Abstract The Techniques, Methods, Incentives, Strategies And Policies Pertaining To

2707 words - 11 pages

Abstract The techniques, methods, incentives, strategies and policies pertaining to increasing employee satisfaction and retention were investigated. In the rapidly changing and highly competitive business environment of today, companies must develop and implement comprehensive, carefully thought-out plans that result in increased employee satisfaction and retention. In the past, financial compensation was seen as the primary means of retaining employees. The research discovered this to no longer be true. Today jobs must often be redesigned and tailored to fit specific types of employees. The findings indicate that employers must examine and take in to account the total environment in which the employee functions within and identify specific factors that will increase employee satisfaction and their desire to remain with the employer. The findings are congruent with the high retention rates in companies that have developed and implemented ways of thinking beyond just financial compensation.Knowing he right way to retain employees The talent war was increased in recent years and companies began to spend a lot more time managing their so-called human assets. Companies realize that one of the best ways to create a durable advantage over competitors is to retain and attract the best talent in the market. I found that there are possible factors, such as compensation and fringe benefits, job design, job customization, loyalty, intrinsic motivators, and hiring that could lead to retention of employees.Businesses have to focus their attention not only on potential recruits and current employees but also on their ex-employees. A company can?t expect to maintain a relationship with an employee who was escorted to the door by security when his or her employment ended, but HR executives can build effective relationships at the moment of departure, communicating the benefits of staying in touch and capture valuable information, such as the reasons for leaving, views about the company, future plans and aspirations, and contact information. Usually companies that are promoted by different industries do not rehire people who leave, it doesn?t matter if their performance was remarkable. It is increasingly harder to find good performers and companies need to realize that they do not need ?to slam the door behind departed workers who have been solid performers? (Stybel, Peaboy, 2001, p.92). Those workers who left might even decide to work for a competitor or find other candidates who may hire them.Companies deserted the idea of a promised job security in exchange for loyalty. It is easier for the companies to use layoffs, to refresh or adjust the ?corporate talent mix? as businesses are in the commitment of change (Craig, 2002, p.24). Companies make the mistake of loosing their top talent by not giving them the opportunities to make them more marketable. Diminished loyalty can result when companies fall short on their promises to deliver development of...

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