Question

Why employers retain workers?
more than 400 words. citation is needed if any have and also reference no plagiarism

Answer 1

Employers retain workers because it ensures that the business is able to conduct its day to day business in a seamless manner and the connect with the customer and a firm is retained. Businesses need consistency in order to survive in the market for a long duration. Retaining workers provides that consistency as most of its expenditure is than spent on capacity building alternatives and not on human resource management.

When employers fail to retain workers, it leads to instability and no assurance of maintaining any form of momentum as different workers have a different pace of work. When workers are retained, it leads to top level managers spending less time on retraining new employees which is eventually a cost to the company. There is a greater return on investments for the firms as retained workforce provide a valuable experience and strengthens the economic model of businesses.

A stable workforce which is retained leads to other people being reluctant to leave the firm and customers are increasingly self reliant on front end of the workforce. It takes time to build trust between the workforce and customers. By retaining workers, customer experiences and trust is also retained which increases the longevity of the business.

The new upcoming employees are more confident in the firm when they realize that workers have been retained by the firm. It ensures a sense of stability and workers working more diligently for the firm in the long run. Most of the time of the top managers is spent on focusing on the long term growth plan of the firm and not on training and retraining employees. This ensures optimal utilization of resources and economic efficiency.

When workers are retained, competitors don't benefit at the cost of the other firm as contacts and customer retention is ensured in the long haul. It ultimately ensures that the firm faces as limited competition as possible and is able to grow organically. Lower employee turnover reduces expenses and increases the firms morale at the end of the day.

Workers are more loyal to the firm when the retention rate is high and they are genuinely invested in the organization in order to ensure long term growth. This directly increases the profitability of the firm and the management can trust such workers in providing key insights which benefit the growth of the company at the end of the day. Thus the greater employee retention, more is the stability of the firm.

References :The Importance of Employee Retention, Explained 8 Ways : Tiny pulse.

Employee Retention - Importance : Tutorials point.