What is the most important resource to an organization? Yes, that's correct its the human resource, in other words we call it the employees of an organization. If an organization wishes to continue its operations in the future then it will need to keep the employees happy and retain them for as long as possible.
Lets look at what some authors have to say of employee retention.
The numerous strategies and practices that organizations undertake to keep their staff satisfied and motivated in the long run is identified as employee retention. (Sorn et al., 2023)
The various measures taken by organizations to encourage its employee so that they remain with it for a longer duration of time. (Singh, 2019)
The primary reason for retention of employees is to prevent its talented employees from leaving (James & Mathew, 2012).
Ok great now we got what employee retention is all about. Shall we look at a small video to refresh our minds?
Topics such as retention strategies, succession planning, work life balance, training and development and employee wellbeing will be discussed.
So see you all in the next article!
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References
James, L. &
Mathew, L. (2012). Employee Retention Strategies: IT Industry. SCMS Journal of
Indian Management, 9(3).
Singh, D., 2019. A
literature review on employee retention with focus on recent trends. International Journal of Scientific Research in Science and Technology, 6(1), pp.425-431.
Sorn, M.K.,
Fienena, A.R.L., Ali, Y., Rafay, M. and Fu, G. (2023). The Effectiveness of
Compensation in Maintaining Employee Retention. Open Access Library
Journal, [online] 10(7), pp.1–14.
Good topic to discusses. In SL this is the most important problem in currently. Do you think in SL Lot of people are migrating due to the high demand in specific skills such as IT field or due to undervalued their talents ?
ReplyDeleteHi Mahesh, I believe it's a mix of the two. There is a huge brain drain in Sri lanka as there is a big demand in foreign countries in areas like age care, IT and the health sector. Also since there is a vast number of uncertainty (politically and economically) within the county employees are not sure about their job security. The below statement was made by Amita Arudpragasam, a policy analyst "Although there was already a mismatch between available employment and skills in the workforce, today the economic crisis is the main driver of out-migration," The migration numbers are staggering last year alone, over 700 doctors emigrated, including 125 consultants. At least 10,000 IT engineers have migrated since the crisis erupted.
DeleteAgreed. In addition to this, there many strategies for improving employee retention and engagement in the higher education industry such as promoting work-life balance, rewarding through formal recognition programs, creating a culture of shared values and purpose within the institution, offering competitive salaries and offering opportunities for development (S. U. Gorde, 2019).
ReplyDeleteHi Sanjula, Yes agreed I will be touching more about the retention strategies in my next blog. stay tuned. Competitive compensation and benefits, professional development opportunities, work- life balance, recognition and feedback, effective communication, and healthy organizational culture are some areas I would like to discuss.
DeleteThis is a very good topic to discuss in light of the current situation in Sri Lanka. Most of the people are not satisfied with their job in this particular Industry especially in government sector; due to which most of the employees try to find alternatives like private and migration, so we look forward to you to discuss this further😊
ReplyDeleteHi Shri, yes agreed. However, I will discuss mostly about the private higher education sector in Sri Lanka and I will take practical examples from the organizations I have worked in. I will try to include some articles about the government sector as well in the future.
DeleteNice topic to discuss.. Is there any drawbacks in employee retention?
ReplyDeleteHi Chamila, what a way to look at the topic! Yes there are many drawbacks, If we try to retain the same personnel within the organization opportunities to recruit new fresh and talented individuals is lost. Another one is that the cost of retention strategies is high, for example to create a healthy work life balance the company has to bear additional costs. finally there is a potential for the employee who are with the organization to have job related burnout. A lack of turnover can sometimes result in a lack of fresh ideas and innovative thinking, as employees may be entrenched in existing processes and methods.
DeleteAgreed, additionally, employee retention requires more recognition, rewards attractive salaries, and work-life balance because currently more skilled people are migrating to foreign countries due to the current political and economic instability in Sri Lanka which impacts employee retention immensely.
ReplyDeleteHi Mohammed, yes agreed with your statement. (Madhusankha et al., 2020) has done a research on retention of employees in events industry with the impact of Covid 19 Pandemic. Please refer to that article to get further understanding on the topic.
DeleteAgreed, In the current global context with the increase in costs in training and the hiring process. companies should more attention to retaining talented employees within the company to avoid financial and productivity strains to the company employees find much more attractive packages.
ReplyDeleteHi Dushantha, agreed to your statement. I will be looking at the global context in my upcoming blogs as well.
DeleteEmployee retention is crucial for the success and stability of any organization. Here are several ideas to enhance employee retention, such as competitive compensation and benefits, career development opportunities, flexible work arrangements, recognition and rewards, succession planning, and retention bonuses.
ReplyDeleteHi Niluke, stay tuned for my upcoming blogs
DeleteAgree with the topic and content. As we are all aware, we are in a crisis situation, and the pay provided by the employer is not sufficient to cover the day-to-day costs due to high inflation. Therefore, transactional benefits will not help retain employees. (Weerakody, D., 2023. Sri Lanka’s talent exodus and the challenge of retention. Daily FT, 24 2. )
ReplyDeleteYes correct Zahran, it is not practical to retain employees just by offering a compensation that barely cover costs. Having a sound organizational culture, work- life balance and most importantly having sound employee engagement activities is a must. that is why I will arrange y blog to include both employee retention and employee engagement.
DeleteEmployee retention is a critical challenge faced by organizations globally, including Sri Lanka, where maintaining a talented workforce is integral for sustained business success. Sri Lanka requires a holistic approach that values employees' contributions, provides growth opportunities, maintains a healthy work environment, and fosters a culture of appreciation and support. Employing these strategies can significantly enhance employee satisfaction and retention rates in Sri Lankan organizations
ReplyDeleteHi Heshana, I agree with your statement. please refer to my next blog article to get information about the employee retention strategies. stay tuned!
ReplyDeleteDo you think companies in Sri Lanka take this as seriously as they should? Trying to retain employees instead of just accepting their resignation. Many years back when a company gets to know an employee wants to leave they make an effort to retain the employee by improving the package. However now it seems like the attitude has changed where the employee is just let go of if they want to resign.
ReplyDeleteHi Resa most companies I have worked with are taking employee retention seriously. Because there are many costs involved with letting employees go. A lot of time and money will be wasted! More importantly think of the reputation damage to the organization when there is a high labour turnover!
DeleteHi Sachinthani, well written indeed, I would highlight the fact you have put forth "Flexi work" being a great stimulator for engagement hence retention. I have see that happen in my previous workplaces, where people opt for flexi time and they fared well in that quarter and also seemed to be happier where they could strike a work life balance. taking into consideration these upsides, I strongly think more organizations in SL should adopt this style and make theirs a hybrid workplace. This strategy is not going to fit customer/client facing roles but with the evolution of tech and how it simplifies processes in a market, I think it would be possible in the future.
ReplyDeleteYes Wazeer, I have also had the privilege of working flexi time and even engaged in engagement activities completely online it has been a challenging yet rewarding experience!
DeleteGood article. The topic emphasizes the importance of employee retention in organizational success, highlighting its multifaceted nature and potential strategies for addressing high staff turnover. It includes various author perspectives and promises to explore topics like work-life balance, training, and employee well-being. The article aims to provide insights into key retention strategies tailored to the unique landscape of higher education, paving the way for future discussions.
ReplyDelete