HR manager’s job is not done only by hiring the best candidates. Retaining them is a key challenge in the organizations today. Hiring intellectual people for the organization is essential but retention is even more important. A heap of organizations available with many new remunerative techniques is making this challenge tougher.
Every organization invests a lot of time, effort and money in training new recruits and making them at par with the existing employees. High employee turnover results not only in loss of time and money but also affects the productivity of the organization. Hence more and more companies are taking measures in retaining their best bets. Smart organizations realized that having an employee retention plan will help them sustaining their growth in the market and also encourages employees to remain in the organization for longer span.
With retention of employees, there is unrealized threat to a company’s loss of valuable information. Often when an employee is hired, company’s knowledgeable information, projects and many other valuable details are shared, but when an employee leaves, all the information is exposed to the outer world. In most of the cases, an employee leaves the organization out of frustration and repetitive conflicts with their supervisors and other team members. In some cases low salary, lack of growth prospects and lack of appreciation force employee to look for a change. In such situations, it is the responsibility of the managers to ensure that the employees are satisfied with the present roles and employees should be engaged in new challenges and new learning.
Research says that the individuals that stay for a longer time in organizations are more loyal towards the management. Organizations should acquire a culture where employees are more compatible and open with each other. Employees should be friendly with their team members and trust them to discuss matters openly.
Every organization needs hard working and talented workforce. No organization can survive if the all the desirable employees quit, it is essential for the organization to retain those employees who are not replaced easily.