Employee Turnover and Retention Strategies

College
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Business
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This paper attempts to analyse the major causes of employee turnover and recommends solutions for employee retention in light of organisational policy and practices. The success story of Solution's, a social care agency that demonstrated winning strategies for enhancing the retention rate, is also discussed to illustrate the points.

Introduction

Every department, be it operations, finance, human resources, or sales and marketing, must invest in motivating, training, and retaining their best human resources to make a difference through their core competencies. As Susan Heathfield said: "Managers readily agree that retaining your best employees ensures customer satisfaction, product sales, satisfied co-workers and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning."
Today organisations are willing to look upon their staff not so much as employees or workers but as 'knowledge workers'. As Peter Drucker observed, "while the more than fifty-fold increase in productivity of the manual worker was the greatest achievement of the 20th century manager, the most important work of the 21st century is to increase the productivity of the knowledge worker." (Pottruck and Pearce, 131). The more competent workers your company or organisation loses, the more will it set your clock back in finding and training suitable replacements at much greater costs. In the meantime your loss becomes your competitor's gain, which again has adverse implications on the success of your operations.
Among the major causes that propelled employees to quit an organisation, the following conditions mostly relating to wor ...
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