-75%
Solution
| Retention approach- briefly explained | Similarities | Differences |
| Realistic job previews- Prior to being hired, prospective employees might get a good idea of what the work entails by viewing realistic job previews (Bilal and Bashir, 2016). Because only dedicated candidates are matched with positions that are a good fit for their skills and interests, this helps establish reasonable expectations and boosts retention. | All of these initiatives aim to improve workers’ daily lives in the workplace so that they are more invested, enthusiastic, and fulfilled in their work. Employees’ sense of purpose, value, and fulfillment in their work is boosted by realistic job previews, induction, job enrichment, and awards.
Also, to varying degrees, each method aspires to provide elucidation, agency, and satisfaction of various demands. Preliminary explanations set reasonable expectations, inductions provide orientation, work enrichment gives purpose and independence, and money or ego demands are satisfied by rewards.
Other commonalities include communication and socialisation. Methods include informing workers of important developments, assisting them in becoming acclimated to company culture, and demonstrating the relationship between employees’ efforts and the company’s success. This fosters a deeper sense of belonging to the organisation’s objectives.
The retention tactics are based on the idea of enhancing the quality of work-life experiences and relationships. Establishing conditions where employees desire to remain loyal, devoted, and fully active members of the firm for the long-term can be achieved by several means, such as managing expectations, providing onboarding support, assigning demanding jobs, and validating their work.
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Organisational expense:
Realistic previews and inductions probably don’t necessitate as much funding as job enrichment and incentives. Informing recruits and onboarding is relatively inexpensive compared to enriching jobs and compensation, which need substantial expenditure. Result for the worker:
Administration duration:
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| Induction- Through onboarding activities such as safety training, cultural introduction sessions, goal setting, and buddy support systems, an induction program acclimates new employees to their jobs and the organisation (CIPD, 2023b). As a result, new hires have an easier time settling in and are more likely to stick around for the long haul. | ||
| Job enrichment- By including more purposeful tasks, flexibility, feedback, and skill diversity into job descriptions, job enrichment seeks to increase retention rates (Keka HR, 2023). Providing employees with difficult and empowering assignments boosts their motivation and engagement. | ||
| Reward- In order to encourage performance and happiness, which in turn increases retention, organisations implement recognition and pay programs (CIPD, 2023b). Employees are satisfied and their worth to the company is communicated through monetary (wages, bonuses) and non-monetary (praise, benefits) incentives. |
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