Training & Development: a Tool of Retaining Employees

fostering & spr let onment A tool of Retaining Employees face-lift NITIN GUPTA (ASST. PROF. IIMT HOTEL MANAGEMENT COLLEGE) The objective of this study is to show that provision & scramment is require for an cheek to retain its employees, as develop is activity leading to competent behavior and it realize the employees that what they want in life& knowing how to adjoin it, where they want to go and how to get there, how high they want to rise and how to pee off in the institution. The people in your organization ar your roughly weighty resource.It is not only essential to hire the precise beat let on employees but the pregnant is that a company retains those employees. teaching and re-skilling scoff loyalty. dressing is seen as expensive and a representation of making their employees loving to others. The risks involved, when weighed against the benefits, ofttimes mean that re information is overlooked in favor of recruiting extern each(prenominal)y. However, t he recruitment be of staff time before and after the hire and cover expenses equation favorably against staff ontogeny be. instruction employees reinforces their sense of value. Through training, employers wait on employees achieve goals and ensure they nonplus a solid grounds of their produce in mind over requirements. A mixed approach of valuing staff by developing skills, providing fire/motivating cash in ones chips while recognizing their individual contribution, a bulky side benefits and perks, will mean that you be an employer that employees dont want to leave. TOPIC prepare & growing A tool of Retaining Employees INTRODUCTION The people in any organization are most important resource.It is not only essential to hire the very best employees but the important is that a company retains those employees. information and re-skilling revive loyalty. Training is seen as expensive and a way of making their employees attractive to others. The risks involved, when wei ghed against the benefits, often mean that retraining is overlooked in favor of recruiting externally. However, the recruitment costs of staff time before and after the hire and direct expenses compare favorably against staff development costs. Employees leave organizations for many a(prenominal) reasons often these reasons are unknown to their employers.Employers need to listen to employees needfully and implement holding strategies to make employees feel valued and god in order to hold off them. These tight-lacedty methods lav have a significant and despotic collision on an organizations derangement rate. According to strategic preparation consultant Leigh Branham, SPHR, 88% of employees leave their demarcations for reasons other than knuckle under However, 70% of managers think employees leave mainly for pay-related reasons. Branham says there are s in time main reasons wherefore employees leave a company 1. Employees feel the job or croak is not what they expecte d. 2. in that respect is a mismatch between the job and person. 3. There is too little coaching and feedback. 4. There are too a few(prenominal) developing and advancement opportunities. 5. Employees feel devalued and unrecognized. 6. Employees feel stress from overwork and have a work/life imbalance. 7. There is a sledding of trust and confidence in senior leaders. WHY RETAINING EMPLOYEES IS IMPORTANT? turnover is costly. According to Right Management, a talent and passage caution consulting firm, it costs nearly three times an employees salary to replace individual, which includes recruitment, severance, lost(p) amentiferousness, and lost opportunities.Life Work Solutions, a proposer of staff retention and consulting services, provides the following turnover facts and rates Over 50 % of people recruited in to an organization will leave inside 2 years. One in four of new hires will leave within 6 months. nigh 70% of organizations report that staff turnover has a negat ive financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees thats required until the organization can modify the vacant post. Nearly 70 % of organizations report having difficulties in replacing staff. almost 50% of organizations experience regular problems with employee retention. From these statistics its clear that its important to develop a retention plan to retain employees and go along turnover low. If an employee resigns, then good amount of time is lost in hiring a new employee and then training him/her and this goes to the loss of the company directly which many a times goes unnoticed. And even after this no one can assure the same efficiency from the new employee (He might be part and might not be).It requires time to judge his capabilities and work nature. And above all these things, one resignation many a times triggers a strand reaction among other employees, leading to a negative e ffect. RETENTION METHODS here(predicate) are some effective methods employers utilize in order to go along employees happy and part of their organization instead of looking for employment opportunities elsewhere. Training Training employees reinforces their sense of value. Through training, employers help employees achieve goals and ensure they have a solid understanding of their job requirements.Its important for companies to establish coaching to employees so that their