Employee Retention Harvard Case Solution & Analysis

Employee Retention

Employee retention is basically an effort by a business to maintain a balance working environment that actually supports the current staff to remain with the company. Employee retention policies are aimed to address the different needs of each employee that can enhance the job satisfaction for them and reduce the turnover rates within the organizations. The basic goal of every employer is to decrease the overall employee turnover by decreasing cost, recruitment cost and the loss of talent too. In today’s world, companies cannot shield every employee from opportunities and aggressive recruiters. The previous thought or goal of Human Resource Management has been to minimize the employee turnover ratio to the maximum. However, the modern world has replaced the old concept and now the new target is to influence the one who leaves the organization (Cappelli, 2000).

The thought process along with the belief and the idea of retaining employees has changed dramatically. It is essential to actually retain employees for longer periods because they are important for the success of the company. Jobs have been defined in such a way that actually influences the people to stay on job for a longer period of time. Employee retention plans have become an increasing problem at work and companies still do not give enough importance to this issue unless they lose someone who is essential to the company’s future. The organizations addressed the issue by obliging the experts to leave after the first three years. Compelling individuals to stop may appear as an odd approach to tackle a turnover issue, yet it makes a lot of sense. The main problem was not that the less expert investigators were leaving as it was normal that it would happen to the business school; yet that organizations couldn't foresee who would leave (Cappelli, 2000).

Along with this, another concept is the rewards on skills and not just simply on the performance. Today employees look for better salaries to switch jobs rather than their commitment towards the organization. Nowadays, companies have to look for a fast track career path for each employee; which is considered more valuable than their current job performance. Employees with critical skills are therefore valued more and they are considered as core asset of the company. The greater issue may lie with the type of the rewards instead of the way they are actually distributed (Cappelli, 2000).

Few organizations permit representatives to plan their occupations and those that do normally offer such projects in all cases as opposed to specifically. That is the situation, for instance, with most flextime courses of action. Organizations will need to precisely consider the consequences to resolve the concerns in addition to the legitimate ramifications of particular projects, yet they do not dismiss them basically in light of the fact that they are surprising and bring up extreme issues. The business sector is exceptionally creative in providing individualized rewards.

Another idea is to retain the talent by eventually replacing the misconceptions with the evidence based strategies. Basically, the article discusses the gap of employee retention by eliminating various misconceptions about the general perspective of the employee turnover and the retention strategies offered by various companies at different levels. The article basically explains the fact that the cause effect relationship and control can lead to employee retention. People within an organization are usually influent with other people. Over here, organizations and management needs to understand the fact that employees look for management that support them and look after their concerns. Employee retention is therefore a critical issue for every company. It has cost associated with it that is spent on selecting, recruiting and training new employees, which is costly in the beginning but eventually it pays dividends to the company in the long run. It is even important to understand that when an employee leaves the organization; the cost associated with its departure is also lost. For example, the hiring, recruiting, selecting and training requires time and effort but nowadays organizations do not consider it as a part of expense for the company. In the end it is said that companies need to focus on their vision of retaining employees because people are asset and they can make or break an organization (Barrick, 2009).

Another article explains the importance of recruiting right man for the right job. It is an important aspect of human resource management because companies need to have a clear understanding about where ................................

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