INCREASED EMPLOYEE MORALE AND EMPLOYEE RETENTION

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                                                        (Helman, 2022)


Definition of Employee Morale

Employee morale refers to a person's attitude, level of contentment, and general outlook while working for a company or organization. If your company has a terrible culture, negative consequences like low productivity, low employee happiness, etc. will result. Just to start, it can most definitely result in increased staff churn.(Employee Morale: Definition, Affecting Factors, and How to Boost Morale | QuestionPro, 2018)

What is employee retention?

Employee retention may be a phenomena wherever staff conceive to continue operating for his or her current leader and do not sharply hunt for different employment opportunities. workers going the organization for a spread of reasons is turnover, that is that the reverse of retention.(What Is Employee Retention? Definition, Strategies, and Ideas, With Examples |, 2020)
(What Is Employee Retention? Definition, Strategies, and Ideas, With Examples |, 2020)

How to Calculate Employee Retention Rate

The formula to calculate your employee retention rate is rather straightforward. You simply divide your total number of remaining employees during a set period by the total number of employees you began with during that same period and multiply the number by 100.

Why is employee retention rate important?

Employee retention rate is important because it helps you understand how your business fares in keeping employees and whether or not there need to be improvements to your employee retention strategies.

If your rate tells you that you have lower retention, your business likely spends more money hiring new employees than helping existing employees succeed. In fact, according to Gallup, the cost of replacing employees can range from .5 to 2x times an employee’s annual salary.


References,

01.What Is Employee Retention? Definition, Strategies, and Ideas, With Examples | (2020) What Is Employee Retention? Definition, Strategies, and Ideas, With Examples | Spiceworks It Security. Available at: https://www.spiceworks.com/hr/engagement-retention/articles/what-is-employee-retention/ (Accessed: November 14, 2022).

02.Employee Morale: Definition, Affecting Factors, and How to Boost Morale | QuestionPro (2018) QuestionPro. Available at: https://www.questionpro.com/blog/employee-morale/ (Accessed: November 14, 2022).

Comments

  1. Udara DilshanDecember 2, 2022 at 2:38 PM

    What are the benefits for a organization to maintain good retention rate?

    ReplyDelete
    Replies
    1. Meshika DiddeniyaDecember 20, 2022 at 9:13 AM

      01.Decreased costs Simply put, turnover is expensive.
      02.Increased morale.
      03.A rise in production.
      04.Increased client satisfaction.
      05.less time is spent on training and recruitment.
      06.enhanced corporate culture.
      07.Increased staff engagement.
      08.Increased income
      I have mentioned few things here

      Delete
  2. Asfara BanuDecember 2, 2022 at 9:43 PM

    Can you further evaluate the challenges faced in Employee rentention?

    ReplyDelete
    Replies
    1. Meshika DiddeniyaDecember 20, 2022 at 9:15 AM

      I think Every employee has high pay expectations, and this is one of the main causes of employee departure from a firm.
      There are many job opportunities available, and there is fierce rivalry to hire the finest employees.

      Delete

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