Managing Employee Retention and Turnover

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Managing Employee Retention and Turnover

Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their own best interest to retain that employee, to further develop and motivate him so that he continues to provide value to the organization. But, employers must also recognize and tend to what is in the best interest of their employees, if they intend to keep them. When a company overlooks the needs of its employees and focuses only on the needs of the organization, turnover often results. Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. We will look at the differences between retention and turnover, why employees stay, reasons why they leave, and what can be done to save them. We will also examine some external factors that will make employee retention and turnover reduction highest priorities for human resource professionals.

Basically, employee retention is measured by an employee's longevity with a company, and is the desired outcome of a company hiring workers it wants and needs. Many organizations find it more productive and profitable to redirect resources formerly allocated to recruiting, hiring, orienting, and training of new employees and use them instead toward employee retention programs. Such programs identify good performers who are likely to leave the company and work proactively to retain them. Although there is no tried-and-true prescription for retaining good employees, there are five factors that have a proven positive impact on retention and they should be taken into consideration when developing an employee retention program:

· Supervisor/Employee relationship - "Immediate supervisors who are also leaders of people will be the most important people in the workplace of the future..." (Jamrog, 2004) Today's supervisor is expected to be a coach, a trainer, and a mentor. Foremost, he must be able to communicate well up and down the organization. Employees who have honest, open relationships with their supervisors feel a sense of commitment to them.

· Employee engagement - The best employees are motivated by tasks that are intellectually stimulating and provide variety and challenge while contributing value. Studies from the Gallup organizat...

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...and preparation will help employers more readily adapt.

References

AARP. 2002, Staying Ahead of the Curve: The AARP Work and Career Study. Wahington, D.C.: AARPRetention rodeo.

Buhler, Patricia M. The exit interview: a goldmine of information

Source: Supervision v. 63 no4. (Apr. 2002) p. 15-17. Database: WilsonSelectPlus.

Ceridian Employee Services, http://www.ceridian.com/myceridian

Christian & Timbers, www.ctnet.com

Frank, Fredric D. The Race for Talent: Retaining and Engaging Workers in the 21st Century. Source: Human Resource Planning v.27 no3 (2004) p. 12-25. Database: WilsonSelectPlus

Jamrog, Jay. The Perfect Storm: The Future of Retention and Engagement. Source: Human Resource Planning v. 27 no3 (2004) p. 26-33. Database: WilsonSelectPlus.

Society for Human Resource Management (2003). Older Workers Survey.

U.S. Department of Labor, Bureau of Labor Statistics (2003) Customized Data Compilation, November 20.

"Demographics and Destiny: Winning the War for Talent," Watson Wyatt Worldwide, Bethesda, Maryland; 301.581.4600

http://www.hermangroup.com/retentionconnection/

http://www.capitalhgroup.com/weAre/research/KeepingTopTalentSurvey.pdf

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