Retention plan

Introduction

    The health and long-term operation’s success of any company heavily rely on employees’ retention. Human resources are the heart of any organization and thus they are the most fundamental and vibrant resources of any company. However, with the current globalization issue, human resources are being replaced with the technological resources and thus most of the human resources are tasked with running the technology while some are dismissed as the job market shift into technology-driven operations. Managing as well as retaining of the employees has proven to be one of the most challenging roles that most of the companies are facing. Securing as well as retaining of these skilled employees is core to the organization’s capability to be economically competitive. Satisfying of these employees is yet another challenge that the current employers are facing presently. However, a retention plan, as well as a strategy implementation on job satisfaction, is needed so as to ensure that customer satisfaction is attained, organizational performance is enhanced and that effective succession occurs. Therefore, employment retention can simply be identified as the encouragement process of employees within the company to remain in the company for quite a long period of time. Finding new and better employees is quite a hard task and these kinds of employees are hard to find as the job market is becoming more competitive and thus the valuable employees are increasingly becoming hard to find (Das and Baruah 2013). As a result of these issues on the importance and the sensitivity of retaining and satisfying of the employees, the paper will thus review some of the studies that have been carried out on employees’ retention and job satisfaction. The paper will also focus on discussing on the scope of the retention plan and the outcome of this process, the feasibility as well as the implementation process of this retention plan and some of the evaluation strategies that will be put in place for this retention and job satisfaction process.

Scope of the Retention Plan

    Administrative center turnover is critical to nursing as well as the patients’ outcomes as it results in the loss of qualified as well as competent nurses. However, the development of coping as well as retention plan demands that a clear knowledge of the place of work variables that either inspires the nurses to stay behind in the organization or guide them to run off the organization (Asegid et al 2010). For a strategic retention plan to be effective, devoted resources including the employees and budget are needed. The retention plan will apply to all the employees’ positions in the entire pay plan within the company. The scope of the retention plan will be determined by the implementation of the processes that will enhance the incorporation of the employees, processes as well as the systems with performance and output enhancement within the organization. It will call for an ongoing devotion towards partnering between the management and the employees so as to foster a strategic approach to shaping the employee's retention plan and workplace design. This will involve the deep understanding of the employees’ team makeup, the environment in which they are working in the present and that which they will work in the future, their abilities, aptitudes and the necessary proficiency that is needed in the organization so as to attain their business outcome in the ever changing and competitive environment.

    The retention plan will address the retention goals of the organization as this will help in identification of the specific key workers that the organization does not want to lose them leaving. Retaining of all the employees is rather unrealistic and thus the organization must focus on the goal of retaining only the high-performing employees and those supervisors that the company feels that they have brought improvement and are capable of even bringing more developments within the business. This retention plan will then carry out employees’ surveys and exit interviews after determining the most valuable employees that the company wants to retain. This process will enhance the measuring of the extent to which these employees like the environment of the workplace and some of the changes that they would love to see in their jobs and in the entire company (Das and Baruah 2013). Employee surveys will focus on the current workers’ comments while the exit interviews will focus on the departing employee’s comments. Encouraging on the management support is quite important in achieving the retention plan outcome. This is because of the fact that managers are responsible for the assigning of duties that are challenging onto the employees thus keeping them fully engaged in their work and thus making them be excited about staying in the company. Thus as the retention plan is implemented, the managers are held accountable for the improvement of their employees’ retention and in the monitoring of their turnover rate. Retention measures will also be taken and they will involve the measures of actions that the company is willing to undertake so as to retain some of the valuable employees. These actions are established in the retention plan and they help in the identifying some of the necessary actions that would result in the satisfaction of these employees that the company is willing to retain as per the retention plan. 

Literature review

    According to Das and Baruah, there are many reasons behind the employees turn over through the employees shift from one organization to another and the resigning of an employee from an organization. The high rate of turnover and especially for the skilled professionals poses a great threat to the organization due to the human capital cost. These employees who are skilled are highly competitive for by other competing firms’ within the same industry. Most of the nurses according to these authors are influenced by dissatisfaction at their workplaces and this is the actual cause of the high rate of turnover. Other causes as to why there is a high rate of turnover is caused by pitiable personnel policies, poor enrollment policies, poor administrative practices, poor inspiration techniques and poor complaints procedures. It is thus clear that high rate turnover in the health sector is caused by dissatisfaction with the work, poor reimbursement, unsafe and detrimental conditions, not viable expectations, challenges and unhappiness with the job scope and conflict of administration (Das and Baruah 2013).

    According to a research carried out by Tran et al, it is quite evident that employers from both the hospital as well as those in the home health care settings are viewed as very essential by their employers. Thus the retention plan for them usually involves the creation of better communication strategies between the employees and with their employer. The retention plan also includes the provision of access to research information and resources for the practitioners, professional development, and correspondence between the employer and the employees’ values (Tran et al 2012). These are the most significant and viable strategies for reaching and the retaining of the health care professionals. However, despite the provision of these retention strategies, these employees usually consider other plans such as the provision of tangible resources, support of human resources, and work safety provision as additional strategies that could be improved and implemented in the retention plan. Prioritizing on these strategies for the varied workplaces settings will greatly target most of the appropriate employees but it will majorly contribute more on the recruiting of new employees with a reduction in the therapist as well as health care practitioners’ turnover (Tran et al 2012).