efforts stay aligned with the goals of the company and meet expectations. During an employees first few weeks on the job, an employer should provide intensive feedback. Employers should also provide formal and informal feedback to employees through out(a) the year. Mentoring. A mentoring program integrated with a goal-oriented feedback system provides a integrated mechanism for developing strong relationships within an organization and is a solid foundation for employee retention and growth.With a mentoring prog ram, an organization pairs someone more experienced in a discipline with someone less experienced in a quasi(prenominal) area, with the goal to develop specific competencies, provide performance feedback, and design an individualized career development plan. Instill a positive culture. A company should establish a series of values as the basis for culture such as honesty, excellence, attitude, respect, and teamwork (IOMA, 2008). A company that creates the right culture will have an value when it comes to attracting and keeping good employees (Main).Use colloquy to build credibility. No way out what the size of the organization, communication is central to building and maintaining credibility. Many employers get communication to flow up through a staff advisory council (or similar group) which solicits and/or receives employees opinions and suggestions and passes them on to upper management (IOMA). Its also important for employees to know that the employer is really listen and responds to (or otherwise acknowledges) employee input. Show appreciation via wages and benefits.Offering things like competitive salaries, profit sharing, bonus programs, pension and wellness plans, paid time off, and tuition reimbursement sends a powerful message to employees rough their importance at the organization. The rewards accustomed to employees must be meaningful in order to impact their perception of the organization and therefore have a marked influence on its retention efforts. Moreover, if an organization promises a reward, it should keep that promise. Encourage referrals and recruit from within. Having current employees offer referrals could help minimize confusedness of job expectations.Current employees can realistically describe a position and the environment to the individual he/she is referring. Another way an employer can diminish the impact of turnover is to hire from within, since current employees have already observe that they are a good fit in the or ganization. Provide growth opportunities. An organization should provide workshops, software, or other tools to help employees increase their understanding of themselves and what they want from their careers and enhance their goal-setting efforts.Its important to provide employees with fair to middling job challenges that will expand their knowledge in their field. According to Right Management, employees are more likely to stay engaged in their jobs and committed to an organization that makes investments in them and their career development. Make employees feel valued. Employees will go the pointless mile if they feel responsible for the results of their work, have a sense of expense in their jobs, believe their jobs make good use of their skills, and receive actualisation for their contributions.Employees should be rewarded at a high level to motivate even higher performance. The use of cash payouts could be used for on-the-spot recognition. These rewards have terrific motivati onal power, especially when given as soon as possible after the achievement. Its important for employers to say thank you to employees for their efforts and denudation different ways to recognize them. Even something as simple as a free lunch can go a long way towards making employees feel valued. Listen to employees and ask for their input as to what rewards might work best at your organization.Conduct meetings and surveys to enable employees to distribute their input (Branham). Most team members will work harder to carry out a decision that theyve helped to influence. Lower stress from overworking and create work/life balance. Its important to match work/life benefits to the needs of employees. This could be in the form of offering nontraditional work schedules (such as a compressed work week, telecommuting, and flextime) or extra holidays. When work-life balance is structured properly, both the employee and employer come out ahead.For example, the employer will experience more productivity in the workplace because employees will be less stressed, healthier, and thus, more productive (Wingfield). Encouraging employees to set work/life goals, such as pass more time with their children, communicates that you really do want them to have a life outside of work and achieve a healthy work/life balance. Foster trust and confidence in senior leaders. Develop strong relationships with employees from the start to build trust. Employees have to believe that upper management is competent and that the organization will be successful.An employer has to be able to inspire this confidence and make decisions that reinforce it. An employer cannot say one thing and do another. For example, an employer shouldnt talk about quality and then push employees to do more work in less time. In addition, employers need to engage and inspire employees by enacting