Acquiring skilled workforce is just not enough in today's changing economy; instead a lot needs to be done to retain them. Losing knowledgeable and trained staff can cause serious damage to the company's progress and performance in the market. Since employees are a great asset to the company, their hard work and dedication towards work should be acknowledged, reinforcing their sense of belongingness. This article talks about the concept of employee retention and its relevance for making an organization excel in all dimensions.

Employee retention is all about taking measures so as to encourage workforce to remain in the organization for a maximum period of time. Retention is more important than hiring knowledgeable people as there is no dearth of opportunities for a talented person in today's world of intense competition. You as an employer should be well-equipped with making employees glued to your organization. Nowadays, we find people switching jobs often due to some or the other personal or professional significant reason. Following are some of the most important reasons as to why employees would like to dissociate themselves from their current organizations. Many a time, candidates find a mismatch between the responsibilities that they had expected and what is actually offered by the employer which ultimately leads to job dissatisfaction. Every job requires certain skill sets and a person needs to work on a job that matches his/her personality. If there occurs a mismatch between the two then performance is effected and the person will try out as many reasons as he can to quit his job. A candidate's career becomes stagnant if there are no learning and growth opportunities. Also, lack of appreciation and motivation from the supervisor lead to employees being unhappy in their workplaces and finally losing interest in their current job resulting into a shift. Other most prominent cause of employees leaving is, work-life imbalance that can lead to a lot of stress not only in their professional but also personal life.

Retaining talented employees from getting poached along with reducing the turnover costs are the key areas that need to be given some serious thought. Huge amounts are being spent on hiring and training the recruits and hence the cost of employee turnover adds a lot of money to a company's expenses. Employees who leave the organization take along with them valuable information regarding the company, its customers, current projects and other confidential data. Employees build relationships with customers and clients and helps the business of the organization to grow but once they leave, such relationships are severed and can cause potential customer loss. The unspoken negativity is automatically created once an employee terminates and can cause more turnovers. When the attrition rates are low the goodwill of the company is maintained thereby motivating the potential employees to join the company. Time is a crucial factor for a business to succeed and a huge amount of it goes in hiring and training a new employee, also involving large amount of money huge cost which is a direct loss to the company, if the employees leaves the organization.

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