Retention

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This slide relate to employee retention. How organisation can retain it's employee and what makes employee retain in the organisation.

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Retention

  1. 1. Retention By Vijay kamboj [email_address]
  2. 2. Retention
  3. 3. Retention <ul><li>We can't stop employee from leaving unless we have a plan to make them stay. Employee retention  refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period). </li></ul>
  4. 4. Retention <ul><li>However, many employee consider, retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome. In a  Business  setting, the goal of employers is usually to decrease  employee turnover , thereby decreasing training costs, recruitment costs and loss of talent and organizational knowledge. </li></ul>
  5. 5. Retention <ul><li>By implementing lessons learned from key  organizational behavior  concepts employers can improve retention rates and decrease the associated costs of high turnover. Employee retention is a process in which the employees are encourage to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as for the employee. </li></ul>
  6. 6. Employee retention involves five major things:-
  7. 7. Compensation
  8. 8. Relationship
  9. 9. Environment
  10. 10. Growth
  11. 11. Support
  12. 12. What make employees make leave:- <ul><li>Job is not what employee expected </li></ul><ul><li>No growth opportunities </li></ul><ul><li>Lack of appreciation </li></ul><ul><li>Lack of trust and support </li></ul><ul><li>Stress from overwork </li></ul><ul><li>Compensation </li></ul><ul><li>New job offer </li></ul>
  13. 13. Employee retention strategies:- <ul><li>Hire the right person in the right job </li></ul><ul><li>Empower the employee </li></ul><ul><li>Make them realize that they are valuable for the organization </li></ul><ul><li>Have faith in them, trust and respect them </li></ul><ul><li>Provide information and knowledge </li></ul><ul><li>Give feedback on performance. </li></ul>
  14. 14. Employee retention strategies:- <ul><li>Appreciate their achievements </li></ul><ul><li>Keep their moral high </li></ul><ul><li>Create healthy environment </li></ul>
  15. 15. Importance of employee retention:- <ul><li>The coast of turnover </li></ul><ul><li>Goodwill of company </li></ul><ul><li>Loss of company knowledge </li></ul><ul><li>Loss of talent </li></ul><ul><li>Turnover leads to more turnover </li></ul><ul><li>Interruption of customer services </li></ul>

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