9. Work-Life Balance and Value proposition with Employee Retention

 Value proposition with employee retention

By Dilshard Hameed

Introduction

This study explores the link between talent management and employee engagement, retention, value creation, and organizational performance. Its based on existing empirical facts. The literature evaluation focuses on research papers published in popular publications. Research has extensively examined how talent management affects employee engagement, retention, value creation, and organizational performance. The study found a favorable correlation between these variables. This report supports earlier research on the favorable impact of talent management. These findings are valuable for researchers, HR professionals, and academics. The main fact is to give value addition to the employee who is more talented in the organization.  (Mohammed, A., 2015.)

(Figure 1; Employee retention challenges)

Organizational and personal perspectives

Companies must be able to foresee technological developments and compete globally in today's ever-changing environment. This demand emphasizes a company's ability to evolve through staff learning and continuous improvement. Securing and retaining skilled people is critical in this process since employees' knowledge and skills are essential to a company's capacity to compete economically. Given that staff retention is critical to a company's operation and competitiveness, this research focuses on the organizational and personal elements that influence employee retention. Employee learning is prioritized because it is viewed as a retention-boosting activity. A questionnaire was distributed to 349 employees, and 11 were interviewed. The interviews serve to illustrate and contextualize the quantitative data. According to the findings, employee recognition and stimulation have a significant positive impact on retention. This discovery is consistent with past research. However, the retention benefits of personal development provide up new possibilities for improving employee retention. This study also found that individual differences influence employee retention. Employee retention is positively associated to leadership qualities and seniority, while it is negatively related to learning readiness and initiative.

(Kyndt, E., Dochy, F., Michielsen, M. and Moeyaert, B., 2009.)   

                                               (Figure2; Employee value proposition)

Work-Life balance and retention of employees

Employee retention is one of the most significant difficulties that corporations confront. Previous research on employee retention focused mostly on work satisfaction, remuneration, benefit plans, and training and development. There is less literature available on work-life balance programs. The few works available in this subject only discuss flexible benefits and work arrangements. No large studies have examined the impact of employee value proposition on work-life balance initiatives and talent retention. This emphasizes the importance of the research in this field. Study seeks to increase understanding of the relationship between work-life balance programs and talent retention in multinational corporations, with employee value proposition serving as a contributing element. The organization chosen for this. Professional-life balance initiatives improve employee well-being and enable them to balance their professional and personal lives. However, the research findings indicate that there were other factors at work that diluted the impact of their engagement efforts. The additional value would be identifying the contribution and level of contribution from the employee value proposition in order to improve the impact of the work-life balance program on retention. As a result, the findings are expected to have implications for companies and human resource practitioners looking to design complete work-life policies that improve work-life balance, increase job satisfaction, and retain vital talent. (Moorthi, M.T., 2017)

                                                                      (Figure3; Work-Life balance steps)

                                                                          (Figure 4; Work life balance)

Conclusion 

A key component of HRM is employee retention, which indicates how well a company is able to draw in and hold on to top personnel. The necessity of strategic retention programs is becoming more and more evident as firms navigate ever-changing circumstances. HR departments build an atmosphere where workers feel appreciated, engaged, and dedicated by promoting a healthy workplace culture, providing competitive pay and benefits, and offering chances for growth and progress. Furthermore, retention tactics that are customized to each employee's requirements and goals strengthen company loyalty and reduce attrition. By means of proactive retention initiatives, companies maintain institutional knowledge and experience while simultaneously cultivating a stable and driven staff that is well-positioned for long-term success and expansion.

References,

Mohammed, A., 2015. The impact of talent management on employee engagement, retention and value addition in achieving organizational performance. International journal of core Engineering & Management, 1(12), pp.142-152.

Kyndt, E., Dochy, F., Michielsen, M. and Moeyaert, B., 2009. Employee retention: Organisational and personal perspectives. Vocations and learning, 2, pp.195-215.

Moorthi, M.T., 2017. Work-life balance, employee value proposition and retention of employees (Doctoral dissertation, Universiti Utara Malaysia).