Human resources are the only source of long-term competitive advantage for any business organization. Thus, human resources are rightly known as the real assets of an organization. However, retaining employees is proving to be a Herculean task for most organizations in the modern era of globalization and competitive business. Therefore, employee retention has become a major concern for organizations. It is very frustrating for an organization to go through the entire process of hiring and training, only to find employees leaving after two months or sometimes even quitting after the training period is over. The words ‘attrition’ and ‘retention’ are profoundly significant in the context of corporates and large companies. Thus, managing of human resources, particularly retaining them, is an art that calls for special skills and strategies. The growth of attrition rates has been a major concern for the last couple of decades. Many experts believe that attrition rates can be lowered through effective hiring systems, while others believe that the problem lies with the nature of the organization’s systems. Retention of excellent employees is one of the most important challenges in organizations today. On the one hand, with increasing work opportunities, organizations which provide challenging and competitive work environments are seeking intelligent employees with relatively higher IQs. On the other hand, retaining these key employees is becoming a vital task for the long-term success of any organization.
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