essential that the new joinee is made to sign a document that stops them from passing on any information even if they leave the organization. A strict policy should be made to prevent employees from joining the competitors. This is an effective way to retain employees.
Familiarity and performance
Employees working for a longer period of time are more familiar with the company's policies and guidelines, and thus they adjust better. They perform better than individuals who change jobs frequently. Employees who spend a considerable time in an organization know the organization inside and out and thus are in a position to contribute effectively.
Adjustment and compatibility
Every individual needs time to adjust to others. One needs time to know their team members well, be friendly with them, and eventually trust them. Organizations always benefit when employees are compatible with each other and discuss things among themselves to come up with something beneficial for all. When a new individual replaces an existing employee, adjustment problems crop up. Individuals find it really difficult to establish a comfort level with the other person. After striking a rapport with an existing employee, it is a challenge for employees to adjust to someone new and, most importantly, trust them. It is a human tendency to compare a new joinee with previous employees and always find faults in them.
Loyalty and attachment
It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization. They enjoy all kinds of benefits from the organization and, as a result, are more attached to it. They hardly badmouth their organization and always think in favor of the management. For them, the organization comes first, and all other things come later.
Retaining valuable employees
It is essential for the organization to retain valuable employees showing potential. Every organization needs hardworking and talented employees who can really come up with something creative and different. No organization can survive if all the top performers quit. It is essential for the organization to retain those employees who really work hard and are indispensable to the system.
From India, Mumbai
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Let us understand why retaining a valuable employee is essential for an organization.
Hiring is not an easy process
The HR professional shortlists a few individuals from a large pool of talent, conducts preliminary interviews, and eventually forwards them to the respective line managers who further evaluate them to judge whether they are fit for the organization or not. Recruiting the right candidate is a time-consuming process.
Investment in employee development
An organization invests time and money in grooming an individual and making them ready to work and understand the corporate culture. A new joinee is completely raw, and the management really has to work hard to train them for their overall development. It is a complete waste of time and money when an individual leaves an organization suddenly. The HR has to start the recruitment process all over again for the same vacancy, which is a mere duplication of work. Finding the right employee for an organization is a tedious job, and all efforts simply go to waste when the employee leaves.
Risk of joining competitors
When an individual resigns from their present organization, it is more likely that they would join the competitors. In such cases, employees tend to take all the strategies and policies from the current organization to the new one. Individuals take all the important data, information, and statistics to their new organization and, in some cases, even leak the secrets of the previous organization. To avoid such cases, it is essential that the new joinee is made to sign a document that stops them from passing on any information even if they leave the organization. A strict policy should be made to prevent employees from joining the competitors. This is an effective way to retain employees.
Familiarity and performance
Employees working for a longer period of time are more familiar with the company's policies and guidelines, and thus they adjust better. They perform better than individuals who change jobs frequently. Employees who spend a considerable time in an organization know the organization inside and out and thus are in a position to contribute effectively.
Adjustment and compatibility
Every individual needs time to adjust to others. One needs time to know their team members well, be friendly with them, and eventually trust them. Organizations always benefit when employees are compatible with each other and discuss things among themselves to come up with something beneficial for all. When a new individual replaces an existing employee, adjustment problems crop up. Individuals find it really difficult to establish a comfort level with the other person. After striking a rapport with an existing employee, it is a challenge for employees to adjust to someone new and, most importantly, trust them. It is a human tendency to compare a new joinee with previous employees and always find faults in them.
Loyalty and attachment
It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization. They enjoy all kinds of benefits from the organization and, as a result, are more attached to it. They hardly badmouth their organization and always think in favor of the management. For them, the organization comes first, and all other things come later.
Retaining valuable employees
It is essential for the organization to retain valuable employees showing potential. Every organization needs hardworking and talented employees who can really come up with something creative and different. No organization can survive if all the top performers quit. It is essential for the organization to retain those employees who really work hard and are indispensable to the system.
From India, Mumbai
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Retaining valuable employees is crucial for organizational success. To achieve this, organizations should focus on investing in employee development, implementing strict policies to prevent employees from joining competitors, and fostering familiarity and performance within the workforce. By ensuring employees feel valued and appreciated, organizations can enhance loyalty, attachment, and overall performance. Implementing effective retention strategies will not only reduce turnover costs but also contribute to a positive work culture and sustained business success.
From India, Gurugram
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74From India, Gurugram
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Effective employee retention strategies-BPO. doc
Employee Retention Tools.pdf
Employee retention.pptx