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Retention Strategy
The document discusses the critical importance of employee retention strategies for business success, highlighting factors that lead to employee turnover such as limited communication, lack of advancement opportunities, and inadequate recognition. It outlines signs that an employee may be planning to leave and suggests various retention strategies including effective selection, competitive compensation, regular feedback, and fostering team dynamics. The emphasis is on creating a supportive work environment that involves employee empowerment, recognition, and balance between work and life.
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Retention Strategy
- 1. RETENTION AND RETENTION STRATEGIES ByStella Sim PreparedforSEAVirtual LeadershipForum
- 2. RETENTION Critical to longtermhealth and success of the business •Ensures customersatisfaction •Product sales •Satisfied co-workers & reporting staff •Effective succession planning •Deeply embedded organization knowledge & learning
- 3. Why Talents WalkOut theDoor…..
- 4. Top Exit Reasons •Limited communication & openness with Superiors • Limited opportunities foradvancement/careergrowth • Internal pay inequity between new & longerserving staff • Heavy workload with no worklife balance • Limited recognition forjob well done • Unattractive Benefits Program • Poorteamwork
- 5. Signs That AnEmployee Is Planning to Leave • Significantly increased lackof focus • Radical change in attitude • Less involvement with informal activities • Markedly less interest in "going the extra mile" • Increased time off
- 6. Signs That AnEmployee Is Planning to Leave • Taking more calls with the doorclosed orout of the office/building • Being less committed ordependable than usual • Spending excessive time with clients orcolleagues out of the office • Removing personal items from the office
- 7. RETENTION STRATEGIES Selection The right person,in the right seat, on the right bus is the starting point Retain Keep a close eye & earon the ground Development Mould them(especially the high potentials) Compensation Competitive total package
- 8. RETENTION STRATEGIES Recognition Reward, recognize andappreciate Communication Regularclarification of goals & expectations Team Dynamics RegularTeam Bonding Manage underperformers Shape up orShip Out
- 9. RETENTION STRATEGIES Empowerment Delegate authority tocapable teammembers Robust systems & processes Ensure practical & business efficient processes Equip employees forsuccess Provide adequate resources, bandwidth, guidance
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- 11. Retention Tactics/Tips • Selectthe right people • Set expectations – Clarify Goals, roles & responsibilities • Ensure competitive total value proposition • Linkrewards to performance • Recognize and celebrate success • Demonstrate respect & fairness to employees at all times
- 12. Retention Tactics/Tips • Regularperformancefeedback • Make workfun with regularbonding sessions • Enable employees to balance workand life • Involve employees in decisions that affect theirjobs • Provide opportunities fordevelopment • Provide regularcoaching sessions • Remove roadblocks
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