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HR Project

HR Project



|Views: 6,322|Likes:
Published by SUBHAN

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Published by: SUBHAN on Feb 05, 2010
Copyright:Attribution Non-commercial


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During the past decade, employee turnover has become a very serious problemfor organizations. Managing retention & keeping the turnover rate below target &including norms is one of the most challenging issues facing business. All indications point toward the issue compounding in the future and even as economic time change,turnover will continue to be an important issue for most job groups. The causes of turnover are not adequately identified & solutions are often not matched with thecauses, so the fail. Preventive measures are either not in place or do not target theissue properly, and therefore have little or no effect, and a method for measuring progress & identifying a monetary value (ROI) on retention does not exists in mostorganizations. Managing employee retention is a practical guide for manager to retaintheir talented employees. It shows how to manage & monitor turnover and how todevelop the ROI of keeping your talent using innovative retention program.Employee are the most important and valuable asset of an organization.Organizations today are doing their best to hold on to their employees. Retaining themis as important as hiring them in the first place. Retention is the next challenge after hiring the employees. Retention is important because to make good people stick in theorganization.Employees today are different. They are not the ones who don’t have goodopportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer toretain their best employees.
“Employee retention is a process in which the employees are encouraged toremain with the organization for the maximum period of time or until the completionof the project. Employee retention is beneficial for the organization as well as theemployee”.“Employee retention refers to policies and practices companies use to preventvaluable employees from leaving their jobs”1
Shifting markets
Demands for specific skills
Business conditions
Lifestyle changes
Technology issues
Trends in work life decision as employees needs change
Employees do not leave an organization without any significant reason. There arecertain circumstances that lead to their leaving the organization. The most commonreasons can be:Job is not what the employee expected to be: Sometimes the job responsibilitiesdon’t come out to be same as expected by the candidates. Unexpected jobresponsibilities lead to job dissatisfaction. No growth opportunities: No or less learning and growth opportunities in thecurrent job will make candidate’s job and career stagnant.Lack of appreciation: If the work is not appreciated by the supervisor, theemployee feels de-motivated and loses interest in job.Lack of trust and support in coworkers, seniors and management: Trust is the mostimportant factor that is required for an individual to stay in the job Non-supportivecoworkers, seniors and management can make office environment unfriendly anddifficult to work in.Stress from overwork and work life imbalances: Job stress can lead to work lifeimbalances which ultimately many times lead to employee leaving the organization.Compensation: Better compensation packages being offered by other companiesmay attract employees towards themselves. New job offer: As attractive job offer which an employee thinks is good for himwith respect to job responsibility, compensation, growth and learning etc., can lead anemployee to leave the organization.2
 Now that so much is being done by organizations to retain its employees whyis retention so important? Is it just to reduce the turnover costs? Well, the answer is adefinite no. it’s not only the cost incurred by a company that emphasizes the need of retaining employees but also the need to retain talented employees from getting poached.The process of retention will benefit an organization in the following ways:1.
The Cost of Turnover
The cost of employee turnover addshundreds of thousands of money to a company’s expenses. While it is difficultto fully calculate the cost of turnover , industry experts often quote 25% of theaverage employee salary as a conservative estimate.2.
Loss of Company Knowledge:
When an employee leaves, hetakes with him valuable knowledge about the company, customers, current projects and past history. Often much time and money has been spent on theemployee is expectation of a future return.3.
Interruption of Customer
: Customers and clients do business with a company in part because of the people. Relationships aredeveloped that encourage continued sponsorship of the business. When anemployee leaves, the relationships that employee built for the company aresevered, which could lead to potential customer loss.4.
Turnover leads to more turnovers
When an employeeterminates, the effect is felt throughout the organizations. Co-workers areoften required to pick up the slack. The unspoken negativity often intensifiesfor the remaining staff.5.
Goodwill of the Company
The goodwill of a company ismaintained when the attrition rates are low. Higher retention rates motivate potential employees to join the organization.6.
Regaining efficiency:
If an employee resigns, then good amount of time is lost in hiring a new employee and then training him/her and this goesto the loss of the company directly which many a times goes unnoticed and3

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hi i m nicky srivastava i need ur help 4 downloading the project of hr if u can download 4 me den i'll very thank full 2 u..........sunidhi.su@gmail.com dats my email id pls send it as soon as posble....
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