Premium Essay

Retention Management

In:

Submitted By Slade23
Words 1275
Pages 6
Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their own best interest to retain that employee and to further develop and motivate them so that they continue to provide value to the organization. However, employers must also recognize and tend to what is in the best interest of their employees, if they intend to keep them. When a company overlooks the needs of its employees and focuses only on the needs of the organization, turnover often results. Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. For this reason, I chose to research and address this topic. In the near future I plan working my way through different management positions in the organization I establish myself with and ultimately reach corporate level. When this comes to fruition, I will need to know my employees, how to retain the most productive ones, and how to keep them satisfied. With this in mind, the topics covered in this report will look at the differences between retention and turnover, why employees stay, reasons why they leave, and what can be done to save them.

Employees leave organizations for all sorts of reasons. Some find a different job, some go back to school, and some follow a spouse who has been transferred out of town. Others retire, get angry about something and quit on impulse, or never intended to keep working after earning a certain amount of money. Still, others get fired or laid off, or they come into money and decide they no longer need a job. All of these examples represent turnover, but they don’t all have the same organizational implications. To distinguish their implications, we need to define types of turnover. According to David G. Allen, an associate professor of management in

Similar Documents

Premium Essay

Retention Plans in Talent Management

...Retention Plans in Talent Management: Corporate practices in Bangladesh The Reason of Research:- Focusing in HRM for the betterment of production is not in lag behind in recent times. With the course of time, it is being the centre of the organization that some revolutionary steps are being preference for updating status. Retention plans is one of them. Not only this, those sectors which are in mainstreaming stair of an organization-such as marketing, finance and accounting, HRM is also involve within those hand and globes. Consequently, the recruitment and selection, compliance, labor market, wage and salary, retirement, organizing, required skills and attitude to meet current and future organizational needs are not the main elements rather developing and retaining people is the significant and sophisticated issues for moving ahead at the plot of HR. Surely, this trend pushes us to elaborate discussion about it later on. But that does not mean that rest others are least importance. Basically, above all important issues make HR effectively. Nevertheless, in some vital organizations cannot judge retention plan very sincerely. Despite having lots of prosperity why retention plan cannot reach their exemplary and satisfactory threshold in our country I will also give preferences in our term paper for understanding in depth in the part of limitations. Why do we Select retention plan for managing talents for doing Research:- Before going to the deep look of the topic now we...

Words: 1514 - Pages: 7

Premium Essay

Corporate Retention In Crisis Management

...Contents Introduction 1 Why Corporate Reputation is Important? 5 Crisis Management 7 Human Resources issues and solutions 7 FINANCIAL ISSUES / PROBLEMS 7 OPERATIONAL ISSUES / PROBLEMS 8 MANAGEMENT ISSUES / PROBLEMS 8 SOLUTIONS 8 OPERATIONAL SOLUTIONS 9 MANAGEMENT SOLUTIONS 9 PLANNING PROCESS 9 Conclusion 10 References 11 Introduction As we all know there are too many different circumstances that would specify the management quality of any company for instance Malaysian Airlines (MAS) once flight MH370 from Kuala Lumpur to Beijing disappeared. Since that incident which still no one’s know anything about the destiny of that MH370 that air traffic control centers did announce which they lost all the control with the plane at around...

Words: 1581 - Pages: 7

Premium Essay

The Importance of Retention Systems in Human Resource Management

...Importance of Retention Systems in Human Resource Management Abstract Retention systems is one of the most important components of a staffing system within an organization. Human Resources is responsible for obtaining human capital in order for an organization to obtain and maintain productivity and profits. Human capital is a major expense and investment within organizations. If the organization is unable to retain its workers, the organization nets substantial losses on each employee it is not able to retain. Losses presents themselves not only in production costs, but training and development dollars invested in the employees as well, in addition to recruitment and hiring costs. My literature review will introduce and evaluate common types of retention systems used by staffing systems and their effectiveness in the workplace. Author of “An Analysis of Human Resource Information Systems impact on Employees”, Kelly O. Weeks describes the overall basic benefits of Human Resource Information Systems. She states in her article “systems give the organization the ability to consistently develop and manage employees based on the value of an individual's contribution”. The article also describes the various ways in which HR systems can improve job productivity by cutting repetitive work, and increasing the speed in which manual processes are managed. This article provides a basic general educational foundation and working knowledge of various Human Resource Management Systems, and...

