Driving business by holding on to your team.

  



The secret to success in today's fiercely competitive environment is constant improvement. A corporation is only as strong as its weakest link, despite the tendency of some executives to believe that they are indispensable. Bringing in new recruits changes thinking patens, creativity, and skill and helps existing employees get a different outlook on the existing problems and challenges. Because of this, investing in your staff and recruiting the right candidates are crucial components of operating a successful firm. Keeping a balance between recruiting is challenging and critical for any organization. (Kaminski, 2020)

 

Recruiting is essential for any company as it ensures that the workforce is composed of quality employees, thereby leading to increased productivity and growth. It is necessary because businesses require various types of employees, including entry-level workers, mid-level employees, and executives, to perform different functions within the organization. The recruitment process is typically handled by HR teams, and it involves posting job advertisements, screening resumes, conducting interviews, and selecting suitable candidates for employment.

“The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.”  (Steve Jobs)

 

On the other hand, employee retention is the company's ability to keep talented employees from leaving the organization. Retention is vital as businesses have to incur significant costs, including recruitment costs and training new employees once existing employees leave the organization. Therefore, it is essential to keep existing employees motivated and satisfied with their work environment. A satisfied workforce leads to increased productivity and creativity, both of which drive business growth.

Some of the benefits of retaining employees

  • It shows that the company's focus is on the human, not the profit.
  • The company will have more experienced staff.
  • Gives the company a chance to mold a team.
  • Turnaround figures will drop.
  • Possibilities of promoting within the company.


     

 

There are numerous differences between recruitment and retention. The primary difference between the two is that recruitment is about filling vacancies within the organization, while retention is about retaining existing employees. Recruitment is a short-term process that ends with hiring the right employees in the organization, while retention is a continual process that extends throughout the entire period of employment. Also, the cost of retaining employees is significantly lower than that of recruiting, which can often be expensive and time-consuming.

To a certain extent, recruitment and retention complement each other, but they also offer different challenges. In today's dynamic and competitive business environment, retaining employees is more challenging than attracting them. Pay and benefits packages are no longer enough to retain employees, and businesses must focus on an employee-centric work environment. The ideal work environment is one that gives employees growth opportunities, challenging work, and a good work-life balance.




 

Conclusion

Recruitment and retention are critical for the success of any organization. Recruitment ensures that the organization has skilled and competent employees, while retention reduces the costs associated with replacing employees. Companies that have a robust recruitment strategy and retention plan typically outperform their competitors. Therefore, it is of utmost importance for a business to continuously develop and implement strategies that enable it to recruit as well as retain its employees for long-term success.

 

REFERENCE       

Comments

  1. Tharanga Wanigasundara28 March 2023 at 20:12

    This comment has been removed by the author.

    ReplyDelete
  2. Tharanga Wanigasundara28 March 2023 at 20:15

    Agreed, by holding onto your team through these strategies, you can create a dedicated and motivated workforce that will be drive your business success. Good article. Well done.

    ReplyDelete
  3. Tharanga28 March 2023 at 20:17

    This comment has been removed by the author.

    ReplyDelete
  4. W.J. Chrishan Fernando.29 March 2023 at 07:05

    The article emphasizes the importance of both recruitment and retention in driving business success. While recruitment is about filling vacancies, retention is about keeping talented employees within the organization, which reduces the costs associated with replacing them. The article highlights the need for businesses to continuously develop and implement strategies that enable them to recruit and retain employees for long-term success, including creating an employee-centric work environment that offers growth opportunities, challenging work, and a good work-life balance. Well done..!! George.

    ReplyDelete
  5. Tharanga30 March 2023 at 20:50

    By holding your team members and investing in their development and growth, you can create a culture of loyalty and commitment that drives business success. Well done.

    ReplyDelete
  6. Tharanga Wanigasundara30 March 2023 at 21:11

    This comment has been removed by the author.

    ReplyDelete
  7. M.Kamal Priyashantha31 March 2023 at 20:45

    Hi George,a very useful topic.
    To guarantee a company's success, retention and recruiting are two crucial HR tactics that must be matched. Companies should use a complete strategy that takes into account both short-term and long-term objectives in order to strike a balance between employee retention and recruiting. This entails fostering a pleasant workplace culture, providing competitive pay and benefits, allowing chances for advancement, and encouraging work-life balance. In order to make sure that employees feel appreciated and supported, businesses can also invest in employee engagement programs and periodically collect input from their workforce. Companies may establish a workplace that attracts and keeps top people and promotes commercial success by finding a balance between the two tactics.

