Employee Retention CEO Conclave Era 2011

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Making Employee Retention Strategy, Cost and Impact of Turnover on your Organization By Golden Opportunities.

Making Employee Retention Strategy, Cost and Impact of Turnover on your Organization By Golden Opportunities.

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  • 1. Retaining People – A Strategy
    CEO Conclave
    March 19, 2011
    Chennai
    Executive Recruiters Association
    By
    Rohin Chawla
    Golden Opportunities Pvt. Ltd.
  • 2. When Some One Leaves…
    The Impact……
    ©1999 - 2011 Golden Opportunities Pvt Ltd
  • 3. Cost of Temporary person to do the job while it is being filled – Read cost of work lost by this person.
    Cost of lower productivity by the Temporary Person.
    Cost of completing the exit formalities including HR, Admin and Finance department
    Cost of the manager who has to take the handover, understand what work remains, and how to complete the work till the position is filled.
    Cost of Managers time who conducted the exit interview.
    Training cost of the employee who has left.
    Cost of impact of lost productivity in the department Read Cost of Low morale, internal discussions etc.
    The Impact (All parameters Converted to Cost) - 1
  • 4. Cost of lost knowledge & skills that the person who is leaving is taking with them
    Cost of Losing customers due to dip in services etc.
    Recruitment Cost for New Hire – We always feel this is not for us.
    Training cost of New Employee: Salary for Trainee and Trainer, Other Costs like Venue, Opportunity etc.
    Lost Productivity Costs – New Employee takes time to be productive.
    Cost of Mistakes made by New Employee during initial period.
    Cost of Low productivity of the Reporting Manager as lot of time is being spent on New Employee.
    Supporting Cost – time spent on Creating new id, Password, Pay roll, bank accounts etc. Time spent on introducing him to the clients.
    Opportunity Cost – the business you may have lost due to this transition as your people are not ready to add new and additional services/clients/requirements etc.
    The Impact - 2
  • 5. Salary & Benefits – Not in line with the market or Company does not recognize the talent and Skills
    Over Work – Long Hours on Regular Basis; doing job of Two – Happens when companies cut the expenses
    Negative Work Environment – High amount of Gossips and Fights with in the organization at various levels. Too much of unhealthy competition, favouritism, not treating all equally. Internal Salary disparity.
    Poor Management – Unapproachable management, Lack of Communication. Over management and multiple reporting structures.
    Lack of Room for Growth - The growth can be in hierarchy, Salary, Span etc.
    Mean & Unreasonable Boss – Nasty, Rude Boss
    Physical Work Environment – Unclean, lack of support form support staff
    Lack of Flexibility and Creativeness – too rigid office structure
    Why People Leave
  • 6. It helps to control your payroll – if all employees stay for very long time then most of them will be on the highest pay slab
    When unproductive Employee leaves it helps the Organization
    New Employees bring new ideas, Abilities, processes, new thoughts which can rejuvenate the organization
    Increases innovations – If you do not welcome Change then this may not be for you
    If negative and de-motivating people leave the company will thrive and better teams
    It creates space for new talent
    Keeps the workforce young and aggressive
    Removes the bottle necks in the organizations
    Enhances ability for execution of new and different assignments.
    Brings in the best practices of the industry
    Helps you get skills which are aligned to current business needs.
    After all attrition is not that Bad!
  • 7. Should We Retain People?
    Whom Should we Retain?
  • 8. Risk Heat Maps
  • 9. The Map
  • 10. The Map
  • 11. The Map
  • 12. Retention is Not Making a Counter Offer
    It starts at the time of Hiring!
  • 13. Hire Nice People – They can learning anything, they are pleasant, They teach and they are very few as all of them are in this Room or they are helping us outside
    Create New Challenges in your Day to Day jobs – People get bored, unhappy and Frustrated, Look at doing the Same thing differently
    Empowerment & Accountability – Make people accountable and responsible for what they do. Let them take decisions even if they make mistakes.
    Have Fun – Make your Office a Fun Place Stress Free. Have Recreation.
    Be Consistent & fair – in everything you do or expect.
    Be Accessible – Have an open Door policy and implement it.
    Be Flexible – Look at the same thing from Others point of View.
    Communicate – Speak to them, understand them and share your views – Do not force on them. They need to be a part of your organization.
    Reward & Recognitions – They Help!
    How To Retain - 1
  • 14. Have Career Development Program – A Growth Plan for Each Person in your Organization.
    Training – Stress on this aspect.
    Tools to do the Job – Make sure all the necessary tools are provided to do the job – even the phone should be working from day one.
    Physical Office atmosphere – Need not be expensive, should be clean efficient and worker friendly. Clean Rest rooms, comfortable dining area etc go a long way.
    Corporate Culture – live your values, mission and vision. Let it not be only a part of your corporate presentation.
    Strong Leadership – Integrity, Trust, Respect, fairness, Vision should be a part of culture
    Compensation – Review regularly. Remove discrepancies. Be fair.
    Work Life Balance – Make sure that your staff is not over worked, spending too much time in the office. They should have personal life EVERY DAY.
    How To Retain - 2
  • 15. Thanks!
    Any ?
    ©1999 - 2011 Golden Opportunities Pvt Ltd