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Introduction Employee retention is a critical issue for organizations in today's competitive business environment. General Dynamics, a global aerospace and defense company, is facing significant retention challenges. This literature review examines the factors contributing to General Dynamics' retention issues and explores potential strategies to improve employee retention. Factors Contributing to Retention Issues Several factors contribute to employee retention issues at General Dynamics: High demand for skilled workers: The aerospace and defense industry is experiencing a high demand for skilled workers. This competition makes it difficult for General Dynamics to retain top talent. Lack of career advancement opportunities: Employees may feel limited in their career growth prospects within General Dynamics. This perception can lead to employee dissatisfaction and turnover. Compensation and benefits: General Dynamics' compensation and benefits packages may not be competitive with other industry leaders. This can make it difficult to attract and retain top talent. Work-life balance: The demanding nature of work in the aerospace and defense industry can lead to work-life imbalance. This can contribute to employee burnout and turnover. Culture and values: General Dynamics' culture and values may not align with those of its employees. This misalignment can lead to employee dissatisfaction and turnover. Strategies to Improve Employee Retention To address its retention issues, General Dynamics should consider implementing the following strategies: Enhance career advancement opportunities: General Dynamics should create clear career paths and provide opportunities for employees to develop their skills and advance within the organization. This can help to retain employees by providing them with a sense of growth and progression. Increase compensation and benefits: General Dynamics should review its compensation and benefits packages to ensure that they are competitive with other industry leaders. This can help to attract and retain top talent by providing employees with a financial incentive to stay with the organization. Improve work-life balance: General Dynamics should implement policies and practices that help to improve work-life balance for employees. This can include offering flexible work schedules, providing paid time off, and supporting employee well-being initiatives. Foster a positive culture: General Dynamics should create a positive and inclusive work environment where employees feel valued and respected. This can help to retain employees by increasing their job satisfaction and loyalty to the organization. Implement a retention program: General Dynamics should develop a comprehensive retention program that includes strategies to identify and address the factors that contribute to employee turnover. This program should include measures to track and evaluate retention rates, as well as strategies to address specific retention challenges. Conclusion Employee retention is a critical issue for General Dynamics. The company faces significant retention challenges due to factors such as high demand for skilled workers, lack of career advancement opportunities, and uncompetitive compensation and benefits. To address these challenges, General Dynamics should implement strategies to enhance career advancement opportunities, increase compensation and benefits, improve work-life balance, foster a positive culture, and implement a retention program. By taking these steps, General Dynamics can improve employee retention and build a more engaged and productive workforce.
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In conclusion, General Dynamics can improve employee retention by implementing a more robust mentorship and career development program, providing competitive compensation and benefits packages, offering opportunities for professional growth and advancement, and fostering a positive and inclusive work culture. By investing in the well-being and career progression of their employees, General Dynamics can create a more engaged and satisfied workforce, ultimately leading to higher retention rates and increased overall success for the company.
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