Open AccessEmployee Retention in the VUCA World: Challenges and Strategies
Author(s) -
Bandayak,
John Ben
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.c1014.1083s219
Subject(s) - employee retention , business , salary , employee morale , excellence , marketing , competitive advantage , job satisfaction , human resource management , employee engagement , globe , human resources , retention management , job enrichment , productivity , global environmental analysis , work (physics) , job design , job performance , economics , management , mechanical engineering , medicine , macroeconomics , political science , law , engineering , market economy , ophthalmology
Employee retention has become one of the major areas of concern for industries across the globe, considering the dynamics of the Volatile, Uncertain, Complex and Ambiguous (VUCA) business environment. Today global explosion in business creates more prospects, employees have become highly mobile and not restricting to particular job. It is universally accepted that human resources are the life-blood of any organization. In this competitive era, every organization has realised that human capital is the major source of existence, growth and excellence of any company. Employee retention is also significantly important to make the company more cost effective and save the time by avoiding frequent hire to newcomers. Moreover, it is the interest of the employer to retain and utilise the expertise of the valuable employees which further adds on to its productivity and profit. In today’s global work environment, technology has improved the global job opportunities with lucrative salary packages, flexible working hours, career opportunities, better workplace environment, on-line-recruitment facility and so on. Hence, it is a high time for the employers to keep regular track of their employees’ satisfaction, ambition, commitment, engagement, work-life balance and to modify the policies asper the requirement. This paper highlights various factors that can have impact on employee retention. Further, it derives a model or framework including the desired strategies which can be adopted for retaining honest, trustworthy and competent employees.