Volume : VII, Issue : IV, April - 2017

EFFECTIVE RETENTION PRACTICES IMPACT ON TURNOVER RATE IN HYDERABD ‘IT’ COMPANIES

Ch. Munendar Reddy

Abstract :

 Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. Also of concern are the costs of employee turnover (including hiring costs, training costs and productivity loss). Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover may include lost customers and business and damaged morale. In addition there are the hard costs of time spent in screening, verifying credentials, references, interviewing, hiring and training the new employee. Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. How to retain valuable employees is one of the biggest problems that plague companies in the competitive marketplace. Not too long ago, companies accepted the “revolving door policy” as part of doing. Nowadays, businesses often find that they spend considerable time, effort and money to train an employee only to have them develop into a valuable commodity and leave the company for greener pastures. In order to create a successful company, employers should consider as many options as possible when it comes to retaining employees, while at the same time securing their trust and loyalty so they have less of a desire to leave in the future.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Ch.Munendar Reddy, EFFECTIVE RETENTION PRACTICES IMPACT ON TURNOVER RATE IN HYDERABD ‘IT¥ COMPANIES, INDIAN JOURNAL OF APPLIED RESEARCH : Volume‾7 | Issue‾4 | April-2017

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