The basic step of employee retention is employee satisfaction, as they are no longer employees, but are Internal Customers to the organization. A strong association exists between employee retention and the quality of service delivered by the Organizations. If an employee feels sidelined or not getting due respect/returns, discord is unavoidable. Whenever talented employee leaves the organization it is not the employee but the organization who suffers the loss. The employee is never at loss because he being a performer gets better placement in a short duration but it take huge cost/time to the company to find a better/compatible replacement against that employee.
Loss Analysis Cost involved in losing a talented employee.
- There is the cost involved in finding a replacement.
- There is cost of training the replacement.
- There is cost of not having someone to do the job in the meantime.
- The loss of hold the person have on the workflow and processes
- The loss of morale in co-workers.
- The loss of trade secrets this person may now share with other
- A person leaving an organization becomes its brand ambassador, for better or for worse
What employees want?
A universal truth is that every human being needs to be valued and same applies to the employees. Whether it is an employee or a friend or a family member, when a contribution is made, recognition is what one seeks. When an employee is contributing his/her nine hours a day to the organization, he has some expectation that succeed the salary cheque at the end of the month. He wants to be getting acknowledged that, he matters and makes a difference. Also the financial component too plays a major role because at the end of the day if that's not there then he feels that he has not been really been recognized for his worth?