Retention

Retention: Manager’s Greatest Challenge

Monique N. Mixon

University of Maryland University College

MGMT 610, 26 September 2011

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Abstract

With the countries economic hardship still haunting many businesses, the most critical issue facing managers today more than ever is recruiting and retaining marketable employees. Employee retention is a challenging issue when it comes to the current standing of the United States. When employers lose employees, subsequently they lose the money that they spent on training that individual for a future within the company. All of the training that has been given to the employee now becomes an asset for the next employer. This paper will discuss in depth the issue of employee recruiting and retention and what managers can do in order to lower the turnover ratio within the company.

Recruiting and Managing Talent

Recruiting and Talent management is the strategic process of collecting the right individual for the right positions within the company. (Albrecht and Clarey, 2007) The organization needs to find the specific skills, knowledge, and behavior that can satisfy the needs and wants of the company on a long term basis. Obtaining these individuals is a hard tasks that requires and abundance of time and money, which most organizations just don’t have at this time. It is because of this factor, that it is extremely important that once the right individual is found for the job, the organization retains that person for the long-term. (Albrecht and Clarey, 2007)

Retaining the Employee

Many factors come in to play when it comes to retention of an employee. Not all employees require the same things to make them happy. In a survey conducted among the 356 employees of Deloitte Talent Edge, only 35% of the employees plan to remain with their current employer and the remaining 65% are passively or actively looking for new employment. (Koster, 2011) So, what would it take to retain these...