Transcript of "Attrition control and retention strategies for changing times"
Attrition Control andRetention Strategies for Changing times
In order to control attrition and employ effective retention measures weneed to find answers to the following questions :i) Why people leave ?In any industry the work can often be monotonous and opportunities for career growth minimal. So when opportunities beckon, the high rate of attrition is not surprising. However, there are some common reasons that especially cause people to leave. Most common reasons are money, inability to handle various types of stress, monotonous work; company policies, lack of career growth, problems with those in senior positions etc
ii) What is the cause?Have a survey among employees to find the reasons for attrition. Have exitinterviews to know the reasons for resignations. If a key employee resigns, itshould be taken up on a priority basis and the senior management shouldmeet the employee to discuss his reasons for leaving and evaluate whetherhis issues bear merit and whether they can be resolved. Steps can be takento avoid similar reasons from occurring in the case of others, in similarpositions. We can also get the reasons for attrition from those who havealready quit.
iii) What can be done?Though, it is impossible to scrap problems totally, there are certain ways bywhich management can tackle attrition. Since the most corporate environmentsare unique, companies need to develop innovative ways to tackle them. HumanResources department must address these issues, and along with themanagement need to evolve strategies to retain employees at all levels. Retention of key employees is critical to the long-term health and success of anyorganization. Hence, failing to retain a key employee is a costly proposition forany organization
Now we re-define Retention:Fundamental changes are taking place in the work force and the workplace thatpromise to radically alter the way companies relate to their employees. Hiringand retaining good employees have become the chief concerns of nearly everycompany in every industry..Retention is all the more important because of the severe competition amongemployers for qualified workers. This fierce competition for qualified workersresults from a number of workplace trends, including: A robust economy Shift in how people view their careers Changes in the unspoken "contract“ between employer and employee A new generation of workers Changes in social mores Life balance
Retention tools for Changing times:1. Offer Compensation – Attractive And Competitive.Fair compensation alone does not guarantee employee loyalty, but offeringbelow-market salaries makes it much more likely that employees will look forgreener pastures. Go for Employee Engagement Surveys / ESS, to find outwhat perks, benefits and forms of compensation other than money will helpkeep them motivated.2. Benefits Need To Be Quantified And Qualitative.Although benefits are not a key reason why employees stick with a company,the benefits you offer cant be markedly worse than those offered by yourcompetitors and like minded industries. Eg Medical insurances, CorporateCredit cards and Discount Coupons
Retention tools for Changing times:3. Train your front-line, managers and administrators.It cant be said repeatedly that people stay or leave because of their bossesand not the companies. Improve managers leadership, communication andinterpersonal skills through coaching, training and feedback . Harp upon thecompetencies and substantially invest in human capital irrespective of ROI.4. Roles and responsibilities needs to be dovetailed.Make sure your employees know what is expected of them every day, everymonth and every year, what types of decisions they are allowed to make ontheir own, and to whom they are supposed to report. Provide clear vision, andconsistent communication, teamwork and respect for human capital efforts.
Retention tools for Changing times:5. Enhancement, Advancement And Progression Opportunities.To foster employee loyalty, implement a career ladder and make sureemployees know what they must do to earn and go in for progression. A clearprofessional development plan gives employees an incentive to stick around.Do away with you Performance Management System if it has turned to NOVA(Non Value Added Activity) and go in for instant performance rewards. Thinkout of the box!6. Offer retention bonus.Employee longevity typically is rewarded with an annual raise and mandatoryvacation time after three, five or ten years. But why not offer other seniority-based rewards such as a paid membership in the employees professionalassociation after one year, a paid membership to a local etc.
Retention tools for Changing times:7. Retention strategies implementation needs to have a process owner.Measure your turnover rate and identify a process owner responsible forcontaining it. If customer returns, in-house rejections and non-confirmingproducts can have a process owner as a countermeasure why not a processowner for implementation of retention strategies?8. Go in for Employee Engagement Practices. You wont know whats wrong... or whats right … unless you practice. Tocheck the pulse of your organization, conduct employee satisfaction surveys ona regular basis. Go in for its analysis and implementation. One idea: Askemployees what they want more of and what they want less of – Capture Voiceof Employees
Retention tools for Changing times:9. Teamwork And Cross Functional Teams.It takes effort to build an effective team, but the result is greater productivity,better use of resources, improved customer service and increased morale. Givegreat emphasis on cross functional approach as it endorses acceptance andaccountability,10. Fun Is Must.Celebrate successes and recognize when milestones are reached. Buffetlunches, birthday parties, employee picnics and creative contests will helpremind people why an organization is a great place to work. Include funelements at work like Parties, bashes, outings, picnics etc
Retention tools for Changing times:11.Transparency in communication. Employees are more loyal to a company when they believe management orthose at the helm of affairs keep them informed about key issues. That meansthat you regularly keep our people up to date with important events affectingthe company. If November was good, let them know, and while youre at it, tellthem what you expect to happen in December.12. Encourage higher learning.Create opportunities for your key performers and technologists to grow andlearn. Encourage every employee to learn at least one new thing every week,and youll create a work force that is excited, motivated and committed.
Retention tools for Changing times:13. Develop an effective induction program.Implement a formal orientation program thats at least a week long and includesa thorough overview of every area of your department and an introduction toother departments14. Value your employees.Recognize outstanding achievements promptly and publicly, but also take timeto commend on the many small contributions your staff makes every day to theorganizations vision, mission and growth. DO NOT FORGET — THESE ARETHE PEOPLE WHO MAKE YOU LOOK GOOD!
ConclusionAs they say, happiness can be contagious. So make sure the work place is ahappy one, which every employee would love to spend time. Human resourcesdepartment along with senior management must take steps to make sure ofthis.Effective human resource management must be practiced at both strategic andday-to-day levels. HR management practices must reflect company policy as tohow it will manage and relate to its employees. The HR strategy should evolvefrom a transactional support role to partnering in the organisations businessstrategy. HR must take steps to be aware of employee problems and try tosolve them, creatively.