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Monetary Rewards Effect Retention (Doc)

   

Added on  2020-10-22

8 Pages1962 Words224 Views
Does monetary rewards effectretention

Table of ContentsINTRODUCTION...........................................................................................................................1Does monetary rewards effect retention ?..............................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONEmployee Retention can be referred to an ability of a company to retain their employees.It can be presented through a simple statistic notes. Also, considered as every efforts which arerequired for retaining employee in their respective workforce. Therefore, retention is regarded asa strategy instead of an outcome. Employee turnover can be a symptom of several deeper issueswhich are not effectively resolved. It may be due to low employee morale, vague path of career,poor manager- employee relation and several other issues. Hence, retaining motivated andpositive workers that is considered to be vital for success of a firm. Does monetary rewards effect retention ?As high rate of employee turnover can lead to maximising several kind of expenses thatcan have negative impact on morale of company. There are numerous employee retentionprograms that serves effective way of making sure that important workers remain employed aswell as maintenance of their job performance .There are many planning which can be done for managing turnover for employees.Recruiters generally implies retention strategies for managing turnover as well as attractingquality employees in the firm. Programs related to retention can be focused for enhancement ofrelation. They must be provided competitive pay and other benefits in order to satisfy them.Apart from that, human resource department utilises all feedbacks which they usually receivefrom exit interview and other focus groups for improving many aspects that can retain employeesand facilitate in reducing turnover. Maintenance of performance can be regarded as the mostimportant reason for which workers should be retained in a company (Ahammad and et.al.,2016). Rewards are regarded to be one of the best solution for making every strategy successfulin order to hold individual in the company. Reward management focuses with complementationand formulation of policies and strategies that aims to provide benefits employees in a fair,equitable and consistent manner with respect to value of a company. This concept is related toanalysing as well as controlling remuneration, compensation and other related benefits. It aims increating and efficiently operating structure of rewards in a firm. Regarded to be a framework thatgenerally consist of paying policies and other associated practices, payroll administration,salaries, minimum wages, total as well as team rewards and executive pay. Major goal is to1

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