The topic of the paper is: Effective Retention Strategies. You will define retention from an HR viewpoint (please do not go to Webster's and put the definition). Based upon at least 2 quality articles, you will submit a paper discussing the following: 

Why do we need retention strategies?

What causes turnover?

Whose responsibility is it besides HR to address retention.?

1. Retention describes a company's efforts to ensure that their employees remain with the company for as long as possible. 
2. The financial costs of replacing an employee who has left the company due to a lack of satisfaction or other factors that could have been avoided,.
3. Compensation, communication, and culture.
4.  There are three main parties involved in ensuring that employees stay happy and engaged: HR, the employee's direct manager, and the employee themselves.

Step-by-step explanation

Question 1

• Retention describes a company's efforts to ensure that their employees remain with the company for as long as possible. These efforts are typically made in order to retain human capital, which is often the most valuable asset of a business.
• Retention has many components, including employee satisfaction, salary and compensation, benefits, career development opportunities, and work-life balance. Companies typically start an employee retention program by collecting data about their workforce's current experience within the company through anonymous surveys or questionnaires. This data can then be used to create strategies that address problem areas before they become serious enough to result in high turnover.
• In addition to gathering data from employees directly, retention also relies on building relationships between employees and managers or supervisors—another area where companies often fall short. Managers are responsible for ensuring that employees have the resources they need to do their jobs well; when this is not happening, problems can arise.

Question 2

• Organizations must develop strategies for how to retain talent. Retention can be a significant challenge for human resources departments.
• There are several reasons why it's important for organizations to develop retention strategies. One reason is the financial costs of replacing an employee who has left the company due to a lack of satisfaction or other factors that could have been avoided. If a company hires a new employee, they'll need to spend money on payroll, benefits, and training. It can cost up to 33% of an employee's salary to replace them when you factor in all of these elements (Bersin). Additionally, when an employee leaves, it creates a void in their team that could impact performance and productivity. It can also cause strain on other team members as they attempt to fill that void in terms of time and workload commitments (Bersin). Lastly, hiring new employees can impact morale negatively because it creates uncertainty about job security among employees who remain at the company.
• It is clear from these factors that there are real consequences for an organization when they lack retention strategies in place. There are multiple ways that these strategies can be implemented.

Question 3

• Turnover is a complicated issue, and the causes of turnover are even more convoluted. There's no single reason an employee would choose to leave an organization, but from an HR standpoint, I'd say it comes down to three main factors: compensation, communication, and culture.
• Compensation is a huge issue for any organization. If your employees don't feel fairly compensated for their contribution to the company's success, they're likely to look elsewhere for better pay or benefits. Rising cost of living also has an effect on compensation—if you live in an expensive city like Boston or San Francisco, where housing costs are prohibitively high, you may need to adjust your salary structure accordingly in order to attract and retain top talent. Employees who feel that their work is valued by the company are more likely to stay at their jobs.
• Communication is another important factor when it comes to retaining your employees. It's often said that people leave managers, not companies—and this is certainly true in many cases. A manager who fails to communicate with his or her employees may lose them due to low morale or a lack of direction and support. Managers can help prevent this by creating open channels of communication with their employees and making sure they know the company's goals and objectives.
• Culture has become a buzzword in recent years, but that doesn't make it less important. And culture doesn't have to refer to the perfect beanbag-chair-and-ping-pong-table setup of a start-up. Culture can be found in the way the company values its employees and supports them in their work—in short, it's all about respect.
• Question 4
• When it comes to retention, it's definitely not just the responsibility of HR. In fact, there are three main parties involved in ensuring that employees stay happy and engaged: HR, the employee's direct manager, and the employee themselves.
• HR plays a significant role in retention by fostering a culture of trust and transparency among team members. This can be accomplished through regular check-ins and open forums for employees to share their concerns or ask questions about company policies. If a team member feels like they're being heard when they voice their opinion, then it creates an environment where people feel safe expressing themselves openly about work-related issues as well as personal ones which can lead to higher levels of engagement overall.
• The employee's direct manager also plays an important role in retention. It's up to their supervisor to ensure that they're being used effectively on the job and not overworked or underutilized due to lack of training or other factors outside their control such as poor communication between departments within an organization (e.g., IT). This means setting clear expectations with their team members about what success looks like at each milestone so everyone knows what goals need meeting before moving forward with any given project--and if there's any confusion about those expectations then it should be addressed immediately.