Retaining Employees Due To Job Market And Opportunities

Employers must have a need to retain employees and keep them in organization from leaving and going to work for the other organizations. This is obvious due to several reasons the biggest reason is the huge amount linked with appointing and retaining new employees. The finest and the best method to retain employees can be well done by providing them with job satisfaction and opportunities for enhancement in their careers but as the time passes the competition is getting tough and tougher and it is becoming too much hard and difficult for the organizations to retain its employees due to job market and opportunities (Fukui, et al., 2014). He examined that employers are starving hard to get and keep skilful employees to maintain a flourishing and profitable business and for this retaining the employees with their job satisfaction must be the first priority for any organization because the employees are the most valuable assets of the organization.

Employees are the backbone of an organization and their retention is very much important at each level such employees who are satisfied and please with their job designs are more committed towards doing a well job and taking care of customers that sustain the operation (Laddha, et al., 2012). According to the study the New Zealand due to stress and workload employees are unable to perform well the unpleasant environment in the companies and the workload on the employees cause an issue due to which they cannot work well, Studies have shown that employees who are complacent with their jobs are tend to be more fertile, creative and more intended to be retained by the organization (Akhtar, et al., 2008). Compensation and reward are being considered as important features of human resources management. The compensation system which an organization actually offers to its employees definitely plays a vital role in determining the commitment levels of employees as well as their retention. Money is such an influencing factor that shapes the behaviour of employees therefore compensation influences the attraction and retention of the workforce (Chipunza & Samuel, 2009).

America faced an issue regarding the turnover rate in health care industries for this they adopted mission oriented employee retention strategies in order to avoid sudden turnover rate and to make the strong retention strategies they went for competitive plans for the purpose of increasing employee retention while giving them benefits, good compensation and well training. It has been further recognized that when employees leave the organization so it requires to conduct the training again for the new employees which compels them to bear a high cost and then the new employees take time to be flexible(Newman, 1977)

The another case was being examined through the study which was related to higher education in South Africa, they suffered from the issue of turnover due to unfavourable working conditions and unattractive pays. The skilful employees migrate themselves to the other countries such as Europe and Australia which had a negative impact on South Africa’s job market. So in order to overcome this issue they started giving rewards, improved working conditions and provide attractive compensation to the employees (Nestwera & Rankhumise, 2005)

There are some external factors as well which cause the retention issues such as social, political and economic factor that actually shape the country as a whole. Employees are also likely to leave the country when they perceive the political instability of country, crime rates are the factors. The theory of need which was given by McClelland he focused on three needs such as achievement, power and affiliation. It has been studied that these three needs are most considered to retain employees if we first look at the achievement it is basically a key to be skilful, to achieve in relation, to set of standards and to put efforts to success. The requirement for power was defined to make the employee feel valuable and being considered for taking some decisions and they are being listened by others. The need for affiliation is very much important because no man is an island and human is basically a social animal therefore the employees have the desire to have a friendly and close interpersonal relationships (Irshad, 2008).

In the contrast the Equity Theory examined it is never all about just self satisfaction having an individual power that motivates them to retain the reason is this that as per the equity theory individuals are not just concerned with their own level of power, need and reward they receive for their efforts they are actually more concern about what others receive it is all comprised upon the input and output of one’s efforts, knowledge, experience and education because when the workers perceive a misbalance in their outcome and input ratio relative to other will definitely build disappointment therefore they get demotivated and they are about to leave their jobs because they strive for equality, justice and fairness (Irshad, 2008).

These theories have a limitation regarding implications of them sometimes due to politics; personal biasness due to which it is hardly implemented according to need theory the level of power at each level of employee is not being discussed and according to the affiliation factor it is not all the time required that every employee wants to have close interpersonal relationship they have just explained one personality trait and according to these two theories the equity theory is best to implement which is all about the fair and justice and can be implemented at each level of employees for their retention not only for the retention of critical employees.

It has been further recognized from the studies that there are numerous environmental factors that can be implemented or applied to provide employee job satisfaction for their retention. Motivation, justice, employer support all play a major role for the purpose of retaining employees and such organizations which are following these factors are most leading organization and they hardly face turnover crisis (Guthrie, 2001). It has been criticized and argued that because of shift towards standards the companies are now facing the issues and finding themselves in problem in making themselves different from its competitors because the workers go to the other organizations for the better opportunities and due to which turnover is being faced mostly in service sectors most probably this issue is faced by educational sectors and banking sectors(Howard & Hausknecht, 2009).

If we have a check on the range that which sector is actually facing the retention issues so it comes in determination that educational sectors are in problems to get rid of this issue, Further it has been studied that more high involvement practices of workers are practiced in an organization the greater will be investment of human capital in the organization because the investment in employees are justified when such investment are larger than future returns which will result in improving and increasing productivity (Mansell, 2006). In order to retain these valuable assets within the company or organization there must be high utilization of connection work practices which have two major indications; it will increase the employee retention and at the same time along with this it will narrow down the fear of losing employees. All those organizations that practices high employee involvement with good compensation system, justice, friendly environment are examined to have more pivotal because in those organizations the power of decision making and information is dispersed throughout the organization this always results in self-program and self-managing (Gerin, 2002).

The most of the focus was given of employee’s desires such as compensation, benefits and management development to retain employees but it was not being mentioned about the work hassles and work uplift. Furthermore it has been identified that psychological characteristics of job are also desirable tool for the retention of employees the biggest focus of employee retention is to reduce turnover and keep employees connected with organization because the turnover of employees is much costly for the organization and the cost which they cannot bear suddenly(Chipunza & Samuel, 2009). Retention strategies are being played by the organization to keep their employees committed to the organization for the long term. It has been acknowledged by the private sector organizations that the retention of critical employees is one of the major issues in organizations because their turnover is not bearable as they leave and go to another organization they also transfer their skills, expertise and trade secrets with them which can build even harder and more difficult situation for the organization(Michielsen & Kyndt, 2009).

It has been identified that when an organization loses a skilled employee there is ultimately a bad affect on creativity and development and it may affect the satisfaction of customers as well and hence it hits the production and profitability of an organization badly according to the study the simplest and most common strategies of retaining the employees are reward, training and development because they are most common and effective factors and strategies for the retention of employees and reducing the turnover level these strategies can be implemented in the form of increasing salary, promotion and training because they are those factors if they are not being used appropriately for employees they leave one organization and move towards another organization when there is a problem in management style, deficiency of competitive payment system, destructive workplace conditions, deficiency of job safety deficiency of promotion and inappropriate career and development opportunity all are the most prominent reasons for the employee for leaving his job therefore the vice versa use of these strategies will ultimately give the positive result in retaining the employees and overcoming the problem of turnover such organizations who have know how about what to do how to do and when to do the correct use of these strategies will always keep its employees for the long term (Ramlall, 2003)

According to the study the most of the focus was given on the retention of critical employees in most of the organizations and when we talk about employee retention so it means it should focus on the people of all rank and the organizations do not put much focus on the motivational factors of employees therefore the study is being conducted to determine the causes and effects of such factors which can influence the retention of employees at each levels at the service sector of Quetta.