Charles Needham Abstract Employee turnover in the U. The purpose of the correlational design study was to examine the relationships between job satisfaction factors, job dissatisfaction factors, and employee turnover intentions among fast food employees to determine whether a statistically significant relationship exists between these variables.
The organizations taken into consideration are two heavy engineering manufacturers based in India. The data was collected from employees holding middle managerial positions in the two organizations.
The results indicate that these factors have substantial roles to play in making employees stay and how at middle managerial level different aspects are valued while deciding upon the retention strategies in similar contexts i. Introduction Employee retention issues are emerging as the most critical workforce management challenges of the immediate future.
Researches have shown that in the future, successful organizations will be those which adapt their organizational behavior to the realities of the current work environment where longevity and success depend upon innovation, creativity and flexibility.
In fact, the dynamics of the work environment will have to reflect a diverse population comprised of individuals whose motivations, beliefs and value structures differ vastly from the past and from one another.
This phenomenon is especially true in light of current economic uncertainty and following corporate downsizings when the impact of losing critical employees increases exponentially Caplan and Teese, Critical analysis of workforce trends points to an European Journal of Business and Management www.
Retention rates generally falls as employees become distracted, confused and preoccupied with potential outcomes immediately following an organizational transition Bridges, In this study, we focus on comparing the retention management practices that makes people stay in two similar types of organizations.
Staff Vacancy, Retention, and Turnover Survey October A NCAL study with collaboration from LeadingAge, ASHA, and ALFA The Assisted Living Staff Vacancy, Retention and Turnover Survey is a nationwide study to the United States to complete using data from Employee retention had been attributed to several factors; let us first analyze the factors identified in the literature to contribute employee retention and reduction of turnover. In Coca Cola, the top retention drivers between hourly employees and management employees were identified as follows. Comparison of U.S. and international labor turnover statistics. JOLTS produces labor demand data on job openings, hires, and separations in the United States. The first section of this article provides a brief overview of the JOLTS program. accessions and engaged employees rates of the United States (adjusted to a quarterly basis), New.
In other words, this study examines the reasons behind why employees stay and how these retention factors differ in two organizations of the same sector here in our case, heavy engineering manufacturers as both may value different aspects while deciding upon the retention strategies.
This research analyzes and compares the retention management practices employed by two set of organizations.
Thus, we propose that understanding the reasons why people stay, on average, is an important goal and blanket retention policies may be disadvantageous in a similar context sector, in our case and organizations would want to adopt particular strategies that contribute to the retention of their most valued employees in one while avoiding control methods that would appeal the employees in the other.
Literature Review Retention is a complex concept and there is no single recipe for keeping employees with a company. Studies have also indicated that retention is driven by several key factors, which ought to be managed congruently: Increasing numbers of organization mergers and acquisitions have left employees feeling displeased from the companies that they work and haunted by concerns of overall job security.
As a result, employees are now making strategic career moves to guarantee employment that satisfy their need for security.
On the other hand, employers have a need to keep their stuff from leaving or going to work for other companies. In fact, companies that offer employee development programs are finding success with retaining workers Logan, This is true because of the great expenses associated with hiring and retraining new employees.
The adage, good help is hard to find, is even truer these days than ever before because the job market is becoming European Journal of Business and Management www. Employees who are satisfied have higher intentions of persisting with their organization, which results in a decreased turnover rate Mobley et al.
In summary, the literature defines retention as continuing relation between employees and their organization. Studies suggests that retention strategies, which effectively satisfy the needs of all employees consequently enhances the ability for companies to adapt more effectively to ongoing organizational change Gale Group, Research shows that trends redefining modern retention strategies go beyond the traditional salary and benefits package Gale Group, and compensation Feldman, embracing employee motivation Thomas,as one of the key factors to cater to the diversity and long stay of the workforce in the organization.
Retention factors incorporating the needs and desires of employees at any age enhance levels of individual job satisfaction, loyalty, and commitment Boomer Authority, Cunningham states that employees rank employee recognition, flexibility and training as top priorities for prolonging individual employment, while Walker and others call for establishing a supportive learning and working climate for employee retention.
Further, career development Boomer Authorityorganizational commitment Patrick Owens,communication Gopinath and Becker, and superior-subordinate relationship Zenger, Ulrich, Smallwood, are also the factors known for prolonged stay of the employees in the organization. The list of retention factors and literature review is not meant to be exhaustive of all possible theories or variables related to employee retention and turnover Griffeth et al.
A brief introduction and review of the 12 retention factors working towards the preservation of an organizations most valuable asset — employees Yazinski,examined in this study are provided in the following section.
Providing skill recognition of personal job accomplishments is an effective retention strategy for employees at any age Yazinski, Studies indicate fulfilling peoples need for acceptance by acknowledging individual work accomplishments prolongs employment of employees Redington, The Gale Group states organizational benefits of personal recognition are priceless, yet statistics supports that the impact of verbal praise has the ability to enhance company loyalty, motivation, and perseverance at no extra charge.
Individual skill recognition is restricted by age, and motivates positive behavior, ethics, teamwork, confidence, and growth in all employees Redington, Since learning and development opportunities appear crucial for the retention of talented employees Arnold, ; Hytter, ; Walker,an organisation must establish a supportive learning and working climate.
In general it refers to the environment wherein employees both learn and work. More specifically, the concept could be described by referring to: Results from previous research show that the appreciative approach, operationalised through an appreciative learning and working climate, positively influences employee retention Abrams et al.
Job flexibility is vital for retaining employees of any age Boomer Authority, Effective management of employee retention requires assessment of the entire human resources process, that is, recruitment, selection, job design, compensation, supervision, work conditions, etc.
Regular and systematic diagnosis of turnover and implementation of multiple strategies and evaluation are needed (Mobley, ). According to a PwC Saratoga Institute study, which explored retention rates across 11 major employment sectors in the United States, turnover-related costs can be significant, with a range up to 40 percent of pre-tax income in some industries.
Staying Power! A Supervisor’s Guide to Child Welfare Retention. Day 1. Session 1—The Contemporary Workforce and Retention.
Welcome and Participant Introductions (Icebreaker) Introduction to the Curriculum. The United States Bureau of Labor Statistics (BLS) projects a 5%. Retention plans A plan that outlines the strategies the organization will use to reduce turnover and address employee motivation.
outline the strategies the organization will use to reduce turnover and address employee motivation. Comparison of U.S.
and international labor turnover statistics. JOLTS produces labor demand data on job openings, hires, and separations in the United States.
The first section of this article provides a brief overview of the JOLTS program. accessions and engaged employees rates of the United States (adjusted to a quarterly basis), New. Employee turnover can have a significant impact on an organizations ability to implement long range strategic planning and lessons opportunities for organizations to retain knowledge and experience within employee .