1PROJECT MANAGEMENT Executive Summary Proper retention strategies are fundamental to retain employees. In order to successfully foster a workplaceenvironmentwhichstimulatesemployees,managersmustsincerelyinvolve motivation-buildingpracticesintoitscorporateculture.Furthermorepeoplemanagersare identify as the initial point of contact with employees and work with utmost integration with employee and manage daily relationships with them. As a result every organisation must have an employee engagement strategy which must be comprehensively articulated and robust in order to increase the level of employee retention within their organization. Companies in recent times have been witnessing a huge loss of three major tenders its rivals due to lack of employee engagement and enthusiasm towards the company. The paper provided comprehensive insights on CST, a multi-national communications software and systems developer serving the defence and emergency services industries which has been experiencing loss to its competitors with a declined market share and must act responsive to its employees’ need and demands. The paper further analysed retention strategies which CST will evaluate to efficiently make its employees feel valued and engaged to retain them. Background Employee retention is identified as techniques implemented by the management in order to help the employees engage with organisation for a longer period. Employee retention strategies have travelled a long way in order to motivate and engage the employees so that they can intrinsically stick to the organisation for the maximum time and contribute utmost efficiency (Deery & Jago, 2015). As CST has been experiencing struggles in retaining its employees to its tough competitors, the company must assess strategies to successfully retain its workforce and increase level of employee engagement.
2PROJECT MANAGEMENT Discussion Alnıaçık et al. (2014) have revealed that the role of line manager in efficiently fostering the level of employee engagement remains highly critical as over 90% of organisations utilise line manager’s open door policy. AguenzaandSom(2018)hasrevealedsomeeffectivemethodswhichCSTcan implementtoefficientlyretainaswellasattractitsemployeesandenhanceemployee engagement level to reduce the chance of employees to seek opportunities elsewhere. Mentoring-A mentoring program as per the view of author that is integrated with a goal- driven feedback method tends to offer a structured method for developing strong associations within an organization (Bode, Singh & Rogan, 2015). It is vital to note that implementation of strong mentoring program would facilitate struggling organizations like CST to pair off an experienced employee with a fresher or a less experienced one with a significant goal to develop specific skills and competencies (Deery & Jago, 2015). Efficient mentoring teams will further offer performance feedback and design a highly individualized career development plan. Provide distinct paths towards organizational success-As learning cannot serve as an addendumorreflectionitmustbeidentifiedasaprimaryfocusofanyproject management companies. CST being a project management organization must efficiently set up periodic learning events or workshops which will be conducted on a separate basis from daily work patterns (Bode, Singh & Rogan, 2015). As learning is intrinsically incorporated in the every project employees must be leveraged and encouraged in posting queries when they encounter any challenges or obstructions while executing any vital projects. However as per the view of Alnıaçık et al. (2014), efficiently investing on
3PROJECT MANAGEMENT employees’ knowledge development can aid in talent retainment as well as intellectual asset during times of tough competition among rivals in the industry. Thus by helping workforce acquiring skills, CST can both implement these strategies in their current role or further establish its role towards achieving promotion and keep employees engage, energized and invested in their company (Deery & Jago, 2015). Foster trust and reliability in senior leaders-In this highly competitive business domain, employees must exhibit immense reliance towards the proficiency level of upper management. Soosay et al. (2016) has noted thatTSA Management and Accuracoinstead of endorsing about excellence and quality or compels their employees to do greater amount of work. However, it has engaged and enthused its workforce by enacting policies which signify high amount of reliability, trust such as mitigating any forms of authoritarian style of management. Promote Referrals and Internal Recruitment- Alias, Noor and Hassan (2014) have stated that efficiently offering employees with impressive referral schemes tend to reduce areas of misinterpretation of job expectations. On the other hand, author has witnessed that existing workforce can pragmatically describe a position as well as the work environment to individuals whom the current employee is referring. Furthermore, as per Soosay et al. (2016) another important way CST can concentrate the impact of their turnover rate is to promote internal recruitment, as current employee base tends to be well-equipped about their flexibility with the organization.
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4PROJECT MANAGEMENT References Aguenza, B. B., & Som, A. P. M. (2018). Motivational factors of employee retention and engagement in organizations.IJAME. Alias, N. E., Noor, N., & Hassan, R. (2014). Examining the mediating effect of employee engagement on the relationship between talent management practices and employee retention in the Information and Technology (IT) organizations in Malaysia.Journal of Human Resources Management and Labor Studies,2(2), 227-242. Alnıaçık, E., Alnıaçık, Ü., Erat, S., & Akçin, K. (2014). Attracting talented employees to the company:Doweneeddifferentemployerbrandingstrategiesindifferent cultures?.Procedia-Social and Behavioral Sciences,150, 336-344. Bode,C.,Singh,J.,&Rogan,M.(2015).Corporatesocialinitiativesandemployee retention.Organization Science,26(6), 1702-1720. Deery, M., & Jago, L. (2015). Revisiting talent management, work-life balance and retention strategies.International Journal of Contemporary Hospitality Management,27(3), 453- 472. Soosay, C., Nunes, B., Bennett, D. J., Sohal, A., Jabar, J., & Winroth, M. (2016). Strategies for sustaining manufacturing competitiveness: Comparative case studies in Australia and Sweden.Journal of Manufacturing Technology Management,27(1), 6-37.