Training & Development: a Tool of Retaining Employees

command & suppuration A tool of Retaining Employees Abstract NITIN GUPTA (ASST. PROF. IIMT HOTEL MANAGEMENT COLLEGE) The objective of this study is to show that training & development is requisite for an memorial tablet to retain its employees, as readiness is activity confidential information to skilled behavior and it realize the employees that what they deficiency in flavor& knowing how to reach it, where they involve to go and how to get there, how high they want to ascend and how to take off in the geological formation. The populate in your organization are your most important resource.It is not only requirement to hire the very go around employees but the important is that a comp each retains those employees. Training and re-skilling liven loyalty. Training is seen as expensive and a way of making their employees attractive to others. The risks involved, when weighed against the benefits, often correspond that retraining is unnoted in favor of recruiting exter n on the wholey. However, the recruitment costs of staff time before and by and by the hire and get expenses compare favorably against staff development costs.Training employees reinforces their reason of value. Through training, employers benefactor employees achieve cultivations and ensure they encounter a solid understanding of their job requirements. A mixed lift of valuing staff by developing skills, providing interesting/motivating run while recognizing their soulfulness contribution, along place benefits and perks, will mean that you are an employer that employees dont want to leave al one and only(a) of absence. TOPIC Training & ontogeny A tool of Retaining Employees incoming The people in any organization are most important resource.It is not only essential to hire the very best employees but the important is that a company retains those employees. Training and re-skilling inspire loyalty. Training is seen as expensive and a way of making their employees attra ctive to others. The risks involved, when weighed against the benefits, often mean that retraining is overlooked in favor of recruiting externally. However, the recruitment costs of staff time before and after the hire and direct expenses compare favorably against staff development costs. Employees leave organizations for many reasons oftentimes these reasons are unknown to their employers.Employers destiny to listen to employees involve and implement retention strategies to make employees feel valued and engaged in invest to keep them. These retention methods can have a significant and positive impact on an organizations turnover rate. According to strategic planning consultant Leigh Branham, SPHR, 88% of employees leave their jobs for reasons other than invent However, 70% of managers think employees leave mainly for render-related reasons. Branham says there are s level off main reasons why employees leave a company 1. Employees feel the job or dieplace is not what they exp ected. 2.There is a twin between the job and person. 3. There is too little coaching and feedback. 4. There are too hardly a(prenominal) growth and advancement opportunities. 5. Employees feel devalued and unrecognized. 6. Employees feel judge from overwork and have a work/life imbalance. 7. There is a loss of trust and confidence in senior leaders. WHY RETAINING EMPLOYEES IS important? Turnover is costly. According to Right Management, a talent and life story management consulting firm, it costs nearly iii times an employees salary to replace someone, which includes recruitment, severance, lost productivity, and lost opportunities.Life Work Solutions, a supplier of staff retention and consulting services, provides the following turnover facts and rates Over 50 % of people recruited in to an organization will leave indoors 2 years. One in four of fresh hires will leave within 6 months. Nearly 70% of organizations report that staff turnover has a negative fiscal impact d ue to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees thats required until the organization can fill the vacant position. Nearly 70 % of organizations report having difficulties in renew staff. Approximately 50% of organizations experience regular chores with employee retention. From these statistics its clear that its important to develop a retention plan to retain employees and keep turnover low. If an employee resigns, then honest amount of time is lost in hiring a new employee and then training him/her and this goes to the loss of the company directly which many a times goes unnoticed. And even after this no one can assure the same efficiency from the new employee (He might be burst and might not be).It requires time to judge his capabilities and work nature. And above all these things, one resignation many a times triggers a chain reaction among other employees, leading to a negative effect. RETENTION METHODS H ere are some effective methods employers utilize in localize to keep employees happy and part of their organization instead of looking for employment opportunities elsewhere. Training Training employees reinforces their sense of value. Through training, employers help employees achieve goals and ensure they have a solid understanding of their job requirements.Its important for companies to give coaching to employees so that their efforts stay aligned