Human Resources (HR) are the most valuable asset in any organisation.Even though organisations advanced with technology, they need HR to run the technology.With this advancement in the industries completion among the organisations are very high.
Davies (2001) Retention Management is defined as a strategic, coherent process that states with an examination ofthe reason why employee j oin an organization.
Organizational health Organization Health refers to an organization's ability to achieve its goal based on environment that seeks to improve organizational performance and support employee well being.
Definition and Importance of Employee Retention The concept of employee retention was defined variedly in the literature. (2012) and James and Mathew (2012) defined the concept as a voluntary process by any organization to avail an environment which encourages and motivates people to remain with the entity for the maximum period of time. 38), defined it "as initiatives taken by management to keep employees from leaving the organization, such as rewarding employees for performing their jobs effectively, ensuring harmonious working relations between employees and managers, and maintaining a safe, healthy work environment."The importance of employee retention is well-documented in the literature, particularly in terms of turnover-related costs. (2006) noted that turnover is costly in that employers find replacement cost and hidden organization cost high, while employees find the monetary and psychological costs extremely challenging.
Chhabra and Mishra (2008) stated that "the corresponding costs to the firm with regard to employees' quitting the organization and the subsequent hiring or replacement of employees can be quite significant in terms of personal, work-unit and organizational readjustments." Allen et al.
The remaining 20 studies (20.8%) are either literature reviews exploring various HRM concepts and theories, or general reviews written by experts in the HR field (see Appendix).
These statistics demonstrate a clear deficit of qualitative studies addressing the issues, strategies and challenges related to employee retention in HRM domain.
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The major challenge by most of the organisation today is not only managing their workforce but also retaining them.
Therefore, securing and retention of skilled workforce plays a vital role for any organisation due to knowledge and skills of the employees are central to the institution’s ability to be economically competitive for growth and sustainability.