28. Retention of human resources focuses on:
A) Reducing employee turnover
B) Increasing market share
C) Financial planning
D) Product development
Answer (2)
The question focuses on how the retention of human resources is primarily about reducing employee turnover. High turnover can incur costs and impact team morale and customer relationships. Therefore, the correct answer is A) Reducing employee turnover.
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The correct answer to the question 'Retention of human resources focuses on:' is option A) Reducing employee turnover.
Let's break down why this is the correct choice:
Understanding Retention of Human Resources :
Retention of human resources refers to a company's ability to keep its employees from leaving the organization. This involves various strategies and practices aimed at maintaining a stable and skilled workforce.
Reducing Employee Turnover :
Employee turnover is the rate at which employees leave a company and are replaced by new employees. High turnover rates can be costly for organizations due to the expenses related to hiring and training new staff, as well as the potential loss in productivity.
By focusing on reducing employee turnover, companies aim to retain talent and reduce these costs. This can be achieved through methods such as offering competitive salaries, providing career development opportunities, ensuring a positive work environment, and recognizing employee contributions.
Why Other Options Are Not Correct :
B) Increasing market share , C) Financial planning , and D) Product development are all important business objectives but do not specifically relate to the concept of retaining human resources.
Increasing market share is more about expanding the company’s customer base and increasing sales relative to competitors.
Financial planning involves managing finances, budgeting, and forecasting for the organization's future economic health.
Product development focuses on creating and improving products to meet customer needs.
In summary, retention strategies are essential for reducing employee turnover, which ensures that the organization retains skilled and experienced employees over time, leading to better organizational performance and reduced costs associated with hiring new personnel.
