A Study on the Impact of Employee Retention Policies on Organisation Productivity in Private Sector

A Study on the Impact of Employee Retention Policies on Organisation Productivity in Private Sector

Chandra Sekhar Patro (Department of Management Studies, GVP College of Engineering (Autonomous), Visakhapatnam, India)
DOI: 10.4018/ijabim.2014070104
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Abstract

During the last decade, employee retention has become a most critical issue for all private sector organisations as a result of the shortage of skilled labor, economic growth and employee turnover. Retention of employees is an important function of the Human Resource Management. Employees are the assets of any organization. The organizations have to strive to retain the talents of the employees by implementing effective retention strategies. These strategies would subsequently have an impact on productivity and sustainability of the organization. Employee retention refers to the various policies and practices which let the employees stick to an organization for a longer period of time. Organisations use different HR techniques for retention. In this paper a brief overview of literature from various research findings are employed using a descriptive study technique. The present study is an attempt to identify the various retention policies practiced in different private sector organisations and evaluate the effectiveness of these policies on productivity and sustainability of the organisation.
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2. Objectives Of The Study

  • The basic objective of the present study is to find out how far employee retention policies are important for the private sector organisations;

  • To identify the employee retention policies practiced in private organisations;

  • To analyse the satisfaction level of the employees with the existing retention policies practiced in their organisations;

  • To evaluate the effectiveness of retention strategies on productivity and sustainability of these organisations.

3. Importance Of The Study

In the present competitive era the private sector organisations are required to retain highly talented and well trained employees for effective organisational productivity and sustain in the market. Employee retention is about managing the people. If an organization manages people well, employee retention will take care of itself. Retention policies create a friendly work environment and make the employees to work for the betterment of the organisation. These policies make the employees not to leave the organisation and helps in maintaining good relations with the management.

The present paper focuses on the importance of making employee retention policies as an organisation wide issue. It would identify the various retention policies and the strategies for effective function of an organisation. It would also identify the benefits that the private sector organisations receive by implementing these retention policies.

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