Words: 2783 - Pages: 12

Premium Essay

Drainflow Repairing Jobs That Fail to Satisfy

...http://www.studymode.com/essays/Drainflow-Repairing-Jobs-That-Fail-To-1346002.html Drainflow Repairing Jobs That Fail to Satisfy Potential effectiveness of a Cash Reward System and Structured Interview Program for DrainFlow  Report for the Manager  William Assemiah, 12021643 Irene Aidoo, 12021610 Sroda Adzo Apam, 12021626 Asare Ohenedwira Thomas, 12021639 Dorothy Dede Aklerh Asamoah, 12021634 Sampson Abbey Armah, 12021630 Arthur Sherifa, 12021631 Amadu Waliu, 12021617  Report Summary  1. Executive Summary  DrainFlow, a plumbing maintenance firm in the USA, has been losing its customers to competitors due to poor services. Job motivation and satisfaction among employees is declining across various job categories within the firm. This dissatisfaction has been attributed to the overspecialization of some job functions in the company. The report attempts to assist DrainFlow improve in three key areas: job structure and design, incentive policies, and recruitment practices. It will go further to analyze the causes of the woes being faced by DrainFlow and provide a constructive recommendation on how to overcome them The main contents include an introduction to the problems DrainFlow is encountering, analyses of the current business, and recommendations on how DrainFlow can overcome these issues to foster a long-term competitive advantage.  2. Introduction  Research shows that a happy worker is a productive employee. Satisfied employees tend to be better at their workplaces...

Words: 1923 - Pages: 8

Premium Essay

Case Study

...uses data processing and analyses software to generate information relevant to their business that manages can act on. They are able to utilize this Business Intelligence resource to more closely and accurately monitor customer satisfaction, increase their customer retention rates and at the same time improve the scalability of their business, without added capital expenditure. They offer an app download on their homepage (eCourier, 2014 ) that allows customers to track the delivery in real-time. On ‘chatting’ with a customer service rep, “Nicola”, the author was informed that eCourier actually offers a customer a real-time video feed of their package from pickup to delivery. This is a unique use of IS technologies and would offer a customer a unique level of customer interaction and service. Utilizing a service such as this would offer a strategic advantage above its competitors. b. Cablecom: This company uses statistical software for data mining and survey creation. They were able to utilize these IS technologies as part of a Knowledge Management and Management Support system. In doing this they achieved a better understanding of customer satisfaction and managed to improve both customer service and retention (UPC, 2014). c. Bryan Cave : This legal services company used a Business Intelligence system to increase profitability and operational efficiency. They could use this BI tool to track real-time budget changes and change their level of service to customize...

Words: 783 - Pages: 4

Free Essay

Flood as a Social Problem

...Flood as a social problem There are few places on Earth where people need not be concerned about flooding. With the onset of rainy season, we need to be prepared for possible flash floods, landslides, and related disasters especially in high risk and vulnerable areas, that is why in Philippines flood is a major problem. Many people die every year because of this natural disaster. Most floods take hours or even days to develop, giving residents ample time to prepare or evacuate, but not in Philippines floods develop in a shorter period. Others generate quickly and with little warning. These flash floods can be extremely dangerous, instantly turning a babbling brook into a thundering wall of water and sweeping everything in its path downstream. There are many causes of flood. Typhoons may cause flooding to coastal areas. When there is a typhoon, the atmospheric pressure is low. Sea level rises and affects the volume of water flowing from the river to the sea. This indirectly leads to flooding. Flooding always occur in coastal areas. Because whenever there are high tides or storms, the sea level will raise. If the sea level is higher than the level of the coastal lowland, flooding will occur. Heavy rainfall raises the water level. When the water level is higher than the river banks or the dams, the water comes out from the river, there will have flooding. But even small amount of rainfalls in our country may cause flood. This graph says that ten percent of the fatalities during...

