What is Employee Retention: It refers to the various policies and practices which let the employees stick to an organization for a longer period of time . It refers to the ability of an organization to retain its employees.
A company to ground itself successfully in the chosen field of activity should adhere to sound human resource management practices, as it is firmly believed that human resource is an asset and investment in human capital paves way for comprehensive development.
Many firms fail, in spite of being resourceful in terms of capital, infrastructure and technology. The reason shall be attributed to ineffective handling of human skills or misappropriation of human potential.
Human resource management involves not only in recruiting and selecting the right people but also empowering them by suitable training to enhance their technical skills and expertise to perform tasks.
The Purpose of Training:
Training ultimately aims at converting theorists to performers and orients itself towards accomplishing the enterprise objectives.
Big corporate companies concentrate on talent acquisition from the pool of fresh graduates and experienced hands in the IT industry as well.
They create a lively corporate atmosphere with “an intelligence network” contributing to the success of the organization.
Recruitment and Selection:
These are the crucial steps which determine the fate of your organization. People from different disciplines form a team to achieve the goals and objectives of your organization.
Leading a group with such diversity is a feat in itself. Selecting knowledge workers whom you believe will achieve your corporate mission and devising the human resource practices in accordance with their work-life balance will yield great results.
Training programs are developed for different spheres of activity by experienced trainers under the guidance of the top management.
Proper training to the trainees ensures maximum work done in minimum time. Training not only makes individuals more informative and knowledgeable but also action buffs.
Learning is a key process in training that brings about the desired change in behavior.
Another way for employee retention is to offer compensation on par or higher than industry standards and periodic review of their pay or compensation in accordance with the performance standards. This method of evaluation is suitable only for companies where workers are highly self motivated and have the capability to understand what it takes to reach the next level in their career ladder.
Flexibility is introduced in work life by some of the big corporates who try to visualize the practical problems faced by their employees, particularly women, who come to work.
They offer “flexi-timings” in work and support by running “crèche” to nurture new borns. It has been proved that a small siesta after lunch improves the brain activity.
The HR policies formulated by the management must encompass all the elements needed for a holistic vision, mission and business growth. This can be made possible by maximizing the efficiency of human capital that adds value to the organization.
Companies will also continue to remain generous with pay packages but the big change will be that they will invest a lot more in training and development. “Acquiring talent is much more expensive than grooming talent.”