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Employee retention
- 2. Retention Rate formula and definition Key factors of Retention Retention Strategies Impact of Less Retention Reasons to leave a company Reasons to stay in a company
- 4. Demographic changes(Matured workers/Flourishing economy) Cultural expectations(Entire lifetime with one company/Employer treatment as family) Upheavals in the world of Work in Spinning mills(Violent disruptions) Flourishing States in India
- 5. Hiring right Making our company`Employer of Choice` Retaining Multi generation Employees Develop right `Work Culture` Help employees to avoid `Burnouts` Strengthening Retention Skills(Counselling/feedback)
- 6. Develop Mentor Scheme Appreciate the high performance employees Wish them on `Birthdays/Anniversaries`
- 7. Type of work Respectful treatment Coaching/Training Opportunity to learn new skills Pay Appreciation for good idea Environment conditions
- 8. Loss of productivity/Quality consistency Not meeting Schedules Loss of Opportunities Loss of Image
- 9. Fail to connect with their bosses as leaders Work environment is not particularly friendly Do not feel appreciated Managers will not listen to employees No motivation
- 10. Limited career growth or opportunity Lack of respect Higher compensation Felt their job duties were unchallenging Felt their supervisor lacked leadership skills For better work hours Moving with group Unhygenic conditions of Hostel/Dormitory Less Medical attention even at times of need
- 12. Employees are the heart and soul of an organization Employee turnover is costly for an organization Finding suitable replacements for key employees (Ex:Spinners) is difficult Low employee turnover leads to outstanding performance of an organization
- 14. Have a smooth relationship with their boss Workplace is a team oriented environment Contributions are appreciated/Rewarded Workplace is a “climate for learning characterized by trust and openness towards more future earnings” “Feel at home” Hostel environment Nutritious food habits and healthy activities for mind and body Offered programs like Educational Benefits, Career courses
- 16. Job security/Fair treatment Employees want to be treated fairly Companies must demonstrate more than its minimum obligations Communication Individuals must know on performance evaluation measures Goals must be reasonable/achievable/Realistic/Measurable
- 17. Pride and teamwork Employees want to feel good when they achieve results either individually or collectively as a team Individuals need to be trained and retrained If there is a necessity of `unlearning` Organisations should create such a climate. Employees expect enthusiastic teammates to work with for better motivation If less performing employees are `unattended` it leaves a message `sub standard performance is acceptable`
- 18. Make the job enjoyable as fun Without disrupting the overall productivity of employees, making the job enjoyable is beneficial. Without time to celebrate, employees are more likely to experience elevated stress and `burn- out`.
- 19. Recognition Employees need recognition Recognition must be `specific` like `Awards/publicising his achievements across the organisations` (example:Awarding a cash award by sharing the part of benefits of an energy saving measure suggested by an employee)
- 20. What are the ways to find the level of happiness of our employees?
- 21. Assure employees that they can express freely `what they feel/what makes to feel so` Seek the services of a third party to survey Share the survey findings with a plan of action with the team. If you can determine why employees are not happy, it’s likely you can prevent them from leaving by changing practices, culture, and sometimes even your management style.
- 22. Mentor Scheme Monthly meeting of all employees by HR and Unit head( shd be as informal as possible)
- 23. Leaders are open to criticism Leaders are transparent in communication Leaders take decisions Leaders communicate to employees in advance without any surprises Leaders set `goals` Leaders `appreciate `good work done
- 24. SATISFACTION APPRECIATION MOTIVATION
- 25. Queries can be sent to winsyssmc@ gmail.com
Editor's Notes
- Go through reasons Compare previous answers *How do you think this connects to your role in your county office? -How can you develop good working relationships with your co-workers to overcome the “connection” issue? -Have any of you had complaints by co-workers about your office setting? In the study by Bhasin, he refers to the workplace as sometimes being hostile. What are some ways you could help the office setting become more friendly? Extension Risk Management -Have you ever had a boss that made you feel appreciated or not appreciated? In what ways did he/she make you feel appreciated In what ways did he/she make you feel appreciated Give me some ideas about how you could make your co-workers feel appreciated Congratulate, compliments, end of the week lunch, thank you cards What about asking their input on certain decisions? Sometimes, that is a big compliment to people. -It is always a good idea to take into considerations what your co-workers/employees are saying. This could help your organization, work environment, and employee retention
- Briefly touch on other reasons. *Any comments/suggestions?
- *We covered this in the previous slide so answer this question for me… *In Extension, why is it important to keep employees long term?
- *These studies suggest that it is important to keep employees long term because (read above) *How do businesses expand? Grow in size, right? How are they able to grow in size? By hiring more employees? Higher employee retention means more success for the business.
- *We have talked about why employees leave, now we are going to talk about why they stay. *We can benefit from learning about items they do not like, but it is even more beneficial to learn why they stay. If we know what we can do to keep them happy, we can focus on those areas and succeed.
- *Just as understanding why employees stay with a company, understanding what they want is also important. *Why should we pay attention to what employees want from their job/bosses/co-workers?
- Read first reason *Job security-employees do not want to keep one foot out the door. -How do you all feel when something important in your life is unstable? -They want to feel secure they will not only get reimbursed fairly, but that their job will be there as long as they need it. Read second reason *If they want to connect with their bosses as leaders and as people, they will need to be able to communicate with them.
- Read slide *Tell me how you determine if your employees are happy?
- *The first characteristic of a leader is…(Read slide) *We have talked about how communication is important, have you ever had to work with someone who would not communicate at all or had poor communication skills? *How did you handle that situations? *What were the main problems that arose because of the lack of communication? *How did you solve those issues?