Words: 1157 - Pages: 5

Premium Essay

Customer Defection

...ACKNOWLEDGEMENT “In the name of Almighty Allah, the most beneficent and merciful to the mankind.” First and foremost we thank Allah, the Generous, for having finally made this effort a reality. We praise Him because if it were not for His Graciousness, it would never materialize. We are extremely grateful to our course instructor Mr. Abid Awan, who spent a lot of valuable time with us and gave all the related information and expertise very generously about Business Research Method. We are thankful to those people who helped us for getting information by filling the questionnaire which we had given to them. At last we express our deepest gratitude to all those who contributed directly or indirectly to bring this report to this final format, because we would never have been able to achieve this by ourselves. Table of Contents ACKNOWLEDGEMENT 1 List of Tables 4 List of Appendix 5 List of Abbreviation 6 Abstract 7 1. INTRODUCTION 8 1.1 RATIONAL OF STUDY 8 1.2 PROBLEM STATEMENT 9 1.3 AIM OF THE STUDY 9 1.4 RESEARCH OBJECTIVE 10 1.5 RESEARCH QUESTION 10 1.6 DELIMITATION OF THE STUDY 10 2. LITERATURE REVIEW 11 2.1 EXPECTED QUALITY OF SERVICES 13 2.2 PRICE FAIRNESS 13 2.3 ANGER INCIDENT 14 2.4 EFFECTIVE ADVERTISMENT 14 2.5 CUSTOMER SATISFACTION 15 2.6 CUSTOMER LOYALTY 15 2.7 CUSTOMER DEFECTION 16 3. CONCEPTUAL FRAMEWORK (HYPOTHESIS) 17 4. HYPOTHESIS 17 5 METHODOLOGY 18 5.1 POPULATION/SAMPLE FRAME 18 5.2 UNIT...

Words: 8244 - Pages: 33

Free Essay

Data Mining

...complete retention strategy, due to gathering new customers is costly. Being able to retain customers during a downfall, when that is happening people are looking for a lower cost alternative. Knowing why a customer is leaving is important. There are customer churn analysis and apprehending methods, and trend analysis. Along with the customer churn profiling. Developing Customer Retention Strategies. Customer Retention is important because getting a new customer is expensive rather than keeping the existing one. Retention is meaningful to most companies because the cost of having new customers is much more than the cost of keeping good relationships with their current customers. How to contain customers during a downfall? During a downfall is the time when people look for a lower cost alternative. In these circumstances, down-selling can be key to retaining customers. When economy overcomes, the customers are likely to move up to the original services they had subscribed too. Down falling is better than losing customers. However that can have negative effects on sales, this should be carried out carefully on customers who are at risk of churning to lower cost alternatives, methods can be used to identify customers at risk of churning. Knowing why a customer leaves. The most important thing in customer retention is to know the customer well enough, know there expectations, satisfactions, and their tendencies. By knowing these about a customer the more efficient retention strategies...

Words: 492 - Pages: 2

Premium Essay

Brand Is

...To truly reach employees and make your messages stick, you need to approach them as any company would approach their potential customers. Sound crazy? We will attempt to de-crazy it for you. Check it out: Employees are consumers of your messages, just as your customers are consumers of your product. Like your customers, your employees are busy. Their attention is being pulled in a dozen different directions at any given moment. Therefore, it takes strong, authentic and cleverly presented messages in order to cut through the day to day clutter and really reach an employee. And we’ve found that when employees are treated not as assembly line producers, but rather as humans whose allegiance an organization is fortunate to have, something very beneficial happens—employees will work harder and better because they feel an emotional attachment to their employer. This is something theCEO of Southwest Airlines learned long ago – and to great benefit. Over the years, whenever reporters would ask CEO Herb Kelleher the secret to Southwest’s success, he had a consistent response. “You have to treat your employees like customers,” he told Fortune in 2001. Friends and peers of Kelleher’s would often see his philosophy in action. “There isn’t any customer satisfaction without employee satisfaction,” said Gordon Bethune, the former chief executive of Continental Airlines, and an old friend of Mr. Kelleher’s. “He recognized that good employee relations would affect the bottom line....

