Employee retention strategies trends and challengesPrashant Arsul
Employee retention refers to the policies and practices companies use to stop their competent and valuable employees from leaving their jobs.
Employee retention strategies help organizations provide effective employee communication to improve commitment and enhance workforce support for key corporate initiatives
For smooth functioning of the organization skilful, experienced, and competent employees are required
Employee retention is one of the ‘Global headaches’ of many Organisation as well as Recruiters. Hiring without any expansion is showing the in effectiveness of talent acquisition. There are many internal/external factors which would be adversely affect the employee retention.
During my tenure with last Company, I have seen a lot of employees were leaving the Organisation on a rapid way. Finally I came to know that, we can reduce the attrition on a handsome margin if we looking in to the following very sincerely.
Employee retention is the magic of leading successful organisations. Spinning mills need to implement tried out successful mesures to retain its employees.WINSYS SMC has explained through this training session.
Employee retention strategies trends and challengesPrashant Arsul
Employee retention refers to the policies and practices companies use to stop their competent and valuable employees from leaving their jobs.
Employee retention strategies help organizations provide effective employee communication to improve commitment and enhance workforce support for key corporate initiatives
For smooth functioning of the organization skilful, experienced, and competent employees are required
Employee retention is one of the ‘Global headaches’ of many Organisation as well as Recruiters. Hiring without any expansion is showing the in effectiveness of talent acquisition. There are many internal/external factors which would be adversely affect the employee retention.
During my tenure with last Company, I have seen a lot of employees were leaving the Organisation on a rapid way. Finally I came to know that, we can reduce the attrition on a handsome margin if we looking in to the following very sincerely.
Employee retention is the magic of leading successful organisations. Spinning mills need to implement tried out successful mesures to retain its employees.WINSYS SMC has explained through this training session.
Employee Retention: Key Ways to Retain Your Top TalentKaufman Global
Employee retention is about compelling great people to stick around. This can be hard to achieve and sustain, because it isn’t just the money – it requires good data, a plan and mild effort. Learn how having a solid retention strategy can help you succeed against the headwinds of: post-merger integrations, skilled labor shortages, and changing technologies when you put the engagement of your people first.
Keeping Employees Engaged In The WorkplaceJumpstart:HR
Jumpstart:HR is your trusted HR Outsourcing and Strategic Counseling partner. We work with your organization as a virtual and on-site service provider to solve your HR challenges, alleviate your burdens and free up your time.
Visit us at http://www.jumpstart-hr.com to learn more about how we can save your organization time and bring about a greater ROI on your Human Capital Management strategy.
Twitter: http://www.twitter.com/jumpstarthr
Facebook: https://www.facebook.com/jumpstarthr
LinkedIn: http://www.linkedin.com/company/jumpstart-hr
Sign up for our newsletter and learn "What HR Can Learn from Steve Jobs.": http://www.eepurl.com/jAbNf
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
Emerald Software's Onboarding Best Practices - What You Can and Should Do WIth A New Employee Onboarding System.
Learn more at http://www.emeraldsoftwaregroup.com/onboarding
Here you will come up with some glimpses of retention management being followed by different organisation and what were the varied techniques were implemented to retain the employees back in the organisation.
References:
Mathis, Robert L. Jackson, John H (2010). Human Resource Management 13th Edition. South-Western Cengage Learning. ISBN 9780538453158
Employee Retention. Retrieved from: http://www.whatishumanresource.com/employee-retention
Retention strategies are policies and plans that organizations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term.
Employee Retention: Key Ways to Retain Your Top TalentKaufman Global
Employee retention is about compelling great people to stick around. This can be hard to achieve and sustain, because it isn’t just the money – it requires good data, a plan and mild effort. Learn how having a solid retention strategy can help you succeed against the headwinds of: post-merger integrations, skilled labor shortages, and changing technologies when you put the engagement of your people first.
Keeping Employees Engaged In The WorkplaceJumpstart:HR
Jumpstart:HR is your trusted HR Outsourcing and Strategic Counseling partner. We work with your organization as a virtual and on-site service provider to solve your HR challenges, alleviate your burdens and free up your time.
Visit us at http://www.jumpstart-hr.com to learn more about how we can save your organization time and bring about a greater ROI on your Human Capital Management strategy.
Twitter: http://www.twitter.com/jumpstarthr
Facebook: https://www.facebook.com/jumpstarthr
LinkedIn: http://www.linkedin.com/company/jumpstart-hr
Sign up for our newsletter and learn "What HR Can Learn from Steve Jobs.": http://www.eepurl.com/jAbNf
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
Emerald Software's Onboarding Best Practices - What You Can and Should Do WIth A New Employee Onboarding System.
Learn more at http://www.emeraldsoftwaregroup.com/onboarding
Here you will come up with some glimpses of retention management being followed by different organisation and what were the varied techniques were implemented to retain the employees back in the organisation.
References:
Mathis, Robert L. Jackson, John H (2010). Human Resource Management 13th Edition. South-Western Cengage Learning. ISBN 9780538453158
Employee Retention. Retrieved from: http://www.whatishumanresource.com/employee-retention
Retention strategies are policies and plans that organizations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term.
