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An employer's ability to retain employees is no longer an aspect of being a "good" place to work. Top performers are literally a LinkedIn message away from being snatched from the team you've worked so hard to build.
Of course, it's only natural for employees to grow. People’s needs and wants for their days spent at work change—more so in our "quitting economy." Employees aren't staying in positions for decades, notes Ilana Gershon, associate professor of anthropology at Indiana University, Bloomington, "Good jobs were ones with a good salary and benefits. Now, it’s one that prepares you for your next job."
Employee turnover is costly. Turnover affects the performance of an organization, and it becomes increasingly difficult to manage as the competition for skilled employees continues to increase. Findings from a Chartered Institute of Personnel Development (CIPD) study on employee retention factors found that more than four-fifths of employers had difficulty retaining employees.
If your organization shares this struggle, it's time to re-evaluate your retention strategy. Below, we dive into 8 essential employee retention factors most modern employers ignore.