Words: 898 - Pages: 4

Premium Essay

General Management

...Measuring Customer Satisfaction Introduction – Customer Satisfaction The definition of customer satisfaction is very simple. A customer is satisfied whenever his or her needs, real or perceived, are met or exceeded. So how do you know what the customer needs, wants and expects? It’s very simple. You ask, and then you provide what the customer wants and more (Gerson, 1993, p.17). There exists an interaction between the desired results and customer satisfaction, customer loyalty and customer retention. Without the customer it is impossible for any business to sustain itself.  Achieving the desired results is frequently a result of customer actions.  Any business without a focus on customer satisfaction is at the mercy of the market.  Without loyal customers eventually a competitor will satisfy those desires and the customer retention rate will decrease. There are several levels of customers: 1 1. Dissatisfied customer - Looking for someone else to provide product or service. 2. Satisfied customer - Open to the next better opportunity. 3. Loyal customer - Returns despite offers by the competition. Dissatisfied customers are an interesting group. For every one that complains there are at least 25 who do not. Dissatisfied customers by word of mouth will tell eight to sixteen others about their dissatisfaction.  With the web some are now telling thousands. 91% of dissatisfied customers never purchase goods or services from the company...

Words: 719 - Pages: 3

Free Essay

H.C. Starck Business Case

...Carmen Caggiano MBA 642- Dr. Lynn Fish Assignment #2- H.C. Starck, Inc. Case 09/25/2012 1. Why are the lead times so long? 2.5 points There are many reasons to explain why the lead times at H.C. Starck, Inc. were so long. A variety of explanations can be made, in which all were mentioned by various members of the H.C. Starck, Inc. team or through inferences made by management. To begin, H.C. Starck, Inc. experienced lead times that were longer than expected because there was a belief that the manufacturing time was taking far too long, although no hard data was provided to support this. Also, Lee Sallade, who was the director of Operations for H.C. Starck, Inc., believed that although focusing on lead time was important, focusing on it solely would be a significant error in all aspects. He felt that in addition to controlling lead time that overall cycle time needed to be accounted for, as well, which may have also led to the lead times lasting for such an extended period of time. Lee emphasized that cycle time and inventory were very important to the company, but both were very difficult to control since H.C. Starck, Inc. held such a significant amount of tantalum inventory. Lastly, Lee felt that managing data was crucial to success, and he was concerned that many of the operational decisions of the company were based on myths or “hear say” and that, “rigorous data collection and analysis could help to break out of this mode of operation.” Another...

Words: 1568 - Pages: 7

Premium Essay

Marketing Management

...Discussion Paper No. 109 CUSTOMER SATISFACTION: A STUDY OF BANK CUSTOMER RETENTION IN NEW ZEALAND David Cohen1 Christopher Gan2 Hua Hwa Au Yong3 and Esther Choong4 March 2006 1 Commerce Division, PO Box 84, Lincoln University, Canterbury, New Zealand, Tel: 64-3-3252811, Fax: 64-3-325-3847, cohend@lincoln.ac.nz Corresponding Author, Commerce Division, PO Box 84, Lincoln University, Canterbury, New Zealand, Tel: 64-3-325-2811, Fax: 64-3-325-3847, ganc1@lincoln.ac.nz Department of Accounting and Finance, Faculty of Business and Economics, Monash University, Victoria 3800, Australia, Tel: 61-3-9905-5178, Fax: 61-3-9905-5475, Email: HueHwa.AuYong@BusEco.monash.edu.au Standard and Chartered Bank, Kuala Lumpur, Malaysia, Email: mcc9999@gmail.com 2 3 4 Commerce Division Discussion Paper No. 109 CUSTOMER SATISFACTION: A STUDY OF BANK CUSTOMER RETENTION IN NEW ZEALAND David Cohen Christopher Gan Hua Hwa Au Yong and Esther Choong March 2006 Commerce Division PO Box 84 Lincoln University CANTERBURY Telephone No: (64) (3) 325 2811 extn 8155 Fax No: (64) (3) 325 3847 E-mail: ganc1@lincoln.ac.nz ISSN 1174-5045 ISBN 1-877176-86-9 Abstract Customer retention is an important element of banking strategy in today’s increasingly competitive environment. Bank management must identify and improve upon factors that can limit customer defection. These include employee performance and professionalism, willingness to solve problems, friendliness, level of knowledge...

