The Corporate Business World and Its Problems with Turnover and Retention

Employee turnover has been a major problem in today’s corporate business world (Nuhn). As a result, employers have tried to put into place various strategies in the reduction of the turnover to improve the retention rate within the organization. These strategies include: provision of competitive salaries with the necessary benefits, provision of appropriate training and programs for employee advancement and hiring of the right people. The hired people are required to have the right skills and be competent enough to foster the organization towards the achievement of its goals, vision and mission (Allen).

Showing appreciation via the provision of incentives and compensation to the employees within the organization is a key ingredient in the reduction of employee turnover (Allen). Benefit packages such as competitive salaries, life insurance, profit sharing, flexible working hours, bonus programs and reimbursement would bring a major positive impact to the employees. For instance, the benefit packages will impact their attitude and perception towards an organization thus leading to increased retention rate (Allen). This will ultimately reduce employee turnover. They will find it difficult and unhealthy moving to another organization (Nuhn).

Increased employee retention can be facilitated through the provision of appropriate training and programs to enhance employee confidence and a sense of value (Nuhn). These programs create a platform whereby employees get an in-depth know-how of their professional roles and requirements making it easier for them to achieve their goals. Personal growth and career development can also be realized through these training programs. Employees get knowledge and learning opportunities which will facilitate and help them better their duties (Allen).

Job-hopping within the organization is caused by failing to hire the right employees (Allen). As the employers put much emphasis scrutinizing the candidates, they should look for candidates with the required skills and competence. Those who would be interested in being valuable assets to the company rather than gaining experience and taking it somewhere else thus helping to reduce the possible future employee turnover (Nuhn).

It's evident that employee turnover would be drastically minimized by having proper retention strategies and techniques as highlighted above. An employee needs to feel valued and appreciated by being provided with training opportunities and be assisted to develop his career (Allen). High retention rate is attributed to suitable compensation and benefits packages such as competitive salaries and profit sharing. Provision of training and programs can also greatly reduce employee turnover. Therefore, employers have to adopt appropriate retention strategies to minimize the turnover costs (Nuhn).