    ReplyDelete
  8. Suranga Wijayarathna31 March 2023 at 23:04

    I completely agree that investing in employees and recruiting the right candidates are essential for any company's success. The constant improvement of the workforce is crucial in today's fiercely competitive environment. Companies need to strike a balance between recruiting new talent and retaining existing employees. Employee retention is just as important as recruitment, as it can save significant costs associated with recruitment and training. A satisfied workforce leads to increased productivity, creativity, and business growth. It is vital for companies to focus on the human element of their organization, not just profit, to build a loyal and experienced team.

    ReplyDelete
  9. Suranga Wijayarathna31 March 2023 at 23:05

    I completely agree that investing in employees and recruiting the right candidates are essential for any company's success. The constant improvement of the workforce is crucial in today's fiercely competitive environment. Companies need to strike a balance between recruiting new talent and retaining existing employees. Employee retention is just as important as recruitment, as it can save significant costs associated with recruitment and training. A satisfied workforce leads to increased productivity, creativity, and business growth. It is vital for companies to focus on the human element of their organization, not just profit, to build a loyal and experienced team.

    ReplyDelete
  10. Anton Perera20 April 2023 at 02:33

    Retention is important because it helps companies keep their best employees and lowers the expenses related to employee turnover. Employee engagement, motivation, and satisfaction may be maintained through retention initiatives, which can improve work output and loyalty to the company. Additionally, keeping current employees instead of hiring new ones is more economical because hiring new staff may be a time-consuming and expensive procedure. Good Job.

    ReplyDelete
  11. Kalani Wijewardhane (CBA/MAAT/Dip.in Comp. Acc)21 April 2023 at 18:46

    Great article on the importance of recruiting and retaining employees for the success of any organization. The article highlights the benefits of retaining employees, including increased productivity and creativity, lower recruitment costs, and the opportunity to promote within the company. The author emphasizes the need for an employee-centric work environment that offers growth opportunities, challenging work, and a good work-life balance. A must-read for any business looking to drive growth through their team!

    ReplyDelete

Post a Comment

Popular posts from this blog

Transforming Success: The Art of Performance Management

Image
  (Valamis, 2020) Introduction  Performance management is a corporate management method that helps managers keep track of the effective and efficient work done by each team member so as to identify and cultivate productivity. It creates an atmosphere of transparency between managers and employees which is clear and motivational. It is a continuous communication between Manager and employee to achieve the company’s goals and objectives (Tardi, 2022) A good Performance Management system can give employees a clear understanding of the company’s expectations, Definitions, and goals in a specific job role. It could help employee engagement, boost productivity, and improve performance. It helps structure a good performance and reward system to give incentives to goal accomplishments. It shows an employee the path to a progressive career within the organization that would help retain experienced staff.     (Valamis, 2021) Performance Management Planning Managers ...
Read more

Managing Global Talent: The Challenges and Strategies of International Human Resource Management

Image
  Introduction At the international level, international HRM deals with the standard HRM processes including recruiting, selection, training and development, performance evaluation, etc. A critical component of conducting business internationally is international human resource management (IHRM). It entails managing human resources across many nations and cultures while making sure that workers are used wisely to realize company objectives. Multinational firms benefit greatly from IHRM because it makes it easier to find and keep skilled personnel, create efficient communication plans, and guarantee that local labor regulations are followed. IHRM enables firms to access a wide pool of talent from across the world, which is one of its main advantages. As a result, the business may experience an uptick in creativity and innovation and benefit from improved decision-making techniques. IHRM also supports businesses in overcoming linguistic and cultural challenges while working in in...
Read more

What Is Workplace Orientation and What Is Its Purpose?

Image
Job orientation, also known as employee orientation or onboarding, is the process of orienting new workers to their function, the corporate culture, regulations, and procedures, and preparing them for success in their new career. The goal of job orientation is to make new workers feel welcome, grasp their job responsibilities, and rapidly become effective members of the team. Job orientation can help employees feel that they are accepted and relaxed in the organization from the first day of work. It also gives employees an understanding of the rules and guidelines of the company so that there is no confusion and increases confidence. AIHR. (2021)   One of the main advantages of job orientation is that it helps organizations to save time by teaching all new recruits at once as opposed to training each new employee separately. Of course, saving time ultimately translates into saving money. It aids individuals in adjusting to a new workplace. Even individuals who already possess ...
Read more