    According to Asegid et al, nurse turnover is an expensive problem that will consistently occur as healthcare faces the holding up of nursing shortages with a new generation of nurses being introduced in the health sector while the incentives offered to the nurses to work for the institutions raises. However, employment satisfaction which is the achievement, gratification, and enjoyment of working is one of the strategies that are essential in contributing towards employees’ sustenance (Asegid et al 2010). This job satisfaction is not all about the high rewarding and benefits that are given to these employees but they also include the feelings that the employees get from the job place and from the kind of work they are responsible for doing. Therefore, the ability to offer quality work, opportunity to learn more and to express creativity, the sense of pride that one gain in this profession and the realization of a job well done through appreciation and reward approaches are all contributors to job satisfaction. Other factors that help in creating job satisfaction include the ability to work in a team, the opportunity to develop oneself and social satisfaction through close relationships at the workplace (Asegid et al 2010).

    According to Allen et al, turnover is a major concern that is influenced greatly by the pay issue and that the raise in compensation is one of the best strategies that would offer a solution to the turnover problem. Therefore the author suggests two methods that are involved in the retention strategies in an organization. One of the strategies is the primary kind of strategy which is involved with the general standards of the retention administration and they are intended to assist in minimizing the turnover rate across the organization. The other strategy is the systematic form of retention strategy which is involved with more workplace specific turnover forces and is thus intended to readdress the organization specific problems and is often affect turnover among some proportion of the employees. These measures can thus be mutually exclusive and thus they are the best form of retention strategies that can aid in retaining of specific employees and thus determine the main causes of these turnovers and be able to come up with measures to minimize the overall turnover rate (Allen et al 2010).

    According to Bai and Bhutto, the scope of the retention plan that will involve activities such as remuneration, training, and development, career opportunities as well as employment balance are crucial tools that are essential for the retaining of valuable employees in the organization where the employees supports each other, relates well with each other, offers each other chance to engage, employees participation, inclusion in decision making and empowerment opportunities (Bai and Bhutto 2016). This, therefore, enhances the improvement in commitment as well as the motivation of the employees thus inspiring them o perform better in terms of economic performance and their own personal development. This allows them to be satisfied and loyal to the company and this continues to give the organization an added advantage as well as a competitive edge.

Feasibility of implementation the retention plan

    The feasibility of the retention plan will be established under the cost guidelines that will be used by the organization. This will help in ensuring that analysis, as well as evaluation of all the action plans as outlined in the retention plan, will be implemented all throughout the plan. The plan will have to be undertaken on a timely basis and it must adhere to the financial guidelines thus operation of this plan will be carried out in a sound manner (Tran et al 2012). This plan will involve the use of the finances effectively and reasonably towards ensuring that the time limits are achieved. The time limit of the retention plan will be within five years where the employees could be retained for a minimal of five years within the organization. After which a review on the retention plan will be carried out and another budget will be made to cater for the action plan to be established.

 

Evaluation strategies

    The most important role of the evaluation strategies is to measure the progress and be able to come up with what satisfies and what does not satisfy the employees in the organization. These measurements will be inclusive of the employees’ outlook, turnover, confidence as well as the engagement level of the employees. The evaluation strategies and monitoring of the retention plan will be put into practice over a five years period and it will be guided by an all-inclusive action plan. This evaluation strategy to be implemented will describe the actions to be put in place under each and every strategic objective in the retention plan, the activities as well as the monitoring and evaluation measures to be taken. The action plan will thus enhance the provision of the framework of the new plans, explaining how these plans will respond to the current and the up-and-coming employee market challenges and will offer a brief outlook on the present training schemes and services to be offered to the nursing employees. This action plan will be regularly reviewed so as to ensure that the implementation of the plans is constantly taking place and that it is still in line with the economy (Allen et al 2010). Some of these action plans will be put in place with immediate effect as they focus on the short term goal while others will have a long-term focus since they are determined to bring about a systematic change in the nursing department. Therefore, for the evaluation strategies to be effective in their performance, an implementation committee will be making it possible. Thus they will come up with a logic model in which they will use so as to measure the performance of these plans or strategies. The evaluation strategy will thus focus on the measurement of the outcomes from the action plans that were outlined in the retention plan. These outcomes will be regularly reviewed through the execution of the plans by the implementation committee who will measure what has worked out well, what has not and the various lessons that they have learned on the retention of employees and the improvements that can be made in the retention plan. The evaluation and measurement and monitoring process will include the measuring of the employees’ satisfaction through conducting of an employees’ survey annually so as to be able to know their rate of satisfaction or dissatisfaction with the organization (Das and Baruah 2013). Another evaluation strategy will involve the initiation of employees’ interviews so as to determine the core reasons as to why they either leave or stay in the organization. Provision of flexible working hours will favor most of the employees so as to enhance them to further their studies especially those who are part-time students. The evaluation process will also be involved in the investigation of the departments within the organization that has a higher number of turnover rates. This will thus enhance the improvement of the retention plan so s to ensure that they improve on the working condition for these employees and that a minimal cost within the economic range is achieved.

 

 

 

 

 

 

References

Allen, D. G., Bryant, P. C., & Vardaman, J. M. (2010). Retaining talent: Replacing misconceptions with evidence-based strategies. The Academy of Management Perspectives, 24(2), 48-64.

Asegid, A., Belachew, T., & Yimam, E. (2014). Factors influencing job satisfaction and anticipated turnover among nurses in Sidama zone public health facilities, south Ethiopia. Nursing research and practice, 2014.

Bai, S., & Bhutto. (2016). M. HRM Practices in Improving Employee Retention in Pakistan, Where Employee Value as a Focal Point.

Das, B. L., & Baruah, M. (2013). Employee retention: A review of the literature. Journal of Business and Management, 14(2), 08-16.

Hejase, H. J., El Dirani, A., Hamdar, B., & Hazimeh, B. (2016). Employee Retention in the Pharmaceutical Companies: Case of Lebanon.

Tran, D., Davis, A., McGillis Hall, L., & Jaglal, S. B. (2012). Comparing recruitment and retention strategies for rehabilitation professionals among hospital and home care employers. Physiotherapy Canada, 64(1), 31-41.