with the goals of the company and meet expectations. During an employees startle few weeks on the job, an employer should provide intensive feedback. Employers should also provide formal and informal feedback to employees throughout the year. Mentoring. A mentoring program integrated with a goal-oriented feedback system provides a structured mechanism for developing strong relationships within an organization and is a solid foundation for employee retention and growth.With a mentoring program, an organization pairs someone to a greate r extent experient in a discipline with someone less experienced in a alike area, with the goal to develop specific competencies, provide performance feedback, and design an individualized career development plan. Instill a positive tillage. A company should establish a series of values as the basis for culture such as honesty, excellence, attitude, respect, and teamwork (IOMA, 2008). A company that creates the right culture will have an advantage when it comes to attracting and property acceptable employees (Main).Use communication to build credibility. No matter what the size of the organization, communication is central to build and maintaining credibility. umteen employers get communication to flow up through a staff advisory council (or similar group) which solicits and/or receives employees opinions and suggestions and passes them on to upper management (IOMA). Its also important for employees to know that the employer is really auditory modality and responds to (or ot herwise acknowledges) employee enter. Show appreciation via compensation and benefits.Offering things like competitive salaries, profit sharing, bonus programs, bounty and health plans, paid time off, and tuition reimbursement sends a powerful message to employees to the highest degree their importance at the organization. The rewards given to employees must be meaningful in order to impact their perception of the organization and thusly have a marked influence on its retention efforts. Moreover, if an organization promises a reward, it should keep that promise. come along referrals and recruit from within. Having current employees offer referrals could help minimize confusion of job expectations.Current employees can realistically describe a position and the environment to the individual he/she is referring. Another way an employer can diminish the impact of turnover is to hire from within, since current employees have already discovered that they are a good fit in the organ ization. Provide growth opportunities. An organization should provide workshops, software, or other tools to help employees improver their understanding of themselves and what they want from their careers and enhance their goal- cross outting efforts.Its important to provide employees with adequate job challenges that will flesh out their knowledge in their field. According to Right Management, employees are more likely to stay engaged in their jobs and committed to an organization that makes investments in them and their career development. Make employees feel valued. Employees will go the extra international nautical mile if they feel responsible for the results of their work, have a sense of worth in their jobs, believe their jobs make good use of their skills, and receive recognition for their contributions.Employees should be rewarded at a high level to motivate even higher performance. The use of cash payouts could be used for on-the-spot recognition. These rewards have terr ific motivational power, specially when given as soon as possible after the achievement. Its important for employers to say thank you to employees for their efforts and find different ways to recognize them. Even something as simple as a escaped lunch can go a long way towards making employees feel valued. Listen to employees and await for their input as to what rewards might work best at your organization.Conduct meetings and surveys to enable employees to share their input (Branham). Most team members will work harder to carry out a decision that theyve helped to influence. Lower stress from over work and create work/life balance. Its important to match work/life benefits to the pauperisms of employees. This could be in the form of offering nontraditional work schedules (such as a compressed work week, telecommuting, and flextime) or extra holidays. When work-life balance is structured properly, both the employee and employer come out ahead.For example, the employer will exper ience more productivity in the workplace because employees will be less stressed, healthier, and thus, more productive (Wingfield). Encouraging employees to set work/life goals, such as spending more time with their children, communicates that you really do want them to have a life outside of work and achieve a healthy work/life balance. Foster trust and confidence in senior leaders. Develop strong relationships with employees from the start to build trust. Employees have to believe that upper management is competent and that the organization will be successful.An employer has to be able to inspire this confidence and make decisions that reinforce it. An employer cannot say one thing and do another. For example, an employer shouldnt talk about quality and then push employees to do more work in less time. In addition, employers need to engage and inspire employees