Summary

The primary objective of any retention plan is to maintain the lowest feasible turnover rate. Employee retention affects an organization’s performance, productivity, culture, profitability, and customer satisfaction in positive and negative ways (Karatepe, 2013). Moreover, Karatepe (2013) explains that while the high costs of employee turnover make staff retention crucial for an organization's future success, maintaining unsuitable workers might impair progress.

Extensive research and studies demonstrate that a workforce with a high retention rate is highly engaged, works well, and gives superior customer service. In addition, a rich and healthy business culture helps keep employees engaged and mitigates employee retention concerns (Sheridan, 1992).

Improving motivation and retention are two of the most essential human resource management methods for making organizations a better place to work and for achieving organizational efficiency, so it is necessary to make ongoing efforts to improve them. Consequently, the techniques outlined in the paper, notably employee motivation, employee engagement, learning and development, recognition and incentives, job happiness, and work-life balance, have proven to be highly influential in firms with a high staff retention rate.

References 

Karatepe, O.M. (2013) “High‐performance work practices, work social support and their effects on job embeddedness and turnover intentions,” International Journal of Contemporary Hospitality Management, 25(6), pp. 903–921. Available at: https://doi.org/10.1108/ijchm-06-2012-0097.

Sheridan, J.E. (1992) “Organizational culture and employee retention,” Academy of Management Journal, 35(5), pp. 1036–1056. Available at: https://doi.org/10.2307/256539.