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Employee retention: Myths and methods

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  1. Introduction
  2. Employee retention strategies
    1. Role of human resource management
    2. Importance of retaining employees
  3. 3 Rs of employee retention
    1. Respect, recognition and rewards
    2. KEi's employee retention model
  4. Philosophy that sets employee retention strategies
  5. Ways to retain employees
  6. Factors that affect employee retention
  7. Employee retention and BPO sector industry
  8. Facts analysis
  9. Appendix
  10. Conclusion

Human resource management (HRM) is the strategic and coherent approach to the of management an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce.

The Human Resources Management (HRM) function includes a variety of activities, and key among them is deciding what staffing needs you have and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (for-profit or nonprofit) have to carry out these activities themselves because they can't yet afford part- or full-time help. However, they should always ensure that employees have -- and are aware of -- personnel policies which conform to current regulations. These policies are often in the form of employee manuals, which all employees have.

[...] Wipro Spectra mind was also noted for its innovative practices in the areas of attracting the right talent, reward and recognition, promoting fun as a written down operating principle, learning, employee communication and compensation which are amongst the key reasons for the spectacular success of the company. Employee Benefits Provided By the Company. A part from the legal and mandatory benefits such as provident-fund and gratuity, below is a list of other benefits : 1. Group Medi-claim Insurance Scheme: This insurance scheme is to provide adequate insurance coverage of employees for expenses related to hospitalization due to illness, disease or injury or pregnancy in case of female employees or spouse of male employees. [...]

[...] Many might even ask why they should recognize their employees when they are "just doing their job." The truth is that recognizing employees for their hard work is one of the least expensive and easiest ways to improve the level of employee retention in your organization. The return on investment for a manager's time and limited expenses can be incredible. Recognizing an employee's performance reinforces positive behavior and encourages additional positive behavior. If a team member feels that he or she is appreciated they will be much more likely to repeat their behaviors in the future and even put out more effort than before. [...]

[...] Study Suggests Employees Leave Bosses, Not Jobs Careful selection of employees and managers can have a huge impact on your employee retention efforts and employee turnover costs at your organization. It has been said more than once, and for good reason, that employees leave their bosses - not their jobs. A Florida State University study scheduled for full release in the Fall 2007 issue of Leadership Quarterly confirms this. The study shows that 40% of employees work for bad bosses based on survey results. [...]

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