Body

The report is prepared to discuss about the various approaches and methods of managing employee retention and focusing on how the employers can measure the risk associated with the departure or exit of employees from the organization. The measurement and evaluation of risks are done by the employers and this is an important aspect of recruitment and selection falling under the concepts of human resource management (Armstrong & Taylor, 2014). The overview of the assignment is to demonstrate the abilities and skills of the employers that are used to make sure that the risks of employee departure are understood along with the ways by which it can be done.

Younge, K. A., Tong, T. W., & Fleming, L. (2015). How anticipated employee mobility affects acquisition likelihood: Evidence from a natural experiment. Strategic Management Journal, 36(5), 686-708.

According to Younge et al. (2015), the employee departure process is an important human resource management aspect that has been fueled by the attitudes and behaviors of employees. This is also dependent on how they can pursue their career goals and become successful in their future career, furthermore ensures employee mobility affection the chances of acquisition by other companies. With the increased demand for labor during the past few years, there has been more fluidity in the job market, because of which, it has become essential for measuring the risks of employee departure and what can be the risks associated the pursuing of opportunities at other organizations after departure from the present company (Younge, Tong& Fleming, 2015). The risks that are to be understood include influencing the decisions of employees with the help of an employee contract or agreement, which could discourage the employees from departing and under what terms and conditions including expiration of contract date, non-competes, eth. The employee departure voluntary is possible and so it is needed to understand the underlying causes of departure. This could assist the employer to understand the areas that have been gaps and assess the conditions, which might not have been considered or the employees’ requirements were mot taken care of, due to which, the employee departure has happened, thus increasing the acquisition likelihood and scopes too.

Singh, S. (2013). Work life balance: A literature review. Global Journal of Commerce & Management Perspective, 2(3), 84-91.

The major reasons for employee departure could be limited growth and success of the organization, poor salary, lack of challenges, inappropriate corporate culture affecting the workplace environment and not being considered as valuable assets. As stated by Singh (2013), the risks of employee departure are related to the risks in business, which can create doors for fraud activities and hacking of personal data and information, furthermore affect the management of human resources negatively too. Due to this, it is essential for the employers to consider various approaches and methods for ensuring that the risks of employee departure are mitigated to a large extent with ease and effectiveness (Singh, 2013). It becomes difficult for maintaining a proper work life balance, which further deteriorates the business functioning and creates lack of good working conditions and flexibility at work. Losing a credible and professional employee could affect the business functioning and thus it would be essential for managing the business operations properly and deal with the HR problem related to the professional risk management techniques.

Methods of Assessment

Cho, B., Lee, D., & Kim, K. (2014). How does relative deprivation influence employee intention to leave a merged company? The role of organizational identification. Human Resource Management, 53(3), 421-443.

The situation after employee departure can be dealt with calmly and with the best preventive way to not keep any contacts with the clients after departure, make them understand that they were valuable assets for the company, provide help and support to mentor or coach them to make them familiar with the business activities. As stated by Cho, Lee & Kim (2014), this would not only create a positive mindset among the employees about the employer, but would also facilitate the management of good brand image and reputation of the organization as well (Cho, Lee& Kim, 2014). The management of risks related to employee departure is by controlling the loss through proper prevention and reduction strategies. The employees should be kept happy and engaged for preventing risks as well as providing them with the right compensation benefits could influence them to commit themselves to the company rather than departing or leaving.

Pieper, J. R., Greenwald, J. M., & Schlachter, S. D. (2018). Motivating employee referrals: The interactive effects of the referral bonus, perceived risk in referring, and affective commitment. Human Resource Management, 57(5), 1159-1174.

Based on the statement made by Pieper, Greenwald& Schlachter (2018), the employee departure process is managed wisely by allowing the employees to communicate honestly and reduce any barriers that may hinder the undertaking of opportunities required to be managed. Offering them with coaching or mentoring sessions could also allow them to get inside another industry quite easily, furthermore become familiar with the relationships that are developed while choosing to leave the organization. The employees could be asked about their career growth path and then assist them to get there and this would be done by interviewing with the employees (Pieper, Greenwald& Schlachter, 2018). This would promote open communication and facilitate sharing and exchange of views and opinions required to form a great culture and ensure providing great working conditions for the employees too. It is an effective way to bring out the best of potential of employees and make sure to keep the preferences of employees in mind, so that the employee turnover rate can be reduced to the utmost level possible.

