In this conceptual paper, I have attempted to bring out some employee retention approaches, which have developed over a period of time. Retention strategies for knowledge workforce, for achieving competitive advantage are also highlighted. | A study on employee retention in group of companies INTERNATIONAL JOURNAL OF MANAGEMENT IJM ISSN 0976-6502 Print ISSN 0976-6510 Online A STUDY IJM Volume 7 Issue 2 February 2016 pp. 385-395 http ijm IAEME Journal Impact Factor 2016 Calculated by GISI A STUDY ON EMPLOYEE RETENTION IN GROUP OF COMPANIES Ms. M. Buela Rose Assistant Professor Department of Management Studies K. Ramakrishnan College of Engineering Samayapuram Trichirappalli Ms. Leema Rose Student I MBA K. Ramakrishnan College of Engineering Samayapuram Trichirappalli ABSTRACT Employee retention is the foremost problem which all organizations are now facing in the global competitive environment. In this conceptual paper I have attempted to bring out some employee retention approaches which have developed over a period of time. Retention strategies for knowledge workforce for achieving competitive advantage are also highlighted. Employee Retention refers to the ability of the organization to retain its employees and it s emerging as a big challenge to organizations. Organization culture pay and remuneration flexibility and job satisfaction highly influence the retention rate for any company. Retention of employees is an important function of the HRM. Unless there is a deliberate and serious effort from the management towards this direction the competitors in the industry are likely to attract and snatch the talent already nurtured in the company over a period of time. Careful strategies for crafting and implementing employee retention strategies are a skill and should be given top priority by the management. The retention of knowledge worker has become extremely critical for the success of a business organization in the present scenario especially in the service sector with lot of people interface. HR department has to play a key role in designing the policies practices and strategies which can enable an organization to retain the human resources
