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Employee retention is the ability of an organization to retain its employees and ensure sustainability. 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).
Defining employee engagement remains problematic. In their review of the literature in 2011, Wollard and Shuck [5] identify four main sub-concepts within the term: "Needs satisfying" approach, in which engagement is the expression of one's preferred self in task behaviours.
Retention management focuses on measures that lead to retention of employees. It includes activities that systematically influence the binding, performance and degree of loyalty of staff. David J. Forrest (1999) defines 5 basic principles [2] of retention management that lead to employee performance and satisfaction, and therefore to their ...
Research found that training increases employee retention by 14% across all training measures studied, and 18% for credible training (from external institutions). [9] There is a flip side - the same research found that retention is reduced by up to 2.5% in general when training is visible and portable, and by 4% when credible.
While turnover includes employees who leave of their own volition, it also refers to employees who are involuntarily terminated or laid off. In the case of turnover, HR's role is to replace employees, while positions vacated through attrition may remain unfilled. Employee churn refers to the total number of attrition and turnover cases combined.
Retention in the workplace refers to “the percentage of employees who were employed at the beginning of a period, and remain with the company at the end of the period”. [7] For example, in January 2010, Company A had 500 employees. After one year, 200 of the 500 employees were still working for the company. The retention rate is 200/500 = 40%.
Employee retention: Fostering a sense of growth and value among employees can significantly impact retention. Employees who are given the opportunity to rotate through various roles often feel that their organisation is investing in their development, which encourages loyalty and reduces turnover.
Strategic employee recognition is seen as the most important program not only to improve employee retention and motivation but also to positively influence the financial situation. [39] The difference between the traditional approach (gifts and points) and strategic recognition is the ability to serve as a serious business influencer that can ...