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Employee Retention Management

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References: …

References:

Mathis, Robert L. Jackson, John H (2010). Human Resource Management 13th Edition. South-Western Cengage Learning. ISBN 9780538453158

Employee Retention. Retrieved from: http://www.whatishumanresource.com/employee-retention

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  • 1. EMPLOYEERETENTION
  • 2. “We cant stop employees fromleaving unless we have a plan to make them stay!”
  • 3. Employee RetentionA process in which the employees are encouraged to remain with the organization for the maximum period of time or until completion of the project.Employee retention is beneficial for the organization as well as the employee.
  • 4. RESIGNATIONS
  • 5. REASONS WHY EMPLOYEES LEAVE Job is not what the employee expected No growth opportunities Lack of appreciation Lack of trust and support
  • 6.  Stress from overwork Compensation New job offers No personal life Physical strains
  • 7. IMPORTANCE OFEMPLOYEE RETENTION The cost of turnover. Loss of company knowledge. Interruption of operations. Turnover leads to more turnovers. Goodwill of Company. Regaining efficiency.
  • 8. Employees Retentioninvolves five major things: Compensation Growth Environment Relationship Support
  • 9. EMPLOYEE RETENTION STRATEGIES Hire the right person in right place Empower the employee Make them realize that they are valuable for Organization
  • 10.  Have faith in them, trust & respect them Provide information & knowledge Give feedback on performance. Recognize & appreciate their achievements. Keep their morale high Create healthy environment
  • 11. Recipe of retentionRemunerate competitivelyEncouragement and expectationsTraining and developmentAnnual review cyclesInform and involveNurture
  • 12. MOST EFFECTIVERETENTION INITIATIVES Competitive merit increase/salary adjustment Career development opportunities Promoting qualified employee Increasing health care benefits Offering schedules conducive to work life balance Bonuses
  • 13. GUIDELINES FOR INCREASING JOB SATISFACTION Extrinsic Reward Refers to motivation that comes from outside an individual. The motivating factors are external, or outside, rewards such as money or praise. These rewards provide satisfaction and pleasure that the task itself may not provide.
  • 14. Extrinsic REWARDS Reward must be meaningful and unique Reward must match individual preferences Link rewards to motivational behaviors Link rewards to performance Examples: Salary increase, gadgets, house loan and car loan
  • 15.  Intrinsic Rewards The personal satisfaction a person derives from a sense of self-accomplishment related to personal or business goals. More powerful motivator in doing responsibilities.
  • 16. INTrinsic REWARDS Assign employees to jobs that meet their needs for work characteristics Provide clear communication to employees Design fair reward allocation system Ensure supervisors provide a positive environment Provide programs to enhance work-life balance
  • 17. Thank You