Principles and Practices of Human Resource Management in Global Contexts
10.Employee Retention Strategies in Human Resource Management 10.01 Introduction to Employee Retention According to (PeopleHum) website,The term "employee retention" refers to the organizational objective of retaining skilled workers and lowering attrition through the development of a favorable work environment that encourages participation, expressing gratitude to staff members, offering competitive compensation and benefits, and promoting a healthy work-life balance. When unemployment is low and there is more competition for talent, employers are especially interested in keeping their workforce. Employee Turnover The rate of hires and attrition of employees is employee turnover, and more simply, is inflow and outflow of employees (Effiong et al., 2017) Causes of employee turnover Personal reasons work life balance Incompatibility work relationships Lack of opportunity Financial reasons 10.02 Importance of Employee Retention The ability of companies to fulfill their missio...