MRK101 Introduction to Marketing - Free Samples to Students
Answer:
Introduction:
Employee retention is something that now a days is an issue for most of the organization irrespective of their sizes, now employees are getting more skillful and talented than ever, it is becoming a challenging issue for the organizations to retain their employees. Earlier the scenario was different and now in the age of fast paced technology the competition is getting tougher and tougher day by day and this competition is increasing the demand of the organizations to have skillful staff in their grounds. The organization has understood the concept that a loyal employee will bring a loyal customer, hence the organizations are given due importance to the retention of the skillful employees. The retention of the employees not only helps the organization with having an experienced staff in their organization but it also lowers the cost of replacing the staff. However retention of the staff is only possible, if the organization make their managers to learn that the employees can not only be retained by monetary but also with non monetary efforts. Hence if an organization wants to retain their employees the immediate superiors needs to learn that these employees needs care and appreciation, so that they can develop the feeling of belongingness to the organization.
It can be observed from the following review of literature that different leadership styles pose various problems that do not only include culture, commitment of the employee which helps in judging the proper solution of employee retention.
The employees of the organization are directly or indirectly influenced by the type of the culture of the organization, how the staff treats each other, what type of leaders are their and how the managers behave with the employees. After assessing all these things about an organization the employee make their mind to whether to stay with the organization or not. This study helps in understanding and exploring the different studies made about the participation of leadership on the retention of the employees.
Some people says that Management and leadership is same, but the reality is that they both are very different when compared. Management is about managing the organization every little or big activity, taking care about the resources, how things plans will be executed and when the plans will be executed is all what the management is all about. Management take cares about the right things to be happened at right time.. Whereas if we talk about what leadership is all about then it is about a leader and the leadership qualities, no organization can survive a day if it is not run by a leader. Leader is someone who know how to build an empire while taking all the employees on his back.. A leader is someone who not only will guide his sub ordinates but will also encourage them to be themselves and to achieve for the organizational goals.. if we talk about the management then even a great management of the plans are zero if there is no leader present in the squad to make the plans turn into reality. If we compare leadership and management then both holds their own importance in their own perspective. Leadership talks about taking all the employees of the organization together in the direction where the organizational goals will be achieved and positive results will come into the organization.
Employee retention
It would not be wrong if one says that the employee retention concept is not that old. It came into practice somewhere in the year 1970. Prior to this period there was no such thing called employee retention. Before 1970 was the period when there was a very little globalization. When globalization entered most of the countries the job market flooded with hundred and thousands of jobs and people were left with many options. This made the people to leave behind their existing jobs and to find new suitable and more beneficial jobs for themselves. This leaving of job brought huge losses to many organizations and they came up with the idea of employee retention. Organization started using different ways of stoping the employees from leaving their jobs, these ways were mostly the monetary and promotional benefits to the employees. However this retention was only limited to the skillful employees of the organization.
Retention is not only a technique but also a tool in the hand of the organization which they use when they fear of an employee leaving the organization. the upper management directs all the managers to retain the skillful employees and the high performance employees by giving them good benefits or appreciation so that the organization don’t fall out of good employees.
This research is based on the review and adopts different strategy to see how the leadership in this dynamic environment can affect the retention of the employees. It analyses the empirical studies to find how the leadership styles influence the employees ‘decision to stay of leave an organization
Findings of the study
It has been seen that in the passing years leadership has played a very important role that has helped in building a very good relationship among various employees and their companies. The employees can follow various leadership orders and different leadership styles to make their jobs secure.
A No. of. Different studies directed to explain several styles of leadership and each style has its own importance and explained with the degree of its success. Different leader’s uses different leadership styles, it is not necessary that leadership style followed by one leader will bring success if the same style is used by another leader. So it is a very common thing to understand that different leadership style will have different impact on the employee’s retention scheme of an organization. Now below we are going to discuss different leadership styles and how each style affects the retention of the employees in today’s dynamic environment, we will see:
Theoretical overview
From a very long time, leadership theories are being discussed and used in the different organizations for the betterment purposes. An authentic leader is the one who will always stand apart from the rest of the mass, it is tried by many philosophers of management and leadership to define what an actual leader looks like or how he leads the organization. Because of this, many theories came into light, many people; mostly philosophers, managers or researchers tried to bring their theories about leaderships, this is the reason why there are so many leadership theories. However there is no doubt that there were many different theories about leadership but the main base line of every theory was that leadership is a trait that can be learned and it is a biological trait as well. Another notable point about these theories were, they suggested that leadership is not about what a person can do with his capabilities but it is about what he can do with the given resources and methods. The leadership traits can never be inherted rather they are always learnt. (Westphal and Zajac 2013).
