Employee Retention Essay Example | Topics and Well Written Essays - 2000 words

Employee Retention - Essay Example ty of a company to entice their work force to maintain allegiance and exhibit superior performance delivery in order to satisfy the organization’s clientele. A compromise on the latter may be equated to increased staff turnover and decreased employee retention which can, thus, rescind the organization’s services and customer care (Mohr et al., 2008). Several studies and researches have aimed to analyze the marketing impacts, causes and financial aspects that govern employee retention in order to make an accurate prediction and overall formula to help organizations maximize their human resources capital, minimize the negative feedback from the consumers of their goods or services and continually improve the quality of service that a company offers. However, despite these efforts, there may be no universal policy that can accurately predict employee turnover. In most cases, it is affected by the individual characteristics, nature and environment unique to a particular field of work and the labor environment it is subject to. Nonetheless, these researches have served as a basis for designing developing programs that can aid any human resources group to come up with a suitable plan to fit their diverse objectives and eventually execute a pioneering human resources program that benefits workers without endangering incomes (Etchings, 2005). This paper aims to consolidate the recent results of these studies and, eventually, come up with a general theme that can assess employee retention in work places. One of the major concerns of a company that elicits these kinds of researches on job retention and turnover is the balance in the expenditures incurred while maintaining new and old personnel. The reason being that low employee retention results in increased costs to the company due to the increasing costs of separation pay, job announcements, staff rehiring and employee training and upgrading. Estimated values show that these costs may be in the range $3000 to