Solution
Abstract
This report has focused on employee retention. Employee retention is a practice of organisations ensuring that their employees are satisfied in their organisations. The strategies influence the decisions of employees remaining or leaving an organisation. To ensure that organisations are successful in their roles, retaining the most qualified and productive employees is essential. In order to achieve this report aims, different secondary sources have been evaluated with the identified approaches in promoting employee retention being identified. The findings of this report indicate that through the adoption of varying retention strategies, organisations end up saving resources that could have been incurred by an organisation in recruiting replacements. There is a wide array of factors that influence employee retention, which are lack of a total reward system, demotivated employees, and lack of detailed support in their activities. For solving the underlying issues with employee retention, this report has recommended the need for organisations to harness their scope of investment in flexible working, total reward benefits, capacity development, and career progression opportunities. By integrating the identified approaches, employee’s willingness to stay in the organisation would be increased due to an improved trust level, loyalty, and enthusiasm in working in the organisation.
Table of Contents
1.1 Explanation of the Issue and Organisation background. 4
3.0 Critique of Literature Review.. 8
3.1 Justification of the Selected Research Sources. 8
3.2 Positive and Negative of the Data Used by Authors. 9
3.3 Application of the Findings in XXX Organisation. 9
4.0 Proposed Findings Presentation. 10
5.0 Research Process and Methods. 12
5.1 Key Stages of Research Process Summary. 12
Appendix 1: Survey Questions. 19
1.0 Report Introduction
1.1 Explanation of the Issue and Organisation background
Employee retention can be identified as varying strategies adopted in retaining employees in a company. Employee retention is measured in terms of an employee’s length of working in an organisation, mostly done annually. To measure the retention rate, a percentage of the entire employees’ number in place is calculated. According to CIPD (2019), employee retention has a direct impact on an organisation ability to achieve its overall set goals. Therefore, in this report, the focus is to evaluate employee retention strategies, specifically in XXX. From personal experience in XXX, they are currently affected by recurring costs to recruit new employees, selection, and induction. It is evident that in XXX, employee turnover has been ranked at 40%, with the retention being 60%. For turnover levels mitigation strategies, they are investing in L&D opportunities (35%), a systematic induction (52%), and recruitment and selection (32%). Additionally, a benchmark with Saudi Arabia (KSA) organisations elaborates that most of them suffer from upto 50% retention issues with turnovers being all-time high. This is equally affirmed by CIPD (2009) report that notes that the lack of successful retention strategies is linked to reduced organisations profitability and constrained growth. XXX has 300 employees working in their different subsidiaries with recently increased their profits by 20%. Based on this background information, this report focuses on evaluating the different approaches that can be adopted in XXX to harness their retention rates.
1.2 Aims and Objectives
As aforementioned, this report aims to review employee retention strategies. To achieve this aim, the following objectives are pursued;
- To evaluate the employee retention approaches used by XXX organisation
- To conduct a literature review on the employee retention strategies
- To provide recommendations on the most successful strategy for employee retaining and improvement of employee retention in XXX organisation
- To provide a suggestion of a realistic or optimum review data and the stakeholders engaged in implementing the strategies
1.3 Key Stakeholders
In this report, different stakeholders would be involved, specifically providing recommendations demanding their input for implementation. As illustrated in figure 1, stakeholder analysis matrix (Kennon et al., 2009), different stakeholders have been identified.
Figure 1: Analysis of Stakeholders
Due to the stakeholders’ different interests and power in their roles, it is essential to make sure that the recommendations are fully integrated into XXX practices. All the stakeholders would play a role in their successful implementation and also the recommendations.
2.0 Literature Review
To review the employee retention aspect, a study in PWC (2019) focusing on the human capital trends in the Asia-Pacific region can be reviewed, which identified different employee retention solutions. Through a reference on the different views of managers of different organisations in the region, a conclusion was made that employee retention is a strategic initiative of promoting employee retention and focused on their roles and as such productivity increasing in their organisation’s roles. The meaning is affirmed by Azeez (2017) study that notes that employee retention is a strategy intended to attract and retain the employees and reduce turnover levels hence reducing the overall costs incurred as a significant solution of retention.
Additionally, Thiruvattal and Prasad (2017) study pointed out that organisations’ need to invest in talent management and improvement of employees’ engagement levels can be considered a solution to retention. The study that had respondents from the Middle East region and, in particular, Saudi Arabia pointed out that organisations fail to implement effective retention strategies due to failure to be operational and non-strategic. Also, the Glassdoor (2017) report……………………………………………………………………………………………………………………………………………
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