What is employee retention Employee retention is a process in which theemployees are encouraged to remain with the organizationfor the maximum period of time. Employee retention isbeneficial for the organization as well as the employee.
reasons for employee attrition If they are either unhappy with their job, or feel that they have not got enough from the company. Monotonous tasks Odd working hours Lack of growth Perceived benefits from another organization Perceived benefit from personal business Family influence Medical reasons
Present scenario of employeeATTRITION Leaving of an organization for more pay. Running away from responsibilities. Measures to increase employee satisfaction will be expensive
Hiring new employees requires good amountof time and money. There is always a risk if the new employeeselected will adjust to the new environment. Resignations are quite infectious. There is loss of knowledge Relationship with customers is affected.higher retention rate helps to build goodwillof the company
Retention Target Group HighRisk ofDeparture Let Go Re-Recruit Turnover Intention Don’t Care Take Care Low Low Employee High Value
HOW TO MANAGE EMPLOYEE RETENTIONThis is the three stage process Identify the cost of employee turnover. Understand why employee leave (exit interview). Implement retention techniques.
Increase Employee Engagement Motivate Employees Implement a well-designed assessment and selection process Recognition of Performance
Focus On Team Building Communicating with Employees Implement programs for employee training and development
Manager’s role in retention Creating motivating environment Standing up for the Team Providing coaching Delegation Extra Responsibility Focus on future career
managers attitude Explain why.Show that you care.Listen before you speak.Say what you mean and mean what you say.
Be fair.Engage and encourage people to come up withtheir own solutions.Promote this: "You have the right to disagree,but you should never be disagreeable".
The success or failure of an organization is increasinglydetermined by its ability to keep its best people.