Employee Turnover And Retention Briefings Abstract: 49
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Employee Retention Factors [INQ7] Wednesday 11/10/04 8:34 PM
A recent study in the Philippines provides some answers as to what contributes to employee turnover in that country.
The greatest influences according to this study include:
- The quality of vision or strategy from senior management
- Opportunities for growth and advancement
- Amount of politics or bureaucracy
- Amount of job stress
- Compensation
- Link between pay and performance
- Companies responsiveness to employee needs
Based on the survey results, the authors suggest a variety of actions that can be taken to reduce employee turnover. Some of these include:
- Utilize surveys, focus groups and exit interviews to identify specific causes of employee turnover
- Provide competitive salary and benefits and special perks
- Create pathways for employee growth and development
- Improve supervisory skills of managers
- Communicate organization vision and strategy
The author cautions that employees' needs often vary by age and position. Therefore it's important for HR practioners to consider a variety of employee retention strategies that will meet the needs of all employees.
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