Employee Retention StrategiesBureau of Labor Statistics shows a growth of U. S. workforce at an annual rate of 1.6 % with added 79 million workers from 1950 to 2000. According to BLS, the annual growth rate in the native workforce of the United States is expected to slow to. 06% between 2000 and 2050 (Phillips, Connell, 2003). TPS is a leading provider of switching and e-payment processing related solutions and services to financial institutions worldwide. With over a decade of experience in the field of e-Banking, TPS successfully empowers the financial and self service infrastructure of over 100 financial institutions and Telco in over 27.
TPS consists of a diverse group of professionals with vast experience and technological backgrounds. TPS has a strong focus on its strategic vision developed for maintaining and creating a healthy workplace in which everyone is presented with opportunities for growth, learning and contributions to important corporate goals in order to fuel the workforce commitment. Using a strong research and theoretical base of what truly motivates employees; TPS has produced a report to find the strongest leverage, in large or incremental steps, for greater employee involvement, trust, leadership quality and genuine support of company objectives.
TPS understands that employee turnover is a silent killer of business productivity —yet it's a solvable problem. We understand that time is money to our organization. Every minute of every day that the employee retention problems persist, our organization is losing valuable time, energy, and resources. This report highlights the current retention strategies that TPS already practices, assessment and the importance of those strategies, some loose ends that we can tighten and some new employee strategies that TPS can consider to increase employee retention of key talented personnel.
TPS has carefully devised its retention strategy based on its company objectives and the reasons for employee turnover. Through its retention strategies, TPS aims to retain existing employees, provide its existing and potential employees a dream place to work but also make a productive work environment. Our retention strategies are important as they are directly linked to the company objectives. First, retention matters as it’s expensive to constantly replace people. The cost of attracting, recruiting, hiring, training, and getting new people up to speed is tremendously more costly and more wasteful than most realize.
Second, productivity is directly tied to retention. Companies with high turnover are at risk for low productivity. Studies from the Gallup organization show employees who have an above-average attitude toward their work will generate 38 percent higher customer satisfaction scores, 22 percent higher productivity, and 27 percent higher profits for their companies (Branham, 2005). Traditionally, researchers have sought to explain voluntary turnover amongst employees in terms of two factors: perceived ease of movement, and perceived desirability of movement.
Thus People generally leave if they are dissatisfied with their job and if job alternatives are available (Branham, 2005). However, while job dissatisfaction and available employment alternatives are clearly potential contributors to an employee’s decision to leave a given job, one of the most promising recent approaches to predicting employee turnover is the job embeddedness perspective developed by Mitchell & colleagues from the University of Washington (Branham, 2005). This approach recognizes that people stay with an organization for reasons other than how satisfied they are with the job that they do.