This document discusses the importance of employee retention over recruitment. It defines retention as an organization's ability to keep employees, and recruitment as finding new employees. Reasons employees leave include lack of growth, pay, recognition and poor leadership. Retention is important to avoid costs from turnover like losing knowledge, disrupting customers, and causing more resignations. Retaining existing staff provides clear skills and fit while avoiding rehiring expenses. Overall, retaining current talent provides financial benefits like skilled labor and customer service over an unknown new hire.
3. What is Retention?
• Employee retention refers to the
ability of an organization to retain
its employees.
Or
Employee retention refers to the
various policies and practices which
let the employees stick to an
organization for a longer period of
time.
4. What is Recruitment?
Recruitment is a process of
searching for prospective
employees and stimulating them
to apply for jobs in the
organization.
5. Why do Employees Leave ?
Leave an organization out of frustration
Constant friction with their superiors or
other team members.
Low salary
Lack of growth prospects
Lack of motivation
Lack of recognition
Lack of teamwork
6. Lack of tools and resources
Excessive workload
Lack of training
Poor senior leadership
Poor communications
Poor management
7. Why is retention so
important?
• The Cost of Turnover
• Loss of Company Knowledge
• Disruption of Customer Service
• Turnover spirals into more turnover
8. Reasons of Retention
• Existing employee
skills, talents, values, aptitude, commitment
and contribution is known better based on
performance
• Potential of new employee, sometimes, may
be a myth.
• Existing employees cultural fit is judged and
tested
• Existing employees aspirations and
expectations are clear.
9. • Existing employees has already
completed adjustment stage and is in
contributing and performance stage.
• Existing employees is aware of
company and community environment
and climate
• There won’t be further cost of
recruitment, relocation and training,
in case of existing employees.
10. The Advantages of Employee
Retention
• Employees are an organization's intellectual
asset that is responsible for the day-to-day
business operation.
• Employee retention is a financial gain for
organizations.
• Acquiring Talent
• Training and Development
• Skilled Labor Force
• Impact on Customer Service
is certainly true for service clubs. It's true not only because it takes less effort to keep a member than find a new member, but also it is less expensive to retain a member than recruit a new one
. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.
Poor management—uncaring and unprofessional managers; overworking staff; no respect, not listening, putting people in wrong jobs; speed over quality; poor manager selection processes.Lack of career growth and advancement opportunities—no perceivable career paths; not posting job openings or filling from within; favoritism or unfair promotions.Poor communications—problems communicating top-down and between departments; after mergers; between facilities.Pay—paid under-market or less than contributions warrant; pay inequities; slow raises; favoritism for bonuses/raises; ineffective appraisals.Lack of recognition—that says it all.Poor senior leadership—not listening, asking, or investing in employees; unresponsiveness and isolation; mixed messages.Lack of training—nonexistent or superficial training; nothing for new hires, managers, or to move up.Excessive workload—doing more with less; sacrificing quality and customer service for numbers.Lack of tools and resources—insufficient, malfunctioning, outdated, equipment/supplies; overwork without relief.Lack of teamwork—poor coworker cooperation/commitment; lack of interdepartmental coordination.
Employees are an organization's intellectual asset that is responsible for the day-to-day business operation. Although retaining competent employees in an organization generates goodwill in the work force, it also has a positive effect on the product or services a company offers. Employee retention is a financial gain for organizations.