Employee Retention free essay sample

In today’s competitive environment retaining of employees has become a very challenging work for the HR department of any company. The study focused on S P Capital IQ emphasizes employee-welfare practices in order to establish a long term relationship with the employees. It suggests that by improving HR policies, employees feel more committed and encouraged to remain with the company rather than look for a job elsewhere. In the era of global business, quality of human resources, skilled and knowledgeable employees are highly essential. It is frequently noted that quality human resources act as a prerequisite for competitive advantage and competitive edge of any business. S P Capital IQ also engages many activities to retain talented employees by enhancing their career, personal growth, and organizational well-being, team day-outs, team lunches, and annual day occasion so-on- so-forth to retain the best with them. Retention seems to be a simple term but when it comes to action it is one of the most critical strategic aspects for any concern. In fact, hiring does not end when the candidate has accepted the position.Advantageous initiatives and well-planned processes must be firmly in place and consistently nurtured so that employees will have reasons to remain with your company for growth to continue. Following a well developed strategy will let you reduce recruitment through retaining your top-performing talent. Obviously, you cannot hold onto all your best people, but you can certainly minimize the loss. Reducing employee turnover is a strategic and vital issue, beneficial to your company’s bottom line.It has taken considerable time and resources to attain a staff whom you are proud of – to replace them starves your organization of many essential success factors (money, overall attitude, productivity, etc. ) and the company’s ultimate triumph. The intent of this whitepaper is to help you discover the importance of retaining your valuable employees and provide you with a list of solutions. Like an art collector who has spent time and research attaining that Great Master’s work which embodies the talent, skills and training of the artist, getting excellent staff requires the same passion.The collector protects the painting with superior security and environmental methods. In your position as a manager of people you must do whatever you can to keep that priceless individual who works hard for your company and generates strong results. As an experienced business person, you have undoubtedly used, or are in the process of using, effective hiring tools to assemble what you believe to be the best staff, with exceptional skills and who fit well into your company’s unique culture. In a competitive, professional world, top performers are often made a variety of offers before they settle on one career position.But once they are working for you, they need reason and motivation to remain. The old adage â€Å"Look after the small things and the big things look after themselves† can easily apply to your workforce. â€Å"Look after your people and the business will look after itself†. It could not be more relevant today as when it was first said. Your staff is more than employees. They are valuable individuals with unique competencies and characteristics who require appreciation as much as a paycheck. In fact, people are the single most valuable element within your organization.Without them, you simply cannot do business or generate revenue. It is not just human resource companies that are in the people business – every business needs excellent people to prosper. Can you think of a Fortune 500 company that reached success without top performing people who have g rown and developed over time with the company? Each individual who performs a function at your organization – no matter how junior or senior – are the puzzle pieces that fit together to create the larger picture of success. Missing one of those pieces puts a hole in the picture and stops your company being successful.