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Employee retention deals with achieving employees' loyalty and commitment. Loyalty or commitment is the degree to which an employee identifies with the orgnization and wants to continue actively participating in it. It is the measure of the employees' willingness to remain with the company in the future…
Organizationally committed employees will usually have good attendance records, demonstrate a willing adherence to company policies, and have lower turnover rates. In particular, their broader base of job knowledge often translates into loyal customers and even pay premium price.
Employee retention is an issue since the turnover levels from various industries are rising. Statistics show different percentages related to turnover rates as well as the reasons for the increasing turnover.
"Turnover levels vary very considerably from industry to industry. The highest levels of turnover (22.6%) are found in private sector organisations. Successive surveys of labour turnover show that the highest levelsare found in retailing, hotels, cateringand leisure,and among other lower paid private sector services groups. The public sector has an average turnover rate of 13.7%." (Stone, 2007)
Almost a quarterof employees in the UK have been in their current jobs forfive years.As a proportion of aggregate turnover, the percentage of people leaving organisations through redundancy remains small. There was a slight decreasefrom 28% to 24%of organisations making more than ten people redundant during 2006 and in those operating a recruitment freeze from 24% to 22%in the course of the year.
The cost of high staff turnover can be substantial. ...
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