[PDF] Human Resource Management | Assignment

   

Added on  2021-02-11

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HUMAN RESOURCE MANAGEMENTSubmitted by:Shivam PandeyShreya SrivastavaTushar Jain
[PDF] Human Resource Management | Assignment_1
IMPORTANCE AND CHALLENGES OFEMPLOYEE RETENTIONGone are the days when employees of an organization were considered to be a mere source ofmanpower. For decades now, Human Resources are being increasingly recognized as the livingorganism of the workforce. It is because of this reason that it becomes imperative to understandthe importance of not only acquiring, but also, retaining workforce in the organization. We lookat the need for customer retention, related problems and challenges, and finally, strategies andsolutions to facilitate the process:THE NEED FOR EMPLOYEE RETENTION1.Cost of hiring: Considerable financial and time resources are involved in the hiringprocess- constantly updating job specifications and job descriptions, screening resumes,interviews and selections, facilitation of training, et al. When an employee leaves theorganization, these substantial investments by the organization in its workforce are lost.2.Turnover expenses: The onboarding of a new employee costs 50-200% of theremuneration designated for the position. The cost and effort involved in familiarizing theemployees with the company rules, norms and culture as well as training anddevelopments costs contribute towards such figures.3.Knowledge gap: The knowledge accumulated through the course of day-to-dayfunctioning in an organization, when not transferred, creates a gap in understanding.
[PDF] Human Resource Management | Assignment_2

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