Importance Of Employee Retention:
Retention Of talent employees is so much Importanat. (Taylor, 2002) addresses the importance of employee retention as mentioned below.
• There are several new job opportunities; however there is shortage of talent employees.
• There is an increase in getting skilled employees. This makes it critically important to hold on to the talent employees.
•With the aging workforce, their retirement takes away the experience they carry. New employees can replace them not the knowledge of the leaving employees.
• Most of the jobs require adequate knowledge along with skill.
Findings of (Heskett, Sasser and Schlesinger, 1997) suggest that hospitality industry suffers with high turnover culture, and with organizations …show more content…
Employee benefits play vital role in staff retention. Investing on employees’ health and wellness is beneficial for organizations that intent to retain healthy workforce, however; bottom line remains much of such benefit programs are based on employers’ choice. This results in failure of an important organizational work benefit for its employees (Gillespie, 2012). There have been several researches done on role of performance appraisal, career progression, work life balance, training and development, compensation and benefits as retention strategy, however, big question is does these help to retain talent employees? Talking about one of the most successful restaurant chains, McDonalds, a very simple retention strategy made them the winners of the Grand prix prize for having the most effective reward strategy aligned with one of the organizations goals to achieve employee retention. The employee benefit program of the group is designed to attract, retain and engage talent employees who with …show more content…
Another interesting fact from the survey reveals about 62% of employees are willing to stay with their current employer in case they are offered better work benefits which suits their requirement (Economic times, 2013). Employee benefits alone are no longer considered as a strong retention strategy; they have to match with employees expectations. Talking about India in recent report submitted by Society for Human Resource Management (SHRM) over last three years the country has seen drastic cuts in work benefits budget because of falling economy (Employee benefits survey, 2012). Going by the findings of survey report on talent resourcing and retention in Asia, many human resource professionals from organizations focusing on staff retention strategies in Hong Kong, China, Taiwan, Malaysia, Singapore, and South Korea were interviewed. The report suggests mostly Asian countries work in similar fashion, not very keen to spend on employee benefits. Organizations now are looking at extending their employees with both financial and non-financial benefits in form of health care support, wellness screening, retirement schemes, and better work life balance (Kwon, 2013). However, hospitality industry around the world is with a view of having retention, employee productivity and profits earned by organizations responsible for each other (Lewis, 2009). To remain competitive with their recruitment and retention
Retention Of talent employees is so much Importanat. (Taylor, 2002) addresses the importance of employee retention as mentioned below.
• There are several new job opportunities; however there is shortage of talent employees.
• There is an increase in getting skilled employees. This makes it critically important to hold on to the talent employees.
•With the aging workforce, their retirement takes away the experience they carry. New employees can replace them not the knowledge of the leaving employees.
• Most of the jobs require adequate knowledge along with skill.
Findings of (Heskett, Sasser and Schlesinger, 1997) suggest that hospitality industry suffers with high turnover culture, and with organizations …show more content…
Employee benefits play vital role in staff retention. Investing on employees’ health and wellness is beneficial for organizations that intent to retain healthy workforce, however; bottom line remains much of such benefit programs are based on employers’ choice. This results in failure of an important organizational work benefit for its employees (Gillespie, 2012). There have been several researches done on role of performance appraisal, career progression, work life balance, training and development, compensation and benefits as retention strategy, however, big question is does these help to retain talent employees? Talking about one of the most successful restaurant chains, McDonalds, a very simple retention strategy made them the winners of the Grand prix prize for having the most effective reward strategy aligned with one of the organizations goals to achieve employee retention. The employee benefit program of the group is designed to attract, retain and engage talent employees who with …show more content…
Another interesting fact from the survey reveals about 62% of employees are willing to stay with their current employer in case they are offered better work benefits which suits their requirement (Economic times, 2013). Employee benefits alone are no longer considered as a strong retention strategy; they have to match with employees expectations. Talking about India in recent report submitted by Society for Human Resource Management (SHRM) over last three years the country has seen drastic cuts in work benefits budget because of falling economy (Employee benefits survey, 2012). Going by the findings of survey report on talent resourcing and retention in Asia, many human resource professionals from organizations focusing on staff retention strategies in Hong Kong, China, Taiwan, Malaysia, Singapore, and South Korea were interviewed. The report suggests mostly Asian countries work in similar fashion, not very keen to spend on employee benefits. Organizations now are looking at extending their employees with both financial and non-financial benefits in form of health care support, wellness screening, retirement schemes, and better work life balance (Kwon, 2013). However, hospitality industry around the world is with a view of having retention, employee productivity and profits earned by organizations responsible for each other (Lewis, 2009). To remain competitive with their recruitment and retention