Employee Retention Case Study

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Chapter – I Introduction and Research Design Introduction “Retention of right employee in the right job at the right time with a right pay and good working environment leads to organisation’s growth and success” Employee retention refers to policies and practices the employers adapt to prevent main employees from leaving their jobs. How to retain valuable employees is one of the toughest tasks that are making the companies to strive hard to survive in the competitive marketplace. Usually replacement costs of an employee are 2.5 times the salary of an individual employee. The costs connected with the turnover may include loss of customers, business and ruptured morale. In addition, there are the immeasurable costs in terms of time spent…show more content…
They believe in creating multiple responsibility-centers for retention management, and make sure that senior managers find time to be personally involved in the processes of retention process. In these competitive times, the specific measures to improve an organization’s retention record range from career counseling workshops to team-building exercises. Of course, the precise nature of the initiatives to be used is a function of the industry in which the company operates, and the level of management at which the initiative is targeted. However, the ideal practices remain constant across manufacturing, marketing, and service companies: career-counseling and job-enrichment exercises at the junior level; promoting from within and training at the middle level; team-building exercises and welfare initiatives at the senior level; and culture-building and empowerment at the top…show more content…
The first study was conducted about three decades ago by Roger E. Herman – who is regarded as the Father of Employee Retention. This study published in 1991 is titled as “Keeping Good People: Strategies for Solving the Dilemma of the Decade”. The second one was by Gregory P Smith, who on the basis of his extensive work has published in 2007 a book under the title “401 Proven Ways to Retain Your Best Employees”. Both these works together give a comprehensive list of strategies to retain employees in their jobs which could be adopted by any employer with or without modification. Hence this study on employee retention strategies was undertaken to identify the retention strategies in practice in Indian and multi-national manufacturing organisations. This is obvious from the above study that western countries have more strategic vision on the retention strategy whereas country like India has meager concerns over retention strategy of the employees because of huge labor potential power. However, it is very important to analyse the employees’ retention strategies of the manufacturing Industry in non-western countries like India where a large number of manufacturing units were set up after the privatization. Hence this study focuses primarily on employees’ retention strategies of the selected

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