HR professionals value the best employees and invest resources into employee retention. Retaining the best employees in the organization is very important to produce a better outcome. However, employees come and go, but sometimes increase in employee departure can lead to difficult situations.
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd.
Today's Effort For A Better Tomorrow
How to Build a Stronger Happier Workplace - whitepapersmartOne Prepaid
The first thing employees refer to when rating their overall job satisfaction is their "work environment". Creating the right work environment is crucial to your brand within the corporate community.
Read "How to build a stronger, happier workplace" for insight and suggestions that can help you make a difference.
Employee engagement refers to the level of dedication and enthusiasm employees hold regarding their tasks, responsibilities, and the overall objectives and culture of a workplace. It’s important to measure employee engagement (in a worthwhile way) and embed employee engagement into an organisations culture.
For more content like this, check out Acorn Labs: http://acornlabs.education/
Employee retention is one of the ‘Global headaches’ of many Organisation as well as Recruiters. Hiring without any expansion is showing the in effectiveness of talent acquisition. There are many internal/external factors which would be adversely affect the employee retention.
During my tenure with last Company, I have seen a lot of employees were leaving the Organisation on a rapid way. Finally I came to know that, we can reduce the attrition on a handsome margin if we looking in to the following very sincerely.
3. What is Employee Retention ?
Employee retention refers to the various policies and practices which
let the employees stick to an organization for a longer period of time.
Every organization invests time and money to groom a new joinee, make
him a corporate ready material and bring him at par with the existing
employees. The organization is completely at loss when the employees
leave their job once they are fully trained. Employee retention takes into
account the various measures taken so that an individual stays in an
organization for the maximum period of time.
4. Why do Employees Leave ?
Research says that most of the employees leave an organization out of
frustration and constant friction with their superiors or other team
members. In some cases low salary, lack of growth prospects and motivation
compel an employee to look for a change. The management must try its level best
to retain those employees who are really important for the system and are known
to be effective contributors.
It is the responsibility of the line managers as well as the management to ensure
that the employees are satisfied with their roles and responsibilities and the job is
offering them a new challenge and learning every day.
5. Retention involves 5 major things
Compensation Environment Growth
Relationship Support
6. Compensation
Compensation includes largest part of retention process. The employees always have high
expectations regarding their compensation package.
Compensation includes :
1) salary and wages
2) Bonus
3) Health Insurance
4) After retirement benefits
5) Incentives
6) Appraisals
7. Environment
Environment is another factor which contributes to employee retention.
A motivated employee wants to contribute to work areas outside of his job
specification.
8. Growth
• Growth is the integral part of every individuals career.
• If an employee cannot foresee his path of career development in his current
organization, there are chances that he may leave the organization as soon as he get a
new opportunity.
9. Relationship
Sometimes the relationship with the management and the peers become the
reason for the employee to leave the organization.
The management is often not able to provide an employee a supportive work
culture and environment in terms of personal or professional relationship.
10. Support
Employees today are asking for workplace that help them balance the demands of
their work and family lives, rather than forcing them to choose one over the other.
Schemes like:
1) Special schemes for their children
2) Scholarships
3) Medical Benefits.
4) Travel and holiday etc.
Supportive work culture helps grow the employee professionally and boost
employee satisfaction.
There are times when employee starts feeling bitterness towards the
management or peers which leads to less satisfaction and eventually attrition
11. Low Level
• Appreciating and
recognizing a well done
job.
•Providing Benefits
•Providing Perks
•Providing workplace
convenience.
•Fun at Work
•Occasional stress
relievers
•Employee support in
tough time and personal
crises.
•Recognizing professional
as well as personal
significant events.
Mid Level
•Appreciating and
recognizing a well done
job.
•Benefit programs for
family support.
•Providing convenience
at workplace.
•Providing training and
development with
personal growth
opportunities
High Level
•Promoting work/life
effectiveness.
•Understand employee
needs
•Encouraging
professional training
and development and
personal growth
opportunities.
•Providing an
environment of trust.
•Hire the right people
from the beginning
3 Levels
12. Let us understand the concept of employee retention
with the help of an example:
Misha was a talented employee who delivered her best and completed all her work
within the desired time frame. Her work lacked errors and was always found to be
innovative and thought provoking. She never interfered in anybody else’s work and
stayed away from unnecessary gossips and rumours. She avoided loitering around at
the workplace, was serious about her work and no doubts her performance was always
appreciable. Greg, her immediate boss never really liked Misha and considered her as
his biggest threat at the workplace. He left no stone unturned to insult and demotivated
Misha. Soon, Misha got fed up with Greg and decided to move on.
13. Situation 1 - The HR did not make any efforts to retain Misha and accepted her
resignation.
Situation 2 - The HR immediately intervened and discussed the several issues
which prompted Misha to think for a change. They tried their level best to convince
Misha and even appointed a new boss to make the things better for her.
