Retention Strategies: Tool for Organisational Success

Abstract

To retain the best available talent for long time is one of the most challenging tasks before the management of the organizations. Employees of the organizations are the real assets and losing them may prove distourses for organizations survival and growth. Effective retention strategies reduce employee turnover which increases growth and prosperity of the organizations. In order to achieve growth, success and to achieve the competitive advantage, employee retention is one of the essential components of successful organizations. For any organization it is not only to have the best human capital available but to retain them is important which proves beneficial for the organization and its employees in the long run. Due to globalization there are more opportunities available now as in the past, so a talented employee does not want to stay in a single organization or would not like to stay in the same organization throughout his career. An employee wants to explore new opportunities, places, status, role, recognization and responsibilities. Retaining the best available Human capital for long time is one of the toughest jobs/responsibilities of HR manager. Employee turnover can affect the overall performance of an organization which leads to wastage of money and precious human resources. Employee retention is a critical tool in the hands organizations for their success and growth.

Keywords- Competitive advantage, Employee Retention, Organizational Culture, Human Capital, Motivation.