samsung leadership
Employee Retention-Talent Management
Organizations need to be possessive about the employees-The stronger organization’s possessiveness –the longer are the employees are retained
Abstract-Talent is the critical success factor to any organization. Talent pool management is the most challenging area to any organization. The challenge of finding, attracting, developing and retaining the right talent is taking up a major part of management and once the right talent is found the next demanding job is to retain that talent
Retaining employees involves understanding the intrinsic motivators of them which many organizations unable to identify. The reason is "Individuals differ greatly in this regard. A company should exert some effort and undertake some analyses to determine the nonmonetary interests and preferences of its key employees, and then attempt to meet these preferences in action." In this context organizations need to dig novel approaches to retain the most effective manpower. Looking carefully into many organizations-Retention strategies are very competitive, Companies try to provide their best to retain the employees of their competitors. In this conceptual paper the author has attempted to bring out employee retention approaches, strategies for knowledge workforce, for achieving competitive advantage.
Need to address Employee Retention:
Organizations have to bear massive costs associated with attrition or turnover and, while some of these are not visible to the management reporting or budget system, they are none the less real. The 'rule of thumb' appears to be very inaccurate indeed and, while it depends upon the category of staff, it is probably better to estimate around 80% of salary as a truer rule of thumb - and this will be on the conservative side.
The following are the different costs incurred to any company due to attritionRecruitment Costs
•
•
•
The cost of advertisements; agency costs; employee referral costs;
Organizations need to be possessive about the employees-The stronger organization’s possessiveness –the longer are the employees are retained
Abstract-Talent is the critical success factor to any organization. Talent pool management is the most challenging area to any organization. The challenge of finding, attracting, developing and retaining the right talent is taking up a major part of management and once the right talent is found the next demanding job is to retain that talent
Retaining employees involves understanding the intrinsic motivators of them which many organizations unable to identify. The reason is "Individuals differ greatly in this regard. A company should exert some effort and undertake some analyses to determine the nonmonetary interests and preferences of its key employees, and then attempt to meet these preferences in action." In this context organizations need to dig novel approaches to retain the most effective manpower. Looking carefully into many organizations-Retention strategies are very competitive, Companies try to provide their best to retain the employees of their competitors. In this conceptual paper the author has attempted to bring out employee retention approaches, strategies for knowledge workforce, for achieving competitive advantage.
Need to address Employee Retention:
Organizations have to bear massive costs associated with attrition or turnover and, while some of these are not visible to the management reporting or budget system, they are none the less real. The 'rule of thumb' appears to be very inaccurate indeed and, while it depends upon the category of staff, it is probably better to estimate around 80% of salary as a truer rule of thumb - and this will be on the conservative side.
The following are the different costs incurred to any company due to attritionRecruitment Costs
•
•
•
The cost of advertisements; agency costs; employee referral costs;