Unemployment, underemployment, recession are common issues faced by the economies in nations.
In today's high-tech era, employee retention is also becoming one of the challenging issues increasingly faced by the corporate world. Considering the fact that human resources comprise one of the most valuable assets of an organization, it becomes more of an obligation on the part of the corporates to retain and ensure employee satisfaction on the job.
Employee absenteeism, turnover and so on happen now and then in many organizations that reflect their lack of efficiency in manpower handling. Such scenarios can be avoided to a certain extent, but it may be difficult to completely remove it on account of the various complications annexed to such issues. Here are the major challenges that an employer or organization may face when it comes to retaining employees:
Money fulfills our material needs and wants. It is this materialistic motive that provides satisfaction for all the time and energy that we spend on our services provided by us towards the organization. When this expectation exceeds what we get from our hard labor, dissatisfaction automatically crops up and thus has its consequences. This may happen when the organization may not be able to meet the employees' expectation due to budget constraints. Negotiations may help but may fail when the employee is not willing to compromise.
Organizations may try to attract employees via lucrative opportunities thus creating greed in the minds of employees both in terms f money and position. In such cases, even counseling may fail, and ultimately the employees land up quitting their jobs for better ones
Selection of the right man for the right job
This is also a major blunder which companies may make while hiring employees. An employee may not be interested in his role in the company which the management may fail to identify in the beginning. So this may result in employee disloyalty and resignation in the long run thereby adversely affecting the cost factor in the company.
Monotony and boredom
Employees tend to get bored beyond a certain time span that they have spent in the organization. This may cause them to hunt for other jobs to break such monotony which in turn makes it all the more difficult for the management t convince the employees.
Thus manpower retention may take the shape of certain uncontrollable factors which may be a challenge to organizations and which need a good team of experts if it is to be solved in the best possible way.