Employee Retention


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Employee Retention

  1. 1. EMPLOYEE RETENTION “ Human Asset-A valuable Asset Presented by: Sadhika Gupta 2020070451
  2. 2. Introduction <ul><li>The challenge is not only to attract the best talent but also to retain them. </li></ul><ul><li>Rising opportunities for carrier development. </li></ul><ul><li>lifestyle decisions. </li></ul><ul><li>job changing. </li></ul><ul><li>unbalanced work life. </li></ul><ul><li>Which influence an individual's decision to continue or quit. </li></ul>
  3. 3. What is Employee Retention? <ul><li>“ Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project”. </li></ul>
  4. 4. Employee Retention will benefit an organization <ul><li>The Cost of Turnover. </li></ul><ul><li>Loss of Company Knowledge. </li></ul><ul><li>Interruption of Customer Service. </li></ul><ul><li>Turnover leads to more turnovers. </li></ul><ul><li>Goodwill of the company. </li></ul><ul><li>Regaining efficiency. </li></ul>
  5. 5. Retention involves five major things :
  6. 6. Compensation constitutes the largest part of the retention process. The employees always have high expectations regarding their compensation packages . <ul><li>Compensation includes: </li></ul><ul><li>Salary and wages. </li></ul><ul><li>Bonus. </li></ul><ul><li>Health Insurance. </li></ul><ul><li>After retirement benefits. </li></ul>
  7. 7. ENVIRONMENT <ul><li>Environment is another factor which contributes to employee retention . </li></ul><ul><li>A motivated employee wants to contribute to work areas outside of his specific job description. </li></ul>
  8. 8. GROWTH <ul><li>Growth is an integral part of every individual’s career. </li></ul><ul><li>If an employee can not foresee his path of career development in his current organization, there are chances that he’ll leave the organization as soon as he gets an opportunity. </li></ul>
  9. 9. RELATIONSHIP <ul><li>Sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. </li></ul><ul><li>The management is often not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. </li></ul>
  10. 10. Conti…. <ul><li>A supportive work culture helps grow employee professionally and boosts employee satisfaction . </li></ul><ul><li>There are times when an employee starts feeling bitterness towards the management or peers, which leads to less satisfaction and eventually attrition. </li></ul>
  11. 11. Support <ul><li>Employees today are asking for a work place that helps them balance the demands of their work and family lives, rather than forcing them to choose one over the other. </li></ul><ul><li>Schemes like:- </li></ul><ul><li>special schemes for their children. </li></ul><ul><li>Scholarships. </li></ul><ul><li>medical benefits. </li></ul><ul><li>training etc. </li></ul>
  12. 12. What Makes Employee Leave? <ul><li>Job is not what the employee expected to be. </li></ul><ul><li>Job and person mismatch. </li></ul><ul><li>No growth opportunities. </li></ul><ul><li>Lack of appreciation . </li></ul><ul><li>Lack of trust and support in coworkers, seniors and management. </li></ul>
  13. 13. Conti…. <ul><li>Stress from overwork and work life imbalance. </li></ul><ul><li>Compensation. </li></ul><ul><li>New job offer. </li></ul>
  14. 14. Employee Retention Strategies
  15. 15. Conti… <ul><li>Hire the right people in the first place. </li></ul><ul><li>Empower the employees: Give the employees the authority to get things done. </li></ul><ul><li>Make employees realize that they are the most valuable asset of the organization. </li></ul><ul><li>Have faith in them, trust them and respect them. </li></ul><ul><li>Provide them information and knowledge. </li></ul>
  16. 16. Conti…. <ul><li>Keep providing them feedback on their performance. </li></ul><ul><li>Recognize and appreciate their achievements. </li></ul><ul><li>Keep their morale high. </li></ul><ul><li>Create an environment where the employees want to work and have fun </li></ul>
  17. 17. Conti….
  18. 18. Retention Myths <ul><li>Employees leave an organization for more pay. </li></ul><ul><li>Incentives can increase productivity. </li></ul><ul><li>Employees run away from responsibilities. </li></ul><ul><li>Loyalty is a thing of the past. </li></ul><ul><li>Taking measures to increase employee satisfaction will be expensive for the organizations. </li></ul>
  19. 19. Attrition is Bad???? <ul><li>If all employees stay in the same organization for a very long time, most of them will be at the top of their pay scale which will result in excessive manpower costs. </li></ul><ul><li>When certain employees leave, whose continuation of service would have negatively impacted productivity and profitability of the company, the company is benefited. </li></ul>
  20. 20. Conti…. <ul><li>There are also some people in the organization who have a negative and demoralizing influence on the work culture and team spirit. This, in the long-term, is detrimental to organizational health. </li></ul><ul><li>New employees bring new ideas, approaches, abilities & attitudes which can keep the organization from becoming stagnant. </li></ul>
  21. 21. Conti…. <ul><li>Desirable attrition also includes termination of employees with whom the organization does not want to continue a relationship. It benefits the organization in the following ways: </li></ul><ul><li>It removes bottleneck in the progress of the company. </li></ul><ul><li>It creates space for the entry of new talents. </li></ul><ul><li>It assists in evolving high performance teams. </li></ul>
  22. 22. Employee retention is crucial for the long – term health and success of the business .Managers readily agree that retaining best employees ensures customer satisfaction , product sales , satisfied co-workers ,goodwill of the organization etc. In a nutshell , “ if you truly respect , appreciate and treat your employees wonderfully , you will never lose them ” !!!! CONCLUSION
  23. 23. <ul><li>THANK YOU !!! </li></ul>