Analysis of Effective Retention Strategy: Today Interpretation of these Retention Strategies

Effective Retention Strategies
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Introduction
Human Resource departments in different organizations have the capacity to build and drive the knowledge assets within an organization. In this current dispensation, it is essential to note that the development and retention of talented employees remains a critical factor in the success of an organization. It is essential to note that keeping and retaining high performing employees remains a challenge for the growing organizations (Ananthan, & Sudheendra, 2011). However, many companies are bound to lose their employees, a factor that makes a company also lose their customers. The ever increasing pressures on corporates aimed at cutting down on costs thus resulting in layoffs and downsizing has remained a major factor that has diminished employee loyalty, the absence of job security and an increase in competition in hunting for talented workers. These factors therefore point out to the need to attract and retain talent.
Employee retention remains an essential element since when employees leave a company; they leave with an organizations intellectual property, investments, relations, with other employees and some clues about an organizations future. Through a retention strategy, organizations are in a position to provide effective communication with the aim of improving the commitment and enhancing workforce support that are essentially important in a corporate initiative (Ananthan, & Sudheendra, 2011). An effective employee retention approach is in this case is a systematic effort that is developed by an employer of an organization in an effort to retain the best employees and to ensure that the customers of an organization are satisfied, the products sales of the organization are increased, and satisfaction of the workers and an effective succession planning is articulated. This paper therefore aims at establishing an effective employee retention strategy.
Analysis of Effective Retention Strategy Today
Retention of employees as determined by several literatures ensures the long-term health and success of an organization. It is a well-known fact that the retention of a company’s best employees ensures the success of an organization in the market. According tothe Medical Laboratory Company, there is the combination of several retention strategies through an approach that ensures the provision of realistic job previews (Ananthan, & Sudheendra, 2011). In this process, the job candidates are made to understand the job they apply for thus giving the employee the broad picture of his duties and responsibilities in the job context. This approach is focused on helping the candidates understand the positions they will undertake and also
It is in this case essential to determine the fact that the retention strategy employed by TESCO primarily consists of non-financial rewards such as subsidized lunches, housing and educational grants, 70% medical aid contribution transport allowances to the non-managerial workers. For the managerial employees, the company offers benefits such as company cars, 100% medical aid contribution to the employees, subsidized lunch, fuel, education and housing grants, holiday bonuses, and a ...