The relationship between successful employee retention and efficient human resource management

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TABLE OF CONTENTS

CHAPTER 1: PROPOSAL1

Background1

Significance1

Purpose2

Research aims and objectives3

Research questions3

Brief literature review3

Concepts of Employee Retention6

Recruiting6

Communications6

Training7

Job Satisfaction8

Benefits and Pay9

Factors that Drive Employee Turnover and Job Satisfaction9

Mixed Research Methodology10

Instrument for data collection12

Data analysis12

Gantt chart12

REFERENCES13

CHAPTER 1: PROPOSAL

Background

Humans are the most valuable assets for any organization in this age of globalization. However, most of the managers find it hard to retain the best employees. Humans create value and good will for the company and hence it is important for the managers to retain them for the company growth. With technology and innovation, every company can make products similar or exactly same to the competitors. Hence, to create a competitive advantage over the competitors, the companies have started to compete for quality people. To retain the employees, the management must go beyond their limits because employees switch as soon as they get a better opportunity.

Significance

The process in which the management or the organization encourages the employees to stay in the organization for a longer duration is called employee retention. Due to globalization, employees have more opportunities and thus they fall for every better opportunity. To keep the best employees in the organization, the management and organization offers lots of advantages and benefits to the organization. Employee retention has equal benefits for the organization and the employees. Once the employees find something bad about the employee, they start scanning for new opportunities. The employer who is able to retain its employees has an edge over his competitors. If the employer is unable to retain the best people in his organization, he will have to face loss in the future because in the coming future, it would be difficult to find quality people.

Employees in general have the perception that they are not being paid as per their worth. They think they deserve more than they are getting. There is natural conflict between organizations and the resources about what they are being paid and what they should be paid. Employee turnover rate increases when the difference between the above mentioned questions increases. This is the time when employee for better opportunities. The employees are given pay and compensation for their services and time in the organization. This research is important because there is a dearth of human assets in this age of globalization. Employers must do their best to retain the best employees as the organization only prospers due to the contribution of the human assets.

Purpose

Employee turnover cost is most common cost borne by the employers all over the world. Whenever a new employee is inducted in an organization, the organization spends lots of resources on the training and development of the employees. However, if the employee leaves the organization after training and development, only the organization faces loss. This is because the employees have improved their skills. Only a few organizations consider the cost of turnover while checking the other costs. One of the researches conducted on the employee turnover of Ernst & Young showed that more than $120,000 ...