I need a discussion response to my peers post 1) What are the typical techniques

Question

I need a discussion response to my peers post

1)      What are the typical techniques used by organizations to retain good employees? List at least 3 techniques.

Turnover can become a costly expense for organizations so there are a few ways some human resource departments try to retain good employees. Our text states there are three types of turnover: voluntary, discharge, and downsizing (Heneman III, Judge, Kammeyer-Mueller, 2015, p. 676). Whether employees leave due to low job satisfaction, retirement, new careers, etc., the human resource department is left to fill the job. Retaining good employees is critical so having a good retention initiative is essential. Our text states the most effective retention initiatives include retention bundles, benefits, dispute resolution, and participation-enhancing work design (Heneman III, Judge, Kammeyer-Mueller, 2015, p. 692).

2)      Then explain each in detail.

Retention bundles include rewards linked to tenure. Research shows that involuntary turnover was lower in organizations that made long-term investments in its employees (Heneman III, Judge, Kammeyer-Mueller, 2015, p. 694). Having a good benefit package can be an extrinsic reward that helps retain good employees also. Finding what employee reward preferences shows active participation from the organization and allows for the HR department to hone in on what their employees want and need. Our text states that competitive salary and good health care coverage topped the list of most wanted employee benefits (Heneman III, Judge, Kammeyer-Mueller, 2015, p. 699). Extrinsic rewards can come in the form of extra vacation, sick time, career advancement, and bonuses for those long-term employees. Along with extrinsic rewards comes intrinsic rewards and depending on the employee they may value this more. Today’s generation seems to value work-life balance and an environment that is healthy and positive (Heneman III, Judge, Kammeyer-Mueller, 2015, p. 698). This can also help retain good employees.

3)      Which one(s) do you believe work best in today's workplace?

Using a mixture of both intrinsic and extrinsic rewards an HR department can help increase retention throughout its organization (Heneman III, Judge, Kammeyer-Mueller, 2015, p. 692). Finding out what your employees value is essential in offering the right rewards. Depending on the generation of employees an organization has can drastically determine if they value salary and bonuses over a good work- life balance. Being actively engaged in employees well being shows that the organization cares for its employees.

Chelsea Bakels

Resource

  Heneman, H., III, Judge, T., & Kammeyer-Mueller, J. (2015). Staffing Organizations (8th ed.). New York, NY: McGraw-Hill.

Explanation / Answer

I completely agree with the methods discussed regarding employee retention and I too believe that competitive salary and the rewards are quite effective in retaining employees. Our previous generation anyways was a bit too convenience loving generation and they preferred to be in their comfort zone and therefore had been associated for a long time with a single organization but time is changing and the process of doing business is changing and today's generation believes that there is nothing called comfort zone, if you want to succeed you have to be out of your comfort zone and that is the reason organizations possess high attrition rate and that too most of them are employee voluntary. I believe that in order to retain an employee the person should be provided with the type of work that he is expecting to do because there will be employees who desire challenge and there will be employees who want to continue with what they re doing. Therefore the approach should be different for different employee and I believe that this will actually work for organizations in the long run.

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