International Research journal of Management Sociology & Humanities
( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH
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CONTEMPORARY EMPLOYEE RETENTION PRACTICES
2 Author(s): PROF. (DR.) JYOTSNA DIWAN MEHTA,MR. VIRENDRA SINGH
Vol - 5, Issue- 5 , Page(s) : 29 - 43 (2014 ) DOI : https://doi.org/10.32804/IRJMSH
Employee retention is the ability of an organization to retain its employees. In these days of job hopping, reduced company loyalty, and high employee turnovers, hiring employees is just a start to creating a strong work force. It is of utmost importance that the organization works to keep them. This becomes even more important in the present scenario of an economic slowdown as high employee turnover costs business owners in terms of time and productivity. According to LBW Consulting (Leadership In Business, Worldwide), the cost of replacing an employee ranges from 29% (non-management) to 46% (management) of the person's annual salary. Then there are the sunk costs such as induction, training expenses and other