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Employee retention theory and constructs
Managing For Employee Retention
Employee retention theory and constructs
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Introduction Problem Statement All companies want to be able to retain their employees because it benefits the company in the long run. Today there are many companies with high employee turnovers. Employee turnover is the number of employees you hire to work for your company. When you have a high employee turnover it means that you cannot keep employees for a long amount of time, therefore you are constantly hiring new people. High employee turnover is a problem for most companys and this is something that needs put to an end before it gets out of control (Goessl). High employee turnover, increases expenses and also has a negative outcome on the companies self-esteem (Scott). Ignoring the problem would not help the company. Therefore, creating an employee retention program is a helpful way of making sure great workers remain employed while maintaining job performance and productivity (Scott). It is said that a person will go through 15-20 job changes during a 50-year career in the 21st century. That is something an employer does not like to hear, because that means they would have to replace workers on an average every 3-4 years. That’s why having happy employees will allow the turnover rate to be lower and will produce good work for their company (Jackson). Preview of Report In the following pages of this report, I am going to discuss the benefits of retaining employees. For instance, how it saves companies money, how it has better productivity, competitive advantages, and the retention rates on how to know if your company has a high or low turnover rate of employees. I am also going to discuss strategies for companies to use to keep your retention rates low, like employee support, career advancement, pay and benefits, and over... ... middle of paper ... ...>. Goessl, Leigh. "Benefits of Retaining a Good Staff." Inside Business. N.p., 04 01 2009. Web. 10 Apr 2014. . Jackson, Brandon. "The Benefits of Retaining Employees." Customer Think. N.p., 13 6 2012. Web. 10 Apr 2014. . Lumpur, Kuala. "“Job Hopping a Bad Career Move If Done Frequently”, Say Employers ." JobStreet.com. N.p., 2 5 2013. Web. 12 Apr 2014. . "Retention: Advantages & Strategies." Ask EARN. N.p.. Web. 10 Apr 2014. . Scott, Sherrie. "Why are Employee Retention Strategies Important?." Chron. N.p.. Web. 10 Apr 2014. .