In Case of Situation 1 would most likely leave the organization in the lurch. It is
not easy to find an employee who gels well with the system and understands the
work. Hiring an employee, training him and making him fit to work in an organization
incur huge costs and thus sincere efforts must be made to retain the employee. Every
problem has a solution and the management must probe into the exact reasons of an
employee’s displeasure. Employees sticking to an organization for a longer time tend
to know the organization better and develop a feeling of attachment towards it. The
employees who stay for a longer duration are familiar with the company policies,
guidelines as well as rules and regulations and thus can contribute more effectively
than individuals who come and go.
Employee retention techniques go a long way in motivating the employees
for them to enjoy their work and avoid changing jobs frequently.
14. Try these tactics to retain your employees.
Offer a competitive benefits package that fits your employees’ needs. Providing
health insurance, life insurance and a retirement-savings plan is essential in retaining
employees. But other perks, such as flextime and the option of telecommuting, go a long
way to show employees you are willing to accommodate their outside lives.
Provide some small perks. Free bagels on Fridays and dry-cleaning pickup and delivery
may seem insignificant to you, but if they help employees better manage their lives, they’ll
appreciate it and may be more likely to stick around.
Conduct “stay” interviews. In addition to performing exit interviews to learn why
employees are leaving, consider asking longer-tenured employees why they stay. Ask
questions such as: Why did you come to work here? Why have you stayed? What would
make you leave? And what are your nonnegotiable issues? What about your managers?
What would you change or improve? Then use that information to strengthen your
employee-retention strategies.
Use contests and incentives to help keep workers motivated and feeling
rewarded. Done right, these kinds of programs can keep employees focused and excited
about their jobs.
15. Communicate your business’s mission. Feeling connected to the organization’s goals is
one way to keep employees mentally and emotionally tied to your company.
Foster employee development. This could be training to learn a new job skill or tuition
reimbursement to help further your employee’s education.
Create open communication between employees and management. Hold regular
meetings in which employees can offer ideas and ask questions. Have an open-door policy
that encourages employees to speak frankly with their managers without fear of
repercussion.
Get managers involved. Require your managers to spend time coaching employees,
helping good performers move to new positions and minimizing poor performance.
Offer financial rewards. Consider offering stock options or other financial awards for
employees who meet performance goals and stay for a predetermined time period, say,
three or five years. Also, provide meaningful annual raises. Nothing dashes employee
enthusiasm more than a paltry raise. If you can afford it, give more to your top performers.
Or, if you don’t want to be stuck with large permanent increases, create a bonus structure
where employees can earn an annual bonus if they meet pre-specified performance goals.
17. An organization enjoys following benefits due to employee
retention:
1. Existing employee’s skills, talent, and values are known to the organization.
2. Existing employee’s cultural fit, performance, attitude, etc. are already judged.
3. Existing employee’s aspirations and expectations are clear
4. Employees’ adjustment with the company’s climate and environment.
5. Cost of recruitment and training will not be incurring.
6. Even the employee’s family members get adjusted with the company’s
environment.
7. Family welfare programmes.
18. The various methods that can be adopted are as
follows:
1. Offer competitive pay package and all social security benefits.
2. Maintain interpersonal dynamics and congenial human relation.
3. Provide efficient carrier planning and development.
4. Use family involvement programmes.
5. Meet all the growing demands of employees.
6. Apply innovative practices.
7. Provide continuous training and development programmes.
8. Emphasize on successor planning.
9. Encourage maternal mobility and job charges.
10. Reduce the grievances of employees and implement corrective measures.
20. Manager’s role in employee retention strategy
Creating motivating environment
Standing up for the Team
Providing coaching
Delegation
Extra Responsibility
Focus on future career
Career Planning
21. How to reduce employee turnover
Extract DIAMONDS among the stones
Giving a finishing touch to your Diamond
Compensation package for those who make your organization worth
22. Attrition is it really BAD????
If all the employees stay in the same organization for along time most of them will
be at the top of their pay scale which will result in excessive manpower cost.
When certain employees leave whose continuation of service would have negatively
impacted productivity and profitability of the company, the company is benefited.
There are some people in the organization who have negative and demoralizing
influence on the work culture and team spirit . This in the long term is detrimental to
organizations health.
New employees bring in new ideas, approaches abilities and attitude which can keep
the organization from becoming a stagnant.
23. Contd…..
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.
1) It removes bottleneck in the progress of the company.
2) It creates space for the entry of new talent s
3) It assists in evolving high performance teams.
24. Conclusion
• Retention is better than recruitment
• Existing employees has already completed adjustment stage and is in contributing
and performance stage.
• Existing employees is aware of company and community environment and climate
• There won’t be further cost of recruitment, relocation and training, in case of existing
employees.
25. Live example of the best company in Employee
Retention.
Anshul Life science:
Anshul life science is a very old client of Erudite Management solutions and a good
company to work with.
The employees which are place in Anshul Life Science are very happy and don’t
leave the organization until its very necessary.
Anshul believes in their employees and provide them career path to grow.