Deery, M., & Jago, L. (2015). Revisiting talent management, work-life balance and retention strategies. International Journal of Contemporary Hospitality Management, 27(3), 453-472.

Younge et al. (2015): How anticipated employee mobility affects acquisition likelihood

This paper by Deery & Jago (2015) emphasizes up on employee retention through the improvisations like work-life balance as well as talent management. Various attributes of organization as well as industry are compared in this assignment in regard with various dimensions of the employees in person as well as their work life conflict. Analysis of the organizational strategies have been considered as an important tool in this paper for understanding the level of job satisfaction among the employees as well as their commitment towards the organization and  parallely comparing the improvement in the rate of employee retention.

Empirical literature regarding the factors that leads to employee turnover have been reviewed in this paper in order to reflect the most feasible talent management strategies and the ways in which talent management can be successful utilized for employee retention. The analysis of the literature conducted in this paper exhibits that in every dimension of research, the ambiguities in the work-life balance becomes the main crisis factor at the time of realizing the context of successful employee management and employee retention. The Work intra-organizational factors like poor job satisfaction, lack in organizational commitment as well as workplace stress and alcohol abuse have been directly linked with dearth of work-life balance. Various strategies related to changing the internal atmosphere in the organization have been suggested in this paper. Again, this paper have also emphasized that since work life balance is a very critical factor employee retention, the organizations should also monitor the level up to which WLB have been achieved by employees.

The authors have further suggested that the Work Life balance is such an issue that is not easily recognized by the employees by themselves. As such, the human resource department of the organizations should reconsider the organizational policies so that WLB can be maintained by the companies. Maintenance of the WLB would also help the employees of the hospitality industry to lead a healthier life. As an impact, they would be able to serve the clients better as well as ensure that hey meet the criteria of their personal lives.

Conclusion

The assignment was focused on the evaluation of various risks associated with the departure of employees from the organization along with the ways by which, this could be prevented and the organization could function in an effective way. It was found that there were various causes of employees like lower wages, lack of compensation benefits, etc., which were needed to be assessed properly for making sure that the employees could be taken care of and treated as valuable assets of the organization. The training programs and providing them with benefits should be relevant and appropriate considering the fact that turnover of employees could be reduced along with increase in higher retention rate too.

References

Armstrong, M., & Taylor, S. (2014). Armstrong’s handbook of human resource management practice. Kogan Page Publishers.Retrieved on 17^th October 2018. Retrieved from https://books.google.co.in/books?hl=en&lr=&id=TCwoAwAAQBAJ&oi=fnd&pg=PR2&dq=Armstrong,+M.,+%26+Taylor&ots=wAkgUuZ_3r&sig=HgBit81rNCvWP6zlC1T1v7qFBQM#v=onepage&q=Armstrong%2C%20M.%2C%20%26%20Taylor&f=false

Deery, M., & Jago, L. (2015). Revisiting talent management, work-life balance and retention strategies. International Journal of Contemporary Hospitality Management, 27(3), 453-472.

Cho, B., Lee, D., & Kim, K. (2014). How does relative deprivation influence employee intention to leave a merged company? The role of organizational identification. Human Resource Management, 53(3), 421-443. Retrieved on 17^th October 2018. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/hrm.21580

Pieper, J. R., Greenwald, J. M., & Schlachter, S. D. (2018). Motivating employee referrals: The interactive effects of the referral bonus, perceived risk in referring, and affective commitment.Human Resource Management, 57(5),1159-1174.Retrieved on 17^th October 2018. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/hrm.21895

Singh, S. (2013). Work life balance: A literature review. Global Journal of Commerce & Management Perspective, 2(3), 84-91. Retrieved on 17^th October 2018. Retrieved from https://www.longdom.org/articles/work-life-balance-a-literature-review.pdf

Younge, K. A., Tong, T. W., & Fleming, L. (2015). How anticipated employee mobility affects acquisition likelihood: Evidence from a natural experiment. Strategic Management Journal, 36(5), 686-708. Retrieved on 17^th October 2018. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.2237