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Published by kirtidhiman_mba

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Published by: kirtidhiman_mba on Nov 12, 2011
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Employee turnover is one of the biggest challenges faced by most companies today. It is not only
difficult for the employer to let an employee go but twice as difficult for him to train a new recruit.

As per the Webster’s Dictionary, retention is the act of Retaining, the state of being retained, the
power to retain.

According to the American Management Association, the cost of replacing an employee is
approximately 30% of his annual salary, which is an important issue for companies in the competitive

Retention - A Big Challenge

Fundamental changes are taking place in the work force and the workplace that promise to
radically alter the way companies relate to their employees. Hiring and retaining good
employees have become the chief concerns of nearly every company in every industry.
Companies that understand what their employees want and need in the workplace and make a


strategic decision to proactively fulfill those needs will become the dominant players in their
respective markets. The fierce competition for qualified workers results from a number of
workplace trends, including:
•A robust economy

•Shift in how people view their careers

•Changes in the unspoken "contract" between employer and employee

•Corporate cocooning

•A new generation of workers

•Changes in social mores

Life balance

Concurrent with these trends, the emerging work force is developing very different attitudes about
their role the workplace. Today's employees place a high priority on the following:

•Family orientation

•Quality of life issues


Smart employers make it a strategic initiative to understand what their people want and need -- then
give it to them.


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