Employee retention and development Essay Example | Topics and Well Written Essays - 3000 words

Employee retention and instruction - Essay ExampleEmployee retention is more difficult than employee enlisting process in western countries. The expense of recruiting and re-training a new worker costing anywhere from half to 200% of the departing employees annual honorarium(Hebenstreit, Ph.D. 2008, p.4). It is estimated that U.S. companies spent $134.1 billion on employee learning and training in 2008 (Kraimer et al, 2011, p.485). Normally an system of rules spends a demonstrable amount of money for the training and development purposes of its employees. When an employee decides to quit an organization, all the money spent for the training and development of that employee by the organization will be wasted. It is the duty of the human resource department of an organization to follow up strategies to snip employee dropouts or turnover. The UK average employee turnover rate is approximately 15% a year, although this varies drastically among industries. The highest levels of tu rnover are found in private sector organisations in retailing, catering, call centres, construction and media(Workforce Management, 2011). The high up employee turnover rate is huge when we compare it with employee turnover rate in other parts of the world. The reasons for higher employee turnover rate could be different like attractive offers from other organizations, dissatisfaction over the working conditions in the present organization, ill-health, personal problems etc. In any case, it is duty of the human resource department to reduce the employee turnover rate as much as possible. Replacing employee is not only time consuming, still expensive, costing you between50 to 100 per cent of that positions annual salary (Employee Retention and Recruitment Tips, 2009). This composition analyses the possible employee retention and development strategies, HRM department can implement in an organization. Theories related to Recruitment before analysing the employee retention and deve lopment policy in detail, it is necessary to evaluate the normal recruitment policies ad favouring by up-to-the-minute organization. In fact retention starts at the time of recruitment itself and therefore HRM professionals should start their efforts to retain the employees at the time of recruitment itself. Recruitment methods can be classified into two broad categories internal and external. intrinsic recruitment method is normally adopted by organization when it is in need of emergency requisite of employees at some places. For example, suppose the production four-in-hand of manufacturing indus interpret, has resigned due to some reasons. It is difficult for the organization to custody till the HRM department identifies a suitable person using external recruitment method. External recruitment process usually consists of many time consuming stages such as posting of recruitment ads in various medias, written tests, interviews, etc. The organization may not get a production ma nager at least for few months if it opts for external recruitment methods. It is difficult for a production oriented organization to manage its production works for longer periods without a production manager. So, when emergency occurs, such organizations will try to promote some of its existing supervisors to the production manager post. In other words, an organization may opt for internal recruitmen