Employee retention management for medium sized engineering firms

How to retain employees has become a hot topic of discussion in business meetings. Firm spends time and money in recruiting and training employees so that they fit in the organization. When such employees leave the firm they create a vacuum which is not easy to fill. Thus, Firm can not afford high attrition rates of employees and it has to diagnose what's the root cause of the problem. Today employees do not stick to a particular firm just for want of money. They also look for appreciation and recognition for work, high growth prospects, comfortable work schedules, better work standards, and many more such things. The problem of attrition is present in every industry the only difference may be in the rate of attrition or its retention practice. A study of literature on the retention practices gave authors an idea to study the nature of retention practices which might be applicable for medium sized engineering firm in the light of certain constraints. Authors have taken the case of a typical medium sized engineering firm ABC Pvt. Ltd. and used SWOT analysis of the ABC Pvt. Ltd. along with engagement model as given by Hewitt Associates to suggest possible retention practices which can be followed by similar sized firms.