Leadership Theories
Dispositional theory also known as trait theory in psychology is a method to the study of human nature & personality. The developer of trait theory was majorly interested in the traits measurement; they know that habitual nature or patterns of a person can easily define their theory. According to the viewpoint traits are part of behavior that are do not change with the change in time, they may vary across various individuals (e.g. some people arc gregarious and some are not the same ), relatively dependable over sit1intio11s, and hence influencing the behavior. Traits often have contrasting effects with that of the states which arc more transitory dispositions. Trait theory gives you the authorization to understand about the actions of a human being. There are some theories and various systems, qualities are something an individual either has or does not have, but in many others qualities are magnitude such as extraversion vs. introversion, With each human being score somewhere down this range.
There are two methods that define traits: as interior fundamental properties or as purely expressive summaries, the interior fundamental description describes that personality manipulate our behaviors, leading us to do actions that don't try to deduce causality.
Behavioral theorists suggested that in order to gauge the success and effectiveness of a leader, we need not to do anything but to see his behavior towards different things and towards his sub ordinates, this behavior is a very good predictor of the qualities of the leader and it also suggests that if the leader is capable of achieving the pre-determined goals or not.
Contingency Theory
Now if we talk about what contingency theory is then it goes like this, we all know that there is nothing like perfect, it is just a myth that one can be perfect. So this pharse is fully understood by the organizations and what they have do in this theory is that they bring out best of their leaders according to the situation. Contingency theory deals with different situations. In this theory it is said that different leaders are presented there for different situations. Hence when an organization is in need of to achieve a target on time, then the organization will bring upon a leader that is very good in taking all the organization together to achieve the target and when the organization needs to encourage the employees then they will bring in another leader who is very good at encouraging the employees.
Retention of the employees
As discussed above, employee retention is the retaining of the employees of an organization by the management of the organization. when an employee leaves the organization it totally makes the organization stand at loss as because it is the organization who made that employee experienced and skillful. It was the resources of the organization by which he became skillful, but keeping all these things aside organization tries to retain their important skillful employees by different policies or different benefits.
Many researches have been done so far on the topic why employees leave their one job for another. Well there are a number of reasons behind this. Job dissatisfaction is one of the main reason behind this job movement from one organization to another. Research shows that employees having not so good relations with management also leave their jobs for better options. Low salary, very few growth prospective, are also some of the reasons One of the main reason for an employee leaving an organization can be the working culture of the organization. working culture of an organization is created and maintained by different managers, these managers follows different leadership styles, a manager having not so friendly leadership style will have a stack of employees full of frustration and anger. Hence leadership style is very important in employee retention.
Many authors like McGinnis Johnson and Ng (2016) institute, that sometimes economic reasons also pressurize manipulates the employees to quit for an organization. On the other hand, Nolan (2015) and Tillman (2013) believed that there is be a very strapping link among the intensity of job contentment and rate of joblessness. To them, job stress results in the employee turnover. Uncertainty in duties is also a major cause of stress and finally employee may decide to quit an organization. Bezrukova et al (2016) holds misapprehension connected with place of work anticipation can play a vital role in turnover·. The expectation of an employee prior to and after joining an organization is so many that he/she even starts planning their future but after a certain point when these expectations are not fulfilled they feel unhappy and stressful about their future so they decide to move on, this is where the organization fails to retain an employee.
According to Campione (2014) he believes that there is very close relationship between the monetary favor the employee is getting and between his performances. If the employee feels that he is giving the organization more but is receiving less in return then this might encourage the employee to leave the organization to find himself better options for his performance. In his conclusion he said that the organizations needs to follow the policy of rewarding the high performance employees else they will end up losing half of their skill and experienced employees.
