To Ensure the Overall Growth of A Company
In the age of cutting edge competition, every business requires a skilled workforce that can accelerate the pace of growth. A motivated human resource invests its best efforts that culminate in achieving the set targets. To understand the human resource management in the corporate sector, we can compare it to the process of symbiosis. Symbiosis is an equally beneficial relationship between two organisms; the same way in the corporate sector the employees sees their growth in the growth of the company. If qualified employees see the better opportunity somewhere or observe that their efforts are not appreciated verbally and financially, then they plan a switchover. This switching becomes a costlier affair for the employer as they have to recruit new employees and start training them afresh that involves money, time and efforts. To avoid such situation, an HR management plan for the retention of employees, this is called retention planning.
Retention Management: Retention Management is the set of policies and strategies that are used to retain an employee in the organization. The various steps involved in retention management are as follows.
- Recruit Retainable Employees: The HR management focuses on recruiting the employees with higher possibilities of retaining in a company. The visible indicators are the ability to deliver consistently on a similar portfolio.
- Plan Individual Careers Along With the Company Goals: As suggested earlier, the human resource of a company should feel the environment of an ideal symbiosis. Hiring a skilled employee is not enough, but the HR management has to plan the individual career to ensure the employee retention. In-house training or any other course that can help the employees to achieve their career goals ensures employee retention. If the employees can’t see their growth, they will start planning a switchover.
- Hire a Career Retention Specialist: Career retention specialist is a specialized person who synchronizes all facets of employing and retention activities of the company. The retention specialist is responsible for coordinating two key areas of employee retention, i.e. training supervision and performance assessment.
- Customized Retention Strategy: Different employees have different expectations from their jobs. Monetary benefit is not the answer all the time. Some of them need challenging work opportunities, professional growth, workplace flexibility, etc. So it is imperative for a company to design a retention strategy according to the expectation of the employee.