Retaining Employees Essay by The Research Group

Retaining Employees
Examines programs & strategies to keep employees. Looks at issues of economics, job enrichment, empowerment, loyalty, training, perquisites and flexibility. Provides an example of Southwest Airlines.
# 13395 | 2,250 words | 10 sources | 1999 | US
Published on Jul 09, 2003 in Business (Management) , Business (Human Resources) , Labor Studies (General)

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From the Paper:

"Employee retention is a serious concern for the modern organization. In the past, employers had no need to focus on retention; workers competed for scarce employment resources. Now that the labor market is tight, employers are the competitors, and the competition is fierce. Key personnel are actively pursued by corporate headhunters, which has resulted in high employee turnover in some sectors. Savvy employers respond to the problem of employee retention by creating corporate cultures where employees are valued and empowered.
Employers are devising strategies to retain employees because of the high cost of losing them. Companies lose an average of $1 million for every 10 professional and managerial employees who leave (Fitz-Enz, 1997, p. 1). This estimate is based on an analysis of potential customer retention costs..:

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