reply to the below post with over 100 words for employee retention
Employee retention is exactly what it sounds like, retaining employees to work within the company for a continued period of time. This is beneficial for companies as it saves them time and money, as they won’t have to find new employees, as well as make sure that their talented employees remains in the company and provides their qualities for their jobs. I believe employee retention is a very important part of talent management. Talent management is defined as “A deliberate approach to attract, develop, and retain people with the aptitude and abilities to meet current and future organizational needs.” in our textbook and employee retention fits into that.
A company that have had fantastic employee retention in the past, and likely will have so in the future as well, is the clothing and outerwear retailer and manufacturer Patagonia. Patagonia had 4% employee turnover as of 2019, which is more than three times lower compared to the retail and consumer product sector average. (Mautz, 2019). The company makes a lot of good things to retain their employees, going the extra mile. Great examples of practices that Patagonia has been doing are “promoting women into leadership roles, paying to send nannies on business trips to embrace and support work-life integration, and hosting childcare right on their facilities” (Mautz, 2019), helping their employees live a good family life even in tough business situations.
Patagonia is also a company that focuses a lot on protecting the environment, therefore they are encouraging their employees to be like-minded. Employees who have been at the company for at least a year can take two months off, and go on to volunteer with an environmental organization or project, all while still getting paid. On top of this, Patagonia employees who peacefully protest for the environment and get thrown into jail for this, has their own and their spouses bail paid by the company. This allows their employees to be who they are, while keeping the same values and working for the same things as the company, even outside their workplaces. (Anderson, 2019).