Employee Retention

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The researcher states that the retention of employees, which in turn results in reduced employee turnover, brings benefits to the firm far beyond than just direct monetary cost. Employees have also raised their demand for compensation which includes both financial and non-financial rewards. Hence, most retention strategies are designed to meet these two-way requirements. Human capital management is constantly gaining importance since the realization of fact that employees are the organizations’ most important asset. These most important organizational assets demand much more from the job than just monetary compensation for their services. To state concisely, employees look for the job that allows them to lead balanced lives. growth opportunities for personal and professional development. meaningful work that brings them recognition for the betterment of world. and value-based work environment. The organizations which are classified as ‘best places to work’, achieved this title on the basis of the successful mechanism employed to provide the combination of the above-mentioned factors. Human capital management process accounts many stages, and one most important among them is retention of employees. Retention refers to the intended efforts incorporated in the organizational policy that is capable of engaging employees for a longer term. Retention strategies encompass efforts in various domains. These efforts are employed to develop the organizational culture as well as the individual’s job so that employees’ intent to stay in the firm remains positive.