Paper Example on Maximizing Employee Retention: Optimizing Institutional Knowledge for Success

Introduction

Employees’ retention strategies remain one of the most vital aspect of management-and often overlooked-productivity facets for enhancing massive efficacy in running a progressive and successful firm or public sectors (companies). Most economic researchers and human resource management professionals have mutually attested that compensation and safeguarding top-notch skills and talents play a plethora of significances such as optimization of institutional knowledge. Besides, it exponentially boosts the workers’ morale optimality, maintains the satisfied target consumers and customers, and explicitly promotes the growth of sales and their correlated production deliverables.

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Even though the employees’ turnover is a massive drain to the firms' human resource staff and financial resources, the consequences of losing a critical reliable, and skilled employee may severely impact and further simultaneously limit the sector’s productivity. Also, losing talents in the public sector may adversely damage morale and result in more costs on the departing workers' wages amid the process of seeking, retaining, and training the replacements.

While most human resource managers in public and private sectors (companies) presume that employees seek resignation and role terminations due to salaries and wages inadequacy, the reality phenomena affirm that a myriad of factors may initiate employee turnover (Scalco, 2017). It can be due to ineffective management, a feeling of unappreciation, incidences of chronically overworking employees, a dearth of dynamic advancement in the available opportunities, and so on. This, therefore, insinuates that the employees’ retention blueprint should exclusively focus on bettering and incentivizing all the significantly necessary employee skills, talents, knowledge, and experience in their respective fields of specializations.

Employee Retention Schemes

In-depth comparative analogies and path analyses of talent and skill retention strategies manifest the fiscal incentives and also depict additional effective schematics, which remains critical towards maintaining skills around for an unimaginable long haul. Firstly, the management should promote investments that encompass employees’ professional growth and development through the provision and availing opportunities for learning, growing, and maintaining new skills, knowledge, talents, or experience. This reflects an investment in the correlated employees' current and future or further career growth. A different economic resource facet on career development incorporates proposals like encouraging employees' attendance to professional conferences and workshops and mutually offering sound tuition reimbursements. In this context, it is also essential that the public sectors promote the creation of programs such as in-house mentoring and other internal promotional programs, which aids in boosting, from within, productive versatility.

Secondly, establishing clear-cut anticipatory policies may demote the employees’ feeling of obsolete and non-inclusive duty requirements, stringent firm policies and regulations, and the total disregard for the prevalent performance metrics through which the company will use for productivity evaluation (Singh, 2019). Improper scrutinization and the address of such managerial menaces would further initiate tremendous frustrations on workers and result in total morale demotion prompting the employees to seek employment elsewhere. To utterly remedy such uncertain occurrences, the management should intensify continuous consultative communication with employees to maintain an optimal understanding of the sector’s policies, occupational duties, etc. Besides, these company policies should be fairly applied to evade any unnecessary backfiring about regular feedback to employees concerning their service quality evaluations.

Thirdly, offering genuinely beneficial packages and prioritizing employee's feelings of valuation, which may encompass but not limited to affordable life and health insurance covers, ample family and sick leave in addition to meaningful retirement saving schemes, and fair treatment and respect to all employees respectively. Beyond these staples, it is of great elemental significance and vitalities for every public sector to deeply crosscheck what would utterly satisfy the needs and wants of their employees.

For better achievements, the management should consider incorporating flexible schedules, fiscal incentives, and support, physical fitness options like gym memberships and coaching. These are feasible approaches that enhance employees' wellbeing, which reflects customizable merit options through accommodation of the diversified workers’ demographics, varying from the Boomers and Millennials, that are definitely motivated and encouraged by numerously different factors. Additional terms like 'thank you' notes help recognition of employee effort amid service delivery. Effort and value recognition should also be promoted through greater rewards like bonuses, occupational rank promotion, genuinely supported payoffs, among other fiscal and noncapital advertisements that depict the excellent value of the employees' lives (Kamalaveni, 2020). In situations where most valid employee appellants are ambiguous, unique, independent, obsolete, or instead unknown, the concerned management team should go ahead and cordially inquire from them.

Furthermore, overburdening and providing employees with unmeaningful tasks are the epitome deterrents of talents, skill, and knowledge attraction and retention goals. Incidences of overwork initiate loss of focus and eventual project failures. As a result, no worker should be compelled to do so much work, but instead, encourage healthy workloads and optimize work-life equilibrium, which in turn scales back duty-loads hence higher productivity. Precisely, the management should understand the millennial employees. They consider a job as meaningful only if the employment contract can ultimately settle their bills. This makes company planners provide dynamic workers with varied duties that fit their anticipations. The application of stimulating responsibilities besides chances that identify and illuminate real occupational and anticipatory differences enhances an entirely engaging environment for the firm's ultimate production life.

Compensation as a Talent Retention Strategy

A sound compensation scheme plays an essential role in attracting and improving talents, which further keeps the employees around for a longer productive span. In a second amplitude regarding skill and talent optimization and retainment, the compensation criterion should also aim at optimizing a mutually non-conflictive organizational culture that would further escalate the company's production life cycle (Komal Khalid, 2018). Although, both the employers and the employees mutually agree on the wage and salary rate in a purportedly transparent process, in contrary, PayScale inevitably indicates that the concept of transparency remains a severe menace in the human resource management staff.

To effectively combat such challenges, the firm directors and management teams should carry out compensation communication education and training, among other cognitive and mitigative approaches. This would maintain the utmost good faith between the management, employees, and the universal employer. In a nutshell, compensation is an essential element that enhances attraction, maintenance, retention, and turnover of employees in a public sector (company or firm). Additionally, the employees should be treated with ultimate respect and integrity, just like fellow humans with varied personal lives and job goals, which are inherently worthy of social considerations and compliance.

References

Kamalaveni, R. S. (2020). A Review of Literature on Employee Retention. International Journal of Innovative Research in Management Studies (IJIRMS), 1-10.

Komal Khalid, S. N. (2018). Employee Participation & Compensation in the View of Employee Retention. Journal of Retailing and Talent Management, 78, 125-150.

Scalco, D. (2017). Effective Employee Retention Strategies. Journal of the ZIPPIA Career Expertise.

Singh, D. (2019). A Literature Review on The Employment Retention Schemes concerning the Recent Trends. International Journal of Skill Retainment and Management Studies, 420-450.