Employee Retention is a challenging job and a strategic tool in ensuring competitive corporate performance. Providing training alone doesn't have a significant impact on retaining employees. Employers have to recognize employees' performance and encourage them by way of rewards. This article provides a brief introduction on employee retention and then goes on to discuss the importance of reward systems and the different kinds of reward systems available in today's competitive organizations for attracting and retaining the talented workforce.
Employee Retention is one of the critical measures that should be looked into for the long-lasting strength and success of the organization. Making employees feel that their presence makes a difference in the organization is an important way of retaining them. Some of the basic components an organization has to focus on when retaining its employees are: Managing the organization's culture and values, developing effective career opportunities, providing work-life benefits, providing high quality recognition and long-term rewards for the jobs done by the employees.
According to FedEx's HR policy, retaining employees is one of the most important aspects. The organization struggled hard to decrease its employee turnover while increasing its retention rates. Exit interviews were conducted for the employees leaving the organization so that the management could know the reasons for their leaving the job, and to know that if provided an opportunity, would the employees be interested in joining the job later. The main aim of these exit interviews in FedEx was to give a favorable image of the organization to the employees who were leaving it. Recognizing the importance of their employees and depending on their performance in the job, FedEx also offered several exciting perks and cash rewards.
Every organization must review its performance and see that it is able to meet the expectations of the employees and satisfy them. Employees should not be made to feel that doing a job and being loyal to the organization is not mattered. The negative attitude of employees towards the organization and their job will decrease their loyalty towards their work as well as organization. It is the duty of the employers to recognize the employees' performance and encourage them by way of rewards, instead of their employees themselves approaching employers for the rewards or recognition. |
