Employee Retention Strategy: Developing and Implementing an Action Plan for Concord Medical Centre
Overview
This paper presents an operational plan for addressing employee retention challenges at Concord Medical Centre through the development of an Employee Retention Program (ERP). The study outlines a structured action plan incorporating training, compensation, communication improvements, and HR strategies to reduce staff turnover and improve organizational performance.
What this coursework covers
- Introduction and Problem Statement: Discusses the significance of employee retention in healthcare organizations and the role of human resources
- Employee Retention Program Framework: Details the ERP strategy with five key motivation aspects: environment, relationship, support, growth, and compensation
- Action Plan Table: Specifies objectives, responsible departments, timeframes, and resources for employee training, job satisfaction initiatives, salary increments, and communication improvements
- Implementation Strategy: Outlines the HR department's responsibility in administering retention strategies and the need for qualified personnel
Preview
WEEK 8- OPERATIONAL PLAN
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Solution
Retaining employees is a significant problem that many organizations face, including Concord Medical Centre, over the years. The human resource is responsible for ensuring the employees stay for long in their work line, especially if they have excellent skills (Singh, 2019). Human resource is also responsible for undertaking various steps that will give the information required by an organization to examine its employee retention problem extent and establish the retention approach that will be implemented to curb the issue. These steps include determining the retention problem by conducting a needs assessment, benchmarking, and turnover analysis, create an action plan and implement strategies targeting the problem. The results are then supposed to be evaluated through a monitoring plan. For Concord Medical center to retain its employees, the institution will establish an Employee Retention Program (ERP) that will contain a collection of strategies implemented by the medical institution to create an atmosphere or environment suitable for staff's needs desires.
Staff retaining involves encouraging employees to avoid turnover and stay in a particular organization for long or until they retire because retaining employees is beneficial to both employee and employer, showing the necessity of finding a solution toward employee turnover. Retaining staff members with the intention of leaving involves taking various steps into action, for example, applying motivators whether they are monetary or not (Singh, 2019). The medical institution will apply motivators capable of satisfying the presented employee’s needs.