Question

Your company is facing a retention issue losing 10% of newer employees each quarter. You are put in charge of investigating the reasons behind the retention issue :

a) What have you discovered? What is causing this retention issue?

b) How can you resolve the retention issue (be very specific pertaining to the steps you will take to address retention issue) reflecting on the specifics pertaining to the fictitious company of your choice (industry within which it operates, customers, competitors etc.).

Answer 1

I'll provide a basic details about the significance and points related to the employee retention and decreasing the turnover hope that would help.

Keeping productive employees can be a challenge when work and family demands collide. Organizations must try to ensure that good performers want to stay with the organization and that employees whose performance is chronically low are encouraged— or forced—to leave. Both of these challenges involve employee turnover, that is, employees leaving the organization. When the organization initiates the turnover (often with employees who would prefer to stay), the result is involuntary turnover. Examples include terminating an employee for drug use or laying off employees during a downturn. Most organizations use the word termination to refer only to a discharge related to a discipline problem, but some organizations call any involuntary turnover a termination. When the employees initiate the turnover (often when the organization would prefer to keep them), it is voluntary turnover. Employees may leave to retire or to take a job with a different organization.

Benefits and perks play a large role in keeping employees happy, engaged and healthy. But benefits can go far beyond healthcare coverage and paid sick leave. You also should consider offering stock options or other financial awards for employees who exceed performance goals or who stay with you for a predetermined time period, says Pickett. Nearly nine in 10 companies (88 percent) view incentive compensation and bonuses as key to retaining employees in the next five years, according to the CTA.