In the course of their existence all people have experiences and respond to the roots and traditions of their culture, spirituality and the social, political and economic conditions in which they find themselves1. Shift from one organization to another is also a type of response.
Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time. Retention of human resource is beneficial for the organization as well as for the individual too. Materialistic era and utility theory are responsible for changing of jobs. Corporate are facing problems in employee retention. Hiring calibre people to the organization is the perpetual need of organizations, but retention also is equally important rather more important than hiring. There is no dearth of opportunities for talent and potential, there are many organizations which are looking for the employees of same sector, who are not satisfied with their existing workplace. High rate of employee turnover is a warning to the management that something is wrong in the policies of the organization. Socially and ethically it is justified for the organizations to intervene into the reasons of employee switchover and try to retain its employees because of several reasons.
Employees leave the workplace for professional development or due to some personal issues and sometimes even for the sake of change. In each situation the reasons need to be noticed, to be taken care of and organization needs to take it as a social and ethical responsibility to retain the employees. In due course of time it is likely to get adaptable to the working conditions of organization, people feel comfort zone in the area and they get used to the setup of their home and work place. Organizations do take care of the social responsibility towards the families of the employees. If the geographical location is much far off then for a while their life gets disturbed. The problem doesn’t end here but the organization also has to suffer. If an employee quits an organization, the expenditure incurred on his recruitment and training will go waste, i.e. high cost of procurement, for existing staff it comes out as low employee morale and team spirit, it affects smooth working of organization, scrap and waste rates increases when new employees are involved, market reputation of the employer is adversely affected if the people gets a tendency to leave it.
It could be said that employee retention may benefit an organization in various ways, like monetary loss to the firm if the employee leaves without notice, when an employee leaves; he takes with him valuable knowledge about the company, customers, current projects, strategies, past history and many more, which could be used by the competitors. In a business relationships are developed between employees and clients and customers when an employee leaves that bond is severed. If an employee gets terminated or resigns an unspoken...