Term Paper on Employee Retention in MNCs
Employee retention can be signified by a simple statistic (i.e., a retention rate of 81% usually indicates that a company in the United States retains 81% of employees during a given time period). Companies follow maintenance policies and plan to reduce staff turnover and attrition rates and ensure that there is a long-term relationship between employees and employers.
The main challenge for a business is to ensure that a retention strategy is aligned with its goals in order to ensure maximum return on investment. Key areas for developing strategies for maintaining corporate social responsibility – is that the employees can stay in a designated organization for a longer period of time.
Retention strategies in multinational organizations include the tendency to hire the right people. This is because of the fact that the MNC will want to hire staff who have the right skill set for MNC Company, but who is also a good fit for the culture of the company. The fact is that even if the MNC’s found a highly-skilled individual but he/she may not align to the company’s culture. Moreover, it plays a crucial role as it relates to collaboration as well as ‘the way the organization works’ and the types of challenges. Along these lines, this individual may encounter for the duration of his/her time at the organization.
A friendly environment at the workplace increases the productivity level- that is instrumental in achieving success for both the individual and those of the organization. The main part is to ensure that the culture alignment is considered as one of the checkboxes that an MNC is using to measure the skills of the appropriate candidates. It is considered to be important to go through the onboarding process as in the form of a continuation of the extended hiring process. Furthermore, a definite onboarding process is considered to be consistent and at the same time strategic which in turn will render higher rates in the employee retention process as practiced by the MNC’s.