Relationship between Employee Benefits Management and Employee Retention
Employees are one of the most valuable assets in an organization. Nowadays the most important challenge faces by most of the organization isn’t solely managing their men however conjointly to retain them.
Therefore, acquiring and retaining a skilled workforce plays a vital role in any organization to the ability to be economically competitive for development and sustainability.
When taken into account, the significance and sensitivity of this issue of retention to any organization, this assignment is aimed to identify the relationship between Employee Benefits Management and Employee Retention based on some literature review.
Employees have been important resources for any organization. Even most of the organizations are advanced with technology but still, they need employees to run the technology.
However, the value of employees is not reduced in this situation in any organization because human resources are still required to operate technology. Due to problems like economic process, for most organizations, competition is becoming like Keener and keener.
This situation also affects the job market in the sense that the organization demand in human resources to remain the competition in their respective industries is higher. To remain more competitive, organizations need therefore not to only attract the best talents but also to retain them on the job for the long term.
The toughest challenge that organizations encounter nowadays is not only how to manage the people but also how to keep them on the job as long as possible and how to maintain them vigorous and ambitious.
This study focuses on employee retention. Employee Retention cares with keeping or encouraging workers to stay in a company for the most amount of your time Mita (2014) outlined worker retention as “a technique adopted by businesses to keep up an efficient man and at a similar time meet operational requirements”.
Bidisha (2013) represented it as “a method during which the staff area unit inspired to stay with the organization for the most amount of your time or till the completion of the project”.
The objective of this literature review study is to analyze researches previous carried out and aimed to identify the Relationship between Employee Benefits Management and Employee Retention that are commonly identified by numerous researchers because the basis of their call to remain within the organization.
In the course of this research which is descriptive in nature, the secondary source has been used. The types of secondary information used area unit analysis journals and books.
Many researchers approached employee retention using a group of individual factors such as employee motivation, job satisfaction, and organizational culture and benefits. However, the study analyzed retention on the idea of individual factors basis.
Reward management has strategic importance by contributing to the organization’s goals through reward policies, processes, and practices to support its implementation.
The core of having better benefits for employees in the organization is to meet the following objectives which are to attract the right people for the right job, to retain the best employee.
- Employee benefits play a vital role in staff retention.
- The employee benefits program of the group is designed to attract, retain and engage talented employees who help the organization, with their strong performance, to accomplish its goals and objectives (McDonald’s, 2013).
- The organization believes that the best employees have options, even with an uncertain economy. They believe in retaining talented employee (Fisher, 2008).
- As an initiative to retain talented employees, organizations are now going towards voluntary benefits which help employers to increase an employee’s salary (Lovewell, 2010).
- Some interesting findings of employee benefits by (Weathington and Jones, 2006) suggests that when offered both monetarily and non-monetarily benefits for employees, what works best depends upon the employer and employee relationship. To strengthen the relationship, employers introduced monetarily benefits for employees in the organization.