EMPLOYEE RETENTION STRATEGY IN PRIVATE SECTOR

EMPLOYEE RETENTION STRATEGY IN PRIVATE SECTOR

RICHA MISHRA , Prof. AMRITA JAIN

School of Business

Galgotias University

Abstract

Employee retention is a process in which employees are encouraged to stay with the organization for a longer period of time or until the project is completed. Staff retention is beneficial to the organization and the employee. Workers today are different. They are the one who do not have good opportunities in hand. As soon as they feel dissatisfied with their current employer or employee, they switch to another job. It is the employer's job to keep the best employees. If they do not, they will be left without proper staffing.

A good employer needs to know how to attract and retain employees. Many employees feel that they are worth more than they are paid. There is a natural difference between what people think they should be paid and what organizations use to compensate. If the difference is too great and another opportunity arises, there may be some benefit. Remuneration is defined as the salary, salary, or compensation that an employee receives to trade for services rendered by an employee. Payment is more than "dollars and cents;" it also respects the value and significance of human contribution. What people are paid for has been shown to have a clear, reliable effect on profits in many studies.

Employees include the company’s most valuable assets. In a work environment where employees are unable to use their full potential and are not heard and appreciated, they may leave because of stress and frustration. In a transparent environment while employees experience a sense of accomplishment and being part of a healthy workplace, the company gains power, strong, reliable employees with bright new ideas for its online blog growth and earn money.

Key words: Employee Retention, Remuneration, Compensation, Employee experience