Impact of HR Practices on Employee Retention: A case study on ''Salman Foods Pvt. Ltd''.

Abstract

Human Resource Management umbrella which includes employee recruitment, selection, hiring, training and development and sustaining the employees/retention of employees for Salman Foods Pvt. Ltd. Other than these functions the human resource management department within the organization (Salman Foods) has other duties as well, including the creation and implementation of different workforce related policies and regulations, compensation and benefits, allowances disbursement and fulfilling legal obligations of human rights for employees. With the passage of time when competition rises in the market, it becomes difficult for the companies to get highly qualified employees and valuable knowledge. And this is stressful situation when managers say that the required talent is not available in the market. Basically the main problem under observation in this research project is: “The impact of human resource practices on employee retention”. So many companies are facing the difficulty to retain their employees. Different studies on employee retention show that due to turn over company bare the cost 5 times more than an employee’s monthly pay. According to research studies 80% turnover is the reason of bad recruitment policies. Deeply looking at the turnover is becomes clear that turnover is not the problem it is the indication that there is some problem area in recruitment and selection or in some other segment of HR practices. Basically what the employee retention is? Employee retention basically is the process to keep the potential employee with the company by adopting different and effective policies and practices, until the project ends. The relationship between employee and the employer is most critical in term of motivation and retention. Employee retention is good for the organization to achieve its long and short term goals and objectives but on the other hand this is good for the employee as well from the perspective of career growth. The biggest challenge for the organizations is to retain them because today employee has so many opportunities to avail, whenever they will feel dissatisfied with their current job they go ahead to avail these opportunities . HR professional should understand the importance of employee development so that this will help them to retain employees, in order to achieve this objective the organization should provide the opportunity to its employees to perform some different sort of tasks so that they can increase their knowledge and improve their skills. As a result this skill development will improve the confidence of employees and their performance and they will feel happy to work with the company. In short, this project has been carried out by four group members who governed a proper survey of the organization to analyze the current Human Resource practices and their impact on the organizational status of Salman Foods Pvt Ltd. Employee retention. Furthermore, elaborate recommendations have been provided for the organization after analysis of the facts and figures collected from the survey to help the organization improve its employee retention policies and overall organizational