Words: 9602 - Pages: 39

Premium Essay

Electronic Usage Policy

...Policies of the University of North Texas Health Science Center 04.301 Acceptable Electronic Communications Use Policy Chapter 04 – Administration Policy Statement. The University of North Texas Health Science Center (UNTHSC) provides various electronic communication resources for the purpose of conducting business in support of UNTHSC’s organizational mission. UNTHSC is the legal owner and operator of all electronic communication resources purchased or leased with UNTHSC funds. All electronic records are the property of UNTHSC, not of the individuals creating, maintaining, sending or receiving such data or information. Each person granted access to UNTHSC electronic communication resources and electronic records is responsible for appropriate use as stated within this policy as well as adherence to all applicable federal, state and local laws. UNTHSC reserves the right at any time to limit, restrict or deny access to its electronic communication resources and records, as well as to take disciplinary and/or legal action against anyone who is in violation of this policy or applicable laws. Application of Policy. This document establishes organizational policies and procedures regarding the use of electronic communications. This policy applies to: 1. All electronic communication resources owned, leased, provided and/or managed by UNTHSC; 2. All users and types of use of UNTHSC electronic communication resources; 3. All electronic records generated or maintained in the...

Words: 2663 - Pages: 11

Premium Essay

Managing Customer Value

...to foster maximum returns from the customers, it becomes imperative to understand the differences between customers groups. Recognizing this diversity will enable value extraction from the investments. Unfortunately, most companies are unable to distinguish between the profitable and the unprofitable customers. One approach in measuring and managing customer value is the “Customer Value Management Cycle”. This cycle consists of 5 steps. 1. Customer segmentation; A proper segmentation drives profits by tailoring values to fit different customer needs. Thus, marketing should be correlated to different behaviors that steer customer profitability. Segments are dynamic and should be continuously refined as understanding of customers increases. Finally, including potential customers in the segments is also advantageous as it can help the company meet the needs of these customers. 2. Segment margins; Value from segmenting the customer base will be maximized when the profitability of these segments is measured. This in turn will allow formulating the right strategy and effective management. An effective method to increase margins is to locate the highest costs and figure out if there are possibilities to allocate these costs to customers. 3. Customer Lifetime Value (CLV); Customers generate cash flows in the current and future periods. Though, at the beginning of the relationship, large...

Words: 1016 - Pages: 5

Premium Essay

Dollar General Uses Integrated Software

...Abstract The purpose of this paper is to analysis the case study “Dollar General Uses Integrated Software” The paper will seek to understand various issues concerning the implementation of the system as presented in the case study. It shall discuss the various facts concerning the implementation including the reasons for the needing the system,explaining why the old system created problems for Dollar general.The paper shall consider any alternatives to the software in order to reduce costs. It shall also make suggestion on what other software Dollar general my acquire for Lawson Software giving reasons as to why the software acquisition is necessary. Dollar General Uses Integrated Software Introduction Information systems are a must have for any organizations once int has grown past a certain size. This is not to mean that small organizations don’t need information systems.This is systems are often implemented with a promise to garner profits or reduce costs,either why it earns the organization money.Dollar General company which deals with the sale of food, apparel, home-¬ cleaning products, health and beauty aids, and more,competing fiercely with other stores.It is quite a big organization operating more than 8000 stores in 35 states and generated an excess of $9.5b in 2007. The company doubled its size between 1998 and 2000. This rapid expansion caused the store a lot of problems including taxes,increased number of employees,increased number of purchase orders causing...

Words: 829 - Pages: 4