Advantages of Employee Retention? Benefits

Attrition (Workforce Reduction)
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GAVINI.SAILATHA
India

Advantages of Employee Retention? Benefits

I would like to know what is the significance of employee retention in HRM practice? Who has a good list of benefits / advantages of keeping employees onboard? Thanks in advance.

  Suman Pathak
Professor, India
 

Importance of Retention

Why retention is important for a company?

  Srinivasan
 

Employee Retention is Important

Effective face-to-face dialogue with employees by leaders and also explaining to the employees as to what is in it for me from employees perspective, before we can expect deliverables.

  Jaap de Jonge
Editor, Netherlands
 

The Main Advantages of Employee Retention - Benefits

As Beverly Kaye and Sharon Jordan-Evans stated in Training and Development (Retention: Tag, You're It!" Training and Development. April 2000): "Studies have found that the cost of replacing lost talent is 70 to 200 percent of that employee's annual salary. There are advertising and recruiting expenses, orientation and training of the new employee, decreased productivity until the new employee is up to speed, and loss of customers who were loyal to the departing employee. Finding, recruiting, and training the best employees represents a major investment. Once a company has captured talented people, the return-on-investment requires closing the back door to prevent them from walking out."
Also there is always a chance that employees will take important business strategies and secrets with them that could be exploited by a competitor.
Make sure you also refer to "organizational commitment" for more background about employee retention.

  POONAM LIKHITKAR
Manager, India
 

Employee Retention Strategy

Employers should focus on retaining the best emplo (...)

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