by enacting policies that show they trust them, such as getting rid of imperious style of management. HOW TRAINING WORKS IN RETAINING EMPLOYEES? Once skilled workers are nestled within any organizations there is a second challenge in keeping them there and here training and education can play a crucial role.Retaining good employees is critically important to a companys bottom line. Many companies that fail to place adequate emphasis on training make the mistake of assuming that pay is the only important motivating factor for their staff. In 1999 the Hay Group studied over 500,000 people in 300 companies to find out what promoted employee loyalty. The top three factors, mentioned by ninety percent of respondents, were career growth, learning and development exciting work and challenge and meaningful work, making a difference and a contribution. Fair pay and benefits was tenth on the list.After studying the above, following results are think as the output of training & development of employees Optimum Utilization of Human Resources Training and training helps in optimizing the utilization of adul t male resource that further helps the employee to achieve the organizational goals as well as their individual goals. Development of Human Resources Training and Development helps to provide an opportunity and broad structure for the development of human resources technical and behavioral skills in an organization. It also helps the employees in attaining personal growth. Development of skills of employees Training and Development helps in increasing the job knowledge and skills of employees at each level. It helps to expand the horizons of human intellect and an overall record of the employees. Productivity Training and Development helps in increasing the productivity of the employees that helps the organization further to achieve its long-term goal. Team spirit Training and Development helps in inculcating the sense of team work, team spirit, and inter-team collaborations. It helps in inculcating the pushiness to learn within the employees. Organization Culture Trainin g and Development helps to develop and improve the organizational health culture and effectiveness. It helps in creating the learning culture within the organization. Organization Climate Training and Development helps grammatical construction the positive perception and feeling about the organization. The employees get these feelings from leaders, subordinates, and peers. Quality Training and Development helps in meliorate upon the quality of work and work-life. Healthy work environment Training and Development helps in creating the healthy working environment.It helps to build good employee, relationship so that individual goals aligns with organizational goal. Health and Safety Training and Development helps in improving the health and safety of the organization thus preventing obsolescence. Morale Training and Development helps in improving the morale of the work force. Image Training and Development helps in creating a better incarnate image. Profitability Trai ning and Development leads to improved profitability and more positive attitudes towards profit orientation. Training and Development aids in organizational development i. . Organization gets more effective decision making and problem solving. It helps in understanding and carrying out organizational policies Training and Development helps in developing leadership skills, motivation, loyalty, better attitudes, and other aspects that successful workers and managers usually display. CONCLUSION Its clear that having proper retention strategies is key in order to retain employees. Productivity is maximized when employees enjoy their work. Offering opportunities to explore different options within the organization is one way of motivating the workforce.A company that is tuned into meeting employee needs should encourage movement across processes and functions. An environment that motivates and stimulates employees, managers need to incorporate motivation-building practices into their c orporate culture. These practices include listening to employees and respecting their opinions, basing rewards on performance, and trained them to develop their skills & being visible(prenominal) to them for everything from listening to their ideas and concerns to assisting them with their career advancement.Rotation of functions provides a forum for constant learning and self-improvement. When employees are given a chance to grow in various functions, a positive work environment is created. Thus, employee morale and productivity are maintained at a very high level. References/ Bibliography Crosscut magazine, spring 2002 (article by Iain Macdonald, consociate Director, Centre for Advanced woods Processing) Harvard Business Essentials Guide to Hiring and Keeping the Best People, Harvard Business Press by Sarah K.Yazinski, University of Scranton Training as important as salaries in staff loyalty By Gareth Morgan, IT Week Tuesday, July 31, 2001 0259 PM Handle with care motivating and retaining your employees By Barbara A. Glanz Recruiting, training, and retaining new employees managing the transition By Jack J. Phillips, Sharon L. Oswald Retaining your best employees nine case studies from the real world of trainingBy Patricia Pulliam Phillips Web Page http//writer4u. com Submitted By Leslie Wood