Retention Management Strategies

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In compliance with Brainmass rules this is not a completion of assignment but notes and ideas.

Retention management is the implementation of a planned strategy by employers to create and strengthen an environment that encourages present employees to remain with the same employer. Retention management is a set of practices that increase employee loyalty so that they do not leave the employer. For example, a company implements a system of performance evaluation, salary increases, and rewards that increases employee loyalty and binds the employees to the firm is retention management.
Influence of retention management culture is the impact of a set of policies, actions, and rules that encourage employees to remain with the company. There are several strategies that companies use to retain employees. A combination of such strategies and their organization wide acceptance builds a culture of employee retention. Some of the essential elements of such a culture are building relationships between employees and managers, building of trust with employees, and building skills. In addition, the company's brand is built in such a way that employees feel proud to be associated with the company. The culture is developed in such a manner that employee performance is enhanced and satisfaction also increases (1).
Retention management culture has tremendous impact on retention management. A strong retention management culture means the firm respects people and their contributions to the company (2). For example, the company goes out of its way to reward and appreciate employees who have put in exceptional effort. A retention management culture also means that the employees participate in the growth and development plans. For example, if the employee feels that if the growth of the company is sustained he will get a promotion or a higher salary. Further, retention management culture encourages employees to take more responsibility. Such a culture encourages employees by teaching them more skills and elevates employees to higher levels of responsibilities. For example, a worker at shop floor level is provided training in supervision and later is given the position of a foreman. Such an employee will be bound to the company. Where there is retention management culture the managers ...