Human Resource Management and Employee Retention

Paper Summary:

This paper explains that the problem of employee retention involves such substantial sums of money that a great deal of research into the retention issue has been conducted. The author points out the importance of retaining employees through the strategy of engagement by 1) involvement in decision-making, 2) having management listen to their views, 3) opportunities to develop their jobs beyond what they were originally assigned to do and 4) the concern management shows for the health and welfare of the employee. The paper reports that a charity organization, which has been losing good employees because of an inability to "pay staff what they are worth", launched a new benefits package project to motivate retention, which offered such items as discounted child care vouchers and subsidized health care.

Table of Contents
Introduction
The Literature on Employee Retention - What are the Problems?
The Literature - Why do Employees Leave their Jobs?
The Literature - What Some Companies are doing to Retain Employees
Keeping Employees through "Engagement":
Keeping Employees through Reward Management
What is a Total Reward Strategy?
Keeping Employees through the "Psychological Contract"
Keeping Employees through Inspired Leadership - Charles Handy
Keeping Employees through Inspired Leadership - Kouzes & Posner
Employee Retention through Innovative Policies - Journalism (Literature)

From the Paper:

"The CIPD data published by TalentDrain shows that in order to retain good employees by meeting their psychological growth needs, 58% of companies institute "training and development" strategies, 20% of companies redesign job duties, and 29% implement mentoring systems.
In order to enhance "the everyday experience" of employees, 52% of companies utilize "improved induction processes"; 48% of companies surveyed work towards "improved communication"; 32% approach the "work-life balance" of the worker; 35% implement "flexible working" hours; 32% have established "family-friendly provisions" that go beyond the UK legal minimum provisions."

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