There are a number of different leadership theories and practices that suggests the best way of bringing down the employees turnover by introducing open statement, building the trust, job enhancement, implanting prize methods, promoting justice and supporting the life of family for the employees of an organization.
Importance of leadership in the retention of the employees
The very first objective of any organizational management is to promote a working environment which not only brings the best out of the employees but also encourage them to co-ordinate with each other happily. It is very important for the managers to make such an environment which not only motivates the employees but also ignite the feeling of belongingness and loyalty in the heart of the employee so that even in case of him getting good opportunities, he still chose to be with his current employer. Now it can be seen that it is the responsibility of the organisation to make the employees stay in the organisation for as long as possible is not only given to the human resources department but the managers or the leaders of different departments are asked to use all their hooks and crooks to make the employee stay and not leave the organization for any other thing.
Leaders of an organization just cannot be a leader unless they have an appropriate leadership style. One can establish his/her own style but it need to be defined properly. However this does not mean that a leader can establish anything on their own terms or conditions, a leader is a one who makes the team win with joint efforts but never takes the credit alone. He ignites the fire of hardworkingness in the employees and make them valuable assets for the organization. It is a very importantly believed that when the upper management or the leaders, personally appreciates an employee’s work then he/she may wants to stick with the organization forever as he knows that the leaders have an eye on him and they certainly wants him to work for them no matter what. This is only possible with a leader having a very convincible attitude of communication and he never ever miss a chance to communicate with his/her employees, this communication make the employees believes that the organization really want to keep them.
Author like Kruzicb. Mienko and Courtney (2014) he believes that any organization that has a higher employee turnover is the reason that they have inefficient leaders or the leaders who are efficient but not good at communication. Hence employee retention is only possible if an organization have good leaders who know how to use the leadership in a way that it motivates the employees for the betterment of the organization. You may have seen some organizations where the employees are not even considered for the minutest of the decision making, the employees of such organizations are totally dissatisfied and not at all happy. Consequently, it is apparent in this text that the leadership traits are decisive in employee retention at the age of improbability. Organizations require obtain supplementary safety measures when hiring their managers to play the role of leaders, not just because they are going have the command of a department but also because they have the future of the organization in their hands.
Conclusion
There is a final conclusion presented, after going through all the facts and information about the leadership and job retention, we have come up with a suitable conclusion for this assignment. Leadership is a trait that you cannot see in every person, that is why most of the organizations before hiring their managers (leaders) goes through intense selection process as they know that if at any point they commit any mistake in hiring the leaders the whole organization will have to suffer with huge losses. Employee retention and leadership is totally related to each other, earlier making an employee stay with the organization was the work of the human resource department but now the organization has understood and employed their leaders to use their best of skills to keep the employee turnover rate as low as possible. It is very important for the organizations to hold their skillful and experienced employees and at no cost they can bear the loss of such employees, employee retention is only possible if a leader has best leadership qualities in him/her.
Recommendations
Gone is the time, when there was use to be only one leader in the organization that is the owner and every other person use to follow him blindly. Now the organizations have understood the concept and they have understood that in order to excel in the market they do not need employees but leaders, every person who is capable of doing something right in a right way on right time in right manner is a leader, he must possess the quality of taking all the other employees together with him towards the goals accomplishments. Steve Jobs, Barack Obama are some of the examples of the successful leaders who took together all their sub-ordinates and finally came up with good results which not ultimately brought good results to their organizations but to the society as a whole. Both these leaders are from different fields and had different leadership style but it was a dream for millions of people to work under them. Hence it is not your resources but your leadership traits and leadership style that makes you the best leader in the world.
Fortunately, l had the priYilege of developing a company that grows faster than what I was expecting A company that challenges my objectives and goals, and whose pyramid keeps going up. Such companies, that grow, develop and advance all the lime, provide a true constant cballeuge to managers who love, by nature, to mark goals.
Wishing all of us a challenging career with prod uctive and positiYe productivity,
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