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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).
Recent research has focused on developing a better understanding of how variables such as quality of work relationships and values of the organization interact, and their link to important work outcomes. [28] From the perspective of the employee, "outcomes" range from strong commitment to the isolation of oneself from the organization. [26]
Values direct individual behavior such as loyalty and customer orientation. Acceptance of stated values underlies impressions about trustworthiness and supportiveness, while also informing member behavior. This can be assessed by member interviews and surveys. Tacit assumptions are elements of culture that are not explicitly identified by members.
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A positive ethical corporate culture improves the morale among the workers in an organization, which could increase productivity, employee retention and loyalty. [3] Higher productivity improves the efficiency of the organizations and increased employee retention reduces the cost of replacing employees.
To determine the Best Workplaces in Retail, Great Place to Work analyzed surveys of more than 1.3 million employees.
The employee value proposition (EVP) is a part of employer branding, in that it is one of the ways companies attract the skills and employees they desire and keep them engaged. It is how companies market themselves to prospective talent, and also how they retain that talent in a competitive job market.
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 ...