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EVALUATING EMPLOYEE RETENTION STRATEGIES ON JOB PERFORMANCE
Abstract: Due to the increasing demand in the job market as a result of several job opportunities, good employee retention strategies are vital for achieving organizational success and performance. Considering skilled and innovative employees leaving an organization, will subsequently have negative effects on the organization’s survival. Employees normally abandoned their jobs when they feel dissatisfied and de-motivated by either their supervisor and /or other de-motivating factors such as low salary, annual leave allowance, maternity leave, rewards and incentives, remuneration, politics, poor communication among employees, lack of respect to employees by supervisor and management, undermining organizational culture by supervisor, training, and others. This will lead to an employer to loose valuable and determined employees to rivals in job market, loss of corporate memory, fracture employee customer relationship and most importantly, the moral standing of the organization goes down to the drain. Therefore, it is essential for an organization to retain the most valuable and experienced employees. Employee retention is referred to a method where employees are motivated to stay longer working in an organization, or for a specified timeframe of a project execution. The study examines the role of HR policies in retaining valuable employees in an organization. It further try to bridge the communication gap between employers and employees on salient issues in the organization by maintaining skilled and innovative employees of the organization for infinite time. The research also indicated that, green pasture, lack of opportunities, work-life balance, lack of recognition, low salary scale, poor reward and remuneration system, and study leave were among some of the reasons employees leave their jobs for better opportunities elsewhere. Retaining skillful and innovative employees should be of the utmost priority for all organizations and good retention strategies should be intended to retain highly innovative and talented employees. Motivation and free flow of communications produces best cultural commitment that will ultimately achieve organizational blueprint.
Keywords: Employee Retention, Organizational Performance, Motivation, Retention Strategies