Employee Retention in UK Essay Example | Topics and Well Written Essays - 2000 words

Employee storage in UK - Essay ExampleOrganizationally committed employees will usually have good attending records, demonstrate a willing adherence to company policies, and have turn down employee turnover rates. In particular, their broader idea of job knowledge often translates into loyal customers and even pay premium price.Employee retention is an issue since the turnover levels from various industries atomic number 18 rising. Statistics show different percentages related to turnover rates as well as the reasons for the increasing turnover.Turnover levels vary very considerably from industry to industry. The juicyest levels of turnover (22.6%) are found in private sector organisations. Successive surveys of labour turnover show that the highest levelsare found in retailing, hotels, cateringand leisure,and among other lower paid private sector services groups. The public sector has an average turnover rate of 13.7%. (Stone, 2007) nearly a quarterof employees in the UK have been in their current jobs forfive years.As a proportion of aggregate turnover, the percentage of population leaving organisations through redundancy remains small. There was a slight decreasefrom 28% to 24%of organisations do more than ten people redundant during 2006 and in those operating a recruitment freeze from 24% to 22%in the course of the year.The cost of high staff turnover can be substantial. ... irect monetary costs of replacing staff but also other repercussions such as the potential red of key skills, knowledge and experience, disruption to operations and the negative effect on workforce morale. In addition, high turnover represents a considerable burden both on HR and line managers as they are constantly recruiting and training new staff. When seeking to resolve the problems associated with high turnover, companies must first investigate the fundamental causes. They need to have in mind an appropriate level of attrition by benchmarking against similar organisat ions and winning into account the real costs of turnover to the company. Different theories of employee retentionPeople are vital components for the potent operation of the organisation as a matter of fact, managers often say that people are their roughly important assets. The human assets are never shown on the balance sheets as a distinct category, although a big amount of money is invested in the recruitment, selection, training of personnel. Rensis Likert suggested maintaining accounts of the valuable human assets through human alternative accounting. The importance of the employees cannot be over emphasized because it can determine the success or failure of the organisation.Make-You-Happy run Teams (MAT) plays a critical role in managing employee retention. This is Z-Theory management. To briefly sate, Z-Theory management means everyone that is effected by a stopping point for the company gets a say or a vote in the decision (tons more on Z-Theory Management in another ar ticle). This means employees are directly involved in decision making that affects them. When then make decisions that directly affect them, they stay around longer. This theory can helper in managing employee retention due