Managing Employee Retention

Managing Employee Retention

Introduction

Employee's turnover mean leaving and joining the employees in an organization in a particular period is called employee's turnover. Turnover has a significant impact on an organization. Organizations invest a lot on their employees in terms of induction, training, development, maintaining and retaining them in their organization. Therefore, manager at all costs must minimize employee's turnover.

A growing concern for many organizations is high employee turnover rates. In particular, organizations in the retail industry have higher than average employee turnover rates when compared with other industries. Employee turnover can be so costly that organizations will take measures to retain their employees. Employee turnover in the retail industry is high at all levels of employment: however, high turnover is particularly anticipated at the level of front-line employees (i.e. cashier, sales associate) (Steers & Mowday, 2011).

In an effort to decrease turnover rates, employers continually try to determine the reasons that employees leave their organizations. Turnover has been found to be impacted by variables such as work-family conflict, family-work conflict, pay satisfaction, job satisfaction, and organizational commitment. There is a need for research in the field of retailing to determine the relationship between these variables and turnover intentions (employee's intentions to withdraw from an organization and how to prevent turnover intentions, which ultimately prevents turnover. The intention to quit a job is the immediate precursor of turnover.

Importance of Study

Employees are the backbone of any organization. We are embedded in a highly competitive market, which is why companies have realized the importance of attracting and retaining the best employees, and that only trained and capable organization can survive and grow. In this way companies treat their employees like the most important assets that have a great competitive advantage over those who do not (Prentice, 2009).

Employees or "internal customers" are a very important marketing tool, because they deal in many occasions and in professions such as aesthetics even more of the relationship between the establishment and customers. They become the visible face of the organization, a mirror that reflects the values ??of customer-facing business, and largely end up being responsible for customer loyalty. Being aware of this situation, especially for those institutions who wish to remain a role model, is essential. To achieve expected results, an organization must have the commitment of its employees.

However, raises the following questions: What are the reasons leading employees to leave a company? What steps the organization can implement to retain their employees? Who is really responsible for retention in a company? It is important that any company can provide answers to these questions to develop a good strategy that addresses the retention of employees (Laurie, 2010). According to several investigations on this subject, the three main reasons why employees choose to resign from an organization are:

• When they see that the company lacks leadership or vision.

• When concerns arise about the way management treats employees.

• When they have no administrative support in areas such as the revision of performance evaluation ...