Employee retention - an emerging trend in human resource management

Key employee retention is critical to the long-term health and success of the business. Research indicates that the total cost of employee turnover is about 150% of the employee's salary. Organizations have realized that retention of employees not only ensure the reduction of the cost but also drives customer satisfaction, product sales, effective succession planning and promoting organizational learning. It has become an established fact that ‘Employee Retention Matters’ a lot for the organizatwns. The present paper is an attempt to find out the factors responsible for the turnover of the employees and thereby formulating certain strategies for the retention of the golden collar employees. The paper highlights that there is not a sole strategy that the organizations can adapt for retaining the employees. It takes to understand the multi-fledged practices of the organization to retain people. It significance of the Three “R” Model, i.e. Requirements, Rewards and Respect as the major tool for creating a culture where employees can thrive and retained in the organization.