policies that show they trust them, such as acquire rid of authoritarian style of management. HOW TRAINING WORKS IN RETAIN ING EMPLOYEES? erstwhile skilled workers are nestled within any organizations there is a second challenge in keeping them there and here training and education can play a crucial role.Retaining good employees is critically important to a companys bottom line. Many companies that fail to place adequate emphasis on training make the mistake of assuming that pay is the only important motivating factor for their staff. In 1999 the Hay concourse studied over 500,000 people in 300 companies to find out what promoted employee loyalty. The top three factors, mentioned by ninety percent of respondents, were career growth, skill and development exciting work and challenge and meaningful work, making a difference and a contribution. Fair pay and benefits was tenth on the list.After studying the above, following results are concluded as the outfit of training & development of employees Optimum Utilization of Human Resources Training and teaching helps in optimizing the utilization of h uman being resource that promote helps the employee to achieve the organisational goals as well as their individual goals. phylogeny of Human Resources Training and Development helps to provide an opportunity and broad structure for the development of human resources technical and behavioral skills in an organization. It also helps the employees in attaining personal growth. Development of skills of employees Training and Development helps in increasing the job knowledge and skills of employees at each level. It helps to expand the horizons of human intellect and an overall personality of the employees. productivity Training and Development helps in increasing the productivity of the employees that helps the organization further to achieve its long-term goal. Team spirit Training and Development helps in inculcating the sense of team work, team spirit, and inter-team collaborations. It helps in inculcating the zeal to learn within the employees. disposal Culture Trainin g and Development helps to develop and improve the organizational health culture and effectiveness. It helps in creating the learning culture within the organization. Organization Climate Training and Development helps building the positive perception and sense of touch about the organization. The employees get these feelings from leaders, subordinates, and peers. Quality Training and Development helps in astir(p) upon the quality of work and work-life. Healthy work environment Training and Development helps in creating the healthy working environment.It helps to build good employee, relationship so that individual goals aligns with organizational goal. Health and Safety Training and Development helps in improving the health and safety of the organization thus preventing obsolescence. Morale Training and Development helps in improving the morale of the work force. Image Training and Development helps in creating a better corporate image. Profitability Training and De velopment leads to improved profitability and more positive attitudes towards profit orientation. Training and Development aids in organizational development i. . Organization gets more effective decision making and problem solving. It helps in understanding and carrying out organizational policies Training and Development helps in developing leadership skills, motivation, loyalty, better attitudes, and other aspects that successful workers and managers usually display. CONCLUSION Its clear that having proper retention strategies is key in order to retain employees. Productivity is maximized when employees know their work. Offering opportunities to explore different options within the organization is one way of motivating the workforce.A company that is tuned into meeting employee needs should encourage causal agent across processes and functions. An environment that motivates and stimulates employees, managers need to incorporate motivation-building practices into their corpora te culture. These practices include listening to employees and respecting their opinions, basing rewards on performance, and trained them to develop their skills & being available to them for everything from listening to their ideas and concerns to assisting them with their career advancement.Rotation of functions provides a forum for constant learning and self-improvement. When employees are given a chance to grow in various functions, a positive work environment is created. Thus, employee morale and productivity are maintained at a very high level. References/ Bibliography Crosscut magazine, spring 2002 (article by Iain Macdonald, harmonise Director, Centre for Advanced Wood Processing) Harvard Business Essentials Guide to Hiring and Keeping the trounce People, Harvard Business Press by Sarah K.Yazinski, University of Scranton Training as important as salaries in staff loyalty By Gareth Morgan, IT Week Tuesday, July 31, 2001 0259 PM Handle with care motivating and retaining y our employees By Barbara A. Glanz Recruiting, training, and retaining new employees managing the transition By Jack J. Phillips, Sharon L. Oswald Retaining your best employees nine case studies from the real world of trainingBy Patricia Pulliam Phillips Web Page http//writer4u. com Submitted By Leslie Wood