An Effective Employee Retention Policies as a Way to Boost Organizational Performance

Abstract

Several organizations in developing nations overlooked the most important elements determining employee retention as a strategy in achieving organizational outputs, making them to become victims of industry competition locally and internationally. The study was conducted to examine the factors that undermine employee retention in tertiary educational institutions in Sierra Leone. Good employee retention policies are crucial to the development of organizational success, as many organization view retaining talented and skillful employee as the basic foundation for reducing cost, and achieving organizational blueprint. Keeping the most talented employees will be the most engaged employees that know the cornerstone of the organization’s policies and operations. They are the main pillars of organization and to some extent, are willing to sacrifice themselves for the success of the organization. They worked tirelessly to attain organizational objectives. Therefore, much attention must be giving to them, more especially considering the factors that will motivate them to do their jobs excellently. They should be treated fairly and must be evaluated on the metrics that define employee retention strategies for organizational success. This is because the organization needs good employees for its day-to-day operations, and good employees make organization successful. Most organizations ensure that they retain the best employees by all means. Losing talented employee is catastrophic in terms of cost and others, making the cost to replace such employee quadrupling their salaries about 300%. Noting that the organization must have spent substantial amount of money on them, such as training, mentorship, scholarship, and other motivational schemes.