Employee Retention Strategies in Service Industries: Opportunities and Challenges

Content Provider	Scilit
Author	Pradhan, Rabindra Kumar Jena, Lalatendu Kesari Pattnaik, Ranjan
Copyright Year	2017
Description	Book Name: Employees and Employers in Service Organizations
Abstract	Present day organizations are found to be taking all preventive measures to arrest attrition of their employee resources, but sadly they are unable to focus on retaining them. When we have introspected to explore the reason behind it, we found that action and attitude of bosses, managers, and the organization influences more than the salary, incentive, perks, etc. On the other hand, research findings have confirmed that today’s knowledge workers employed in booming service sectors have a deep desire to feel that they are succeeding and their talents and capabilities are used in the best possible way—creating a difference to their career and organization. Therefore, the onus lies on HR to identify what resonates with employees and accordingly devise policies and strategies to meet the preferences and interests of them. This kind of proactive approach is believed to augment retention. Progressive countries of contemporary times are lined up for robust hiring plans to cater the young and skilled workforce in service industries. The biggest challenge is to retain these young talents as losing them will have a huge impact on organization. This study is an attempt to visit the factors that affect employee retention in one hand and document some of the best practices followed by selected service organizations. The implications for practitioners’ are also discussed in light of the propositions. This chapter attempts to visit the factors that affect employee retention in one hand and presents some of the best practices followed by selected service organizations. Each and every good employee is found to be quitting for better jobs, and it stands as an important concern amongst Indian PSUs and Private MNCs. Therefore, for the human resource (HR) professional, the challenge is not only to attract the best talent but also to retain them throughout their professional career. Work-life balance has an important consequence for employee attitudes toward their organizations as well as for the lives of employees. Building an adaptive and strong organizational culture is a prerequisite for employee engagement and satisfaction, which in turn improves retention. Service-oriented organizations that are serious about managing and retaining talents need to develop a formalized strategy. The key to having an effective strategy is to fully understand the real reasons that people choose and leave an organization.
Related Links	https://content.taylorfrancis.com/books/download?dac=C2016-0-01287-3&isbn=9781315365855&doi=10.1201/9781315365855-3&format=pdf
Ending Page	70
Page Count	18
Starting Page	53
DOI	10.1201/9781315365855-3
Language	English
Publisher	Informa UK Limited
Publisher Date	2017-04-21
Access Restriction	Open
Subject Keyword	Book Name: Employees and Employers in Service Organizations History and Philosophy of Science Attitudes Employee Service Industries Career Retain Retention Adaptive Building Talents
Content Type	Text
Resource Type	Chapter