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RETENTION AND
RETENTION STRATEGIES
By Stella Sim
PreparedforSEAVirtual LeadershipForum
RETENTION
Critical to long termhealth and success of the business
•Ensures customersatisfaction
•Product sales
•Satisfied co-workers & reporting staff
•Effective succession planning
•Deeply embedded organization knowledge & learning
Why Talents WalkOut
the Door…..
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
Signs That An Employee 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
Signs That An Employee 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
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
RETENTION
STRATEGIES
Recognition
Reward, recognize and appreciate
Communication
Regularclarification of goals & expectations
Team Dynamics
RegularTeam Bonding
Manage underperformers
Shape up orShip Out
RETENTION
STRATEGIES
Empowerment
Delegate authority to capable teammembers
Robust systems & processes
Ensure practical & business efficient processes
Equip employees forsuccess
Provide adequate resources, bandwidth, guidance
ROUNDUP
Retention Tactics/Tips
• Select the 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
Retention Tactics/Tips
• Regularperformance feedback
• 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
THANKYOU!
Retention Strategy

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Retention Strategy

  • 1. RETENTION AND RETENTION STRATEGIES By Stella Sim PreparedforSEAVirtual LeadershipForum
  • 2. RETENTION Critical to long termhealth and success of the business •Ensures customersatisfaction •Product sales •Satisfied co-workers & reporting staff •Effective succession planning •Deeply embedded organization knowledge & learning
  • 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 An Employee 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 An Employee 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 and appreciate Communication Regularclarification of goals & expectations Team Dynamics RegularTeam Bonding Manage underperformers Shape up orShip Out
  • 9. RETENTION STRATEGIES Empowerment Delegate authority to capable teammembers Robust systems & processes Ensure practical & business efficient processes Equip employees forsuccess Provide adequate resources, bandwidth, guidance
  • 11. Retention Tactics/Tips • Select the 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 • Regularperformance feedback • 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