Executive Summary
In recent times, the HR Department of any company has been seen as a very productive department contributing towards the Organizational goals and objectives. With this, the expectations of management have grown up to a greater extent. Now, the HR is not just seen as a department for recruiting people but it’s mainly known for making the work enjoyable for every employee. HR is also known for keeping employees motivated at all times, in training them, helping in employees personal and professional lives and maintaining a balance in between and alas in retaining them. Therefore, the work of HR department has become tougher.
Beside various other HR systems and processes, the retention is known as an important tool for any Organization and almost every Organization is spending more on this area than recruiting new employees or anywhere else.
The Indian Economy has become very sound in last five years. The Indian Government has permitted to enter Multinational Corporations (MNCs) in India with which the opportunities for professionals have arisen. As a result, Industry has seen a rising attrition ratio in almost any form of Business. Therefore retention of the existing employees is both important in terms of economics and performance of human resources. In actual, the retention process starts at the time when any employee is separated from the Organization but I feel it starts during the interview process when a successful candidate is converted into an employee.
The important processes of retention are interview process, internal induction, training, final placement, organizational internal environment, people working in various department, colleagues, immediate supervisor, department head, compensation and benefits, HR policy, performance assessment, internal growth.
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In recent times, the HR Department of any company has been seen as a very productive department contributing towards the Organizational goals and objectives. With this, the expectations of management have grown up to a greater extent. Now, the HR is not just seen as a department for recruiting people but it’s mainly known for making the work enjoyable for every employee. HR is also known for keeping employees motivated at all times, in training them, helping in employees personal and professional lives and maintaining a balance in between and alas in retaining them. Therefore, the work of HR department has become tougher.
Beside various other HR systems and processes, the retention is known as an important tool for any Organization and almost every Organization is spending more on this area than recruiting new employees or anywhere else.
The Indian Economy has become very sound in last five years. The Indian Government has permitted to enter Multinational Corporations (MNCs) in India with which the opportunities for professionals have arisen. As a result, Industry has seen a rising attrition ratio in almost any form of Business. Therefore retention of the existing employees is both important in terms of economics and performance of human resources. In actual, the retention process starts at the time when any employee is separated from the Organization but I feel it starts during the interview process when a successful candidate is converted into an employee.
The important processes of retention are interview process, internal induction, training, final placement, organizational internal environment, people working in various department, colleagues, immediate supervisor, department head, compensation and benefits, HR policy, performance assessment, internal growth.
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