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The HRM and Employee Retention Rate

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INTERNAL RECRUITING EFFORTS:
Promotion from within concept - current employees are able to bid for jobs which are identified through HRM systems or referral by fellow employees; .e.g. UPD, McDonalds use these policies to develop candidates for promotion; 40% of the top 50 executives in McDonalds started out in restaurants. The promote-from-within-where-ever-possible policy has these advantages:
- Promotes good public relations
- Builds morale
- Encourages individuals who are qualified and ambitious
- Improves the probability of good selection, because information on the individual's performance is readily available
- Is less costly than going outside to recruit
- Helps with recruiting entry level workers
- Reduces orientation and training costs
- When carefully planned can also act as a training device for developing middle and to-level managers

The Principal Financial Group, one of Fortune magazine's "100 Best Companies to Work For," gets at least 40% of new hires by employee referral. Wegmans, a regional grocery chain that is also on the "Best" list, reports that one in five of their employees are related to another Wegman's employee. Many of these organizations include a reward if an employee referral candidate is hired for a position which is hard-to-fill. Referral bonuses a $10,000 or more are not unusual in these fields. Employee referrals are an excellent means of locating potential employees for hard-to-fill positions. Both organization and employee benefit. Higher-level positions, however, are more likely to be referred by professional acquaintance rather than a close friend.

Discuss: How does HRM implement employee retention?

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Solution Summary

The solution discusses the role of the HRM in employee retention. It mathematically defines employee retention rate. Retention has to do with recruitment efforts and that recruitment will be effective if it combines both internal and external recruitment efforts.

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How does HRM implement employee retention?

Employees leave the workplace because of "Poor working conditions, Lack of appreciation, Lack of support, Lack of opportunity for advancement, and inadequate compensation" (Cite HR, n.d.).
Addressing these concerns involves implementation by the employers these strategies:
- Relationship strategies focus on how you treat your people and how they treat each other.
- Support strategies involve giving people the tools, equipment and information to get the job done.
- Growth strategies deal with personal and professional growth.
- Compensation strategies cover the broad spectrum of total compensation, ...

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