The document discusses various strategies for employee retention and talent management. It covers comprehensive retention approaches like better recruiting, training managers, and recognizing employees. It also discusses managing voluntary turnover, dealing with job withdrawal, strategic compensation plans including different elements of total rewards, integrated rewards philosophy, designing integrated rewards, sustainable talent management, reward models, and career and succession planning. The overall goal is to discuss how organizations can retain talented employees and engage them over the long term.

1. Unit 4
MBA/BBA/B.com /PGDCA/UGC Net
By
Dr. Anand Vyas

2. 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.

3. Comprehensive approach to
Employees Retention,
1. Comprehensive approach Employees Retention
2. Better Recruiting From the Beginning
3. Training Your Managers to Foster Retention
4. Show Recognition in Multiple Ways
5. Frame the Long-Term Career Trajectory

4. Managing Voluntary Turnover,
• Voluntary turnover is a type of turnover that occurs when
employees willingly choose to leave their positions. Employees
might choose to vacate their jobs for a variety of reasons. They may
feel dissatisfied with their position or their compensation, they may
be seeking a career change, or they may have accepted another
offer. While involuntary turnover usually involves employees being
let go for unsatisfactory performance, voluntary turnover often
involves competent employees leaving their positions. As a result,
voluntary turnover can be very expensive for an organization
because of the costs associated with recruiting and hiring a new
employee.
• Create an environment that encourages trust and communication.
• Give employees a goal, and recognize a job well done

5. Dealing with Job Withdrawal;

6. Strategic Compensation plan for
Talent Engagement:
• Five strategies for Engaging Employees through
Compensation”
• 1. Paying for Competencies
• 2 Offering “Proxies” for Promotion
• 3 Rewarding Employees to take Charge
• 4. Aligning Organizational values with Rewards
• 5. Clear and Transparent Compensation system

7. Defining the Elements of Total Rewards,
• COMPENSATION:
– Fixed pay:
– Variable pay:
• BENEFITS:
– Health and welfare plans that include health insurance, pre-tax benefits plans, life insurance and
disability plans
– Pay for time not worked
• WORK-LIFE BENEFITS:
– Community awareness and involvement programs
– Caring for children and dependent adults
– Culture diversity programs
• PERFORMANCE AND SERVICE RECOGNITION: .
– Service awards
– Retirement awards
• CAREER DEVELOPMENT: Internships
– International assignments
– Internal promotions or transfer

8. Integrated Rewards Philosophy,
• The philosophy of reward management
recognizes that it must be strategic in the
sense that it addresses longer-term issues
relating to how people should be valued for
what they do and what they achieve. Reward
strategies and the processes that are required
to implement them have to flow from the
business strategy.

9. Designing Integrated Rewards,
1 Understand the current business and reward
environment
2 Define the market and your comparative point
3 Understand your culture and employees
4 Define and create an employee value
proposition.
5 Communicate, communicate, communicate

10. Sustainable Talent Management and
• Establish Employment Value Proposition (EVP)
• Develop a total reward strategy beyond just compensation
• Make talent management unique to individual organization/culture
– embrace talent management process
• Rethink organization structure, staffing strategies and management
approaches
• Define your target talent segments
• Differentiate performance and rewards
• Engage high performers and transform them into next generation
leader candidates

11. Reward Model
• Performance-Based Incentives
• Employee Recognition and Awards
• Ownership and Profit-Sharing
Options
• Keeping Employees Needs in Mind

12. Career and Succession Planning