Retention & Talent Development
Retention & Talent Development
Employee retention is the act of retaining employees to work in the organization on a longterm basis. In fact, every organization grooms new employees into skilled personnel and hence, wants to retain them for a long time.
Employee retention undertakes different measures so that an individual continues to work in an organization for maximum period of time. It fosters long-term effective association between the employees and the management representing the organization.
Talent Development is a set of integrated organizational HR processes designed to attract, develop, motivate, and retain productive, engaged employees. The goal of talent development is to create a high-performance, sustainable organization that meets its strategic and operational goals and objectives.
Factors Involved in Retention
- Compensation − It includes salary, advance, bonus, rewards, health insurance, and retirement benefits.
- Environment − Organizational environment motivates employees to perform better. Positive environment creates positive energy.
- Growth − Every employee needs growth in his/her career, and most employees look for growth within the organization.
- Support − Support culture helps employees grow professionally and they perform better in their job. Organizations need to support employee financially and emotionally so that they perform better, and feel secured.
Talented Workforce
- An engaged and motivated workforce enjoys greater job satisfaction, higher motivation and morale
- Increases the capacity to adopt new technologies and methods
- Reduced absenteeism and employee turnover
- Reduced recruitment costs
- Increased productivity and efficiency
- Better Levels of Customer Service
- Improved risk management in potentially highly litigious areas