How to retain good employee for company

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How to retain good employee for company

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How to retain good employee for company

  1. 1. How To Retain Good Employees Thien Nguyen
  2. 2.  Some concepts concerning the importance of employee retention The reasons employees leave How to retain good employees and minimize the turnover
  3. 3. CONCEPTS People dont really work for companies; they work for a boss. A good boss can keep employees, make them happy and reduce the costs associated with employee turnover The perception of equitable treatment is important in employee retention Many surveys suggest that employees often leave a company not because of dissatisfaction with the company or work itself, but because of poor relationships with a boss or unpleasant interpersonal issues.
  4. 4. CONCEPTS Employees are one of a companys largest expenses these days. The cost of replacing a bad hire far exceeds the marginal additional cost of hiring the best person in the first place Employee retention is critical to the long term health and success of the business The best employees seek frequent opportunities to learn and grow in their careers, knowledge and skills. They never stop learning and crave new challenges
  5. 5. CONCEPTS Almost everyone works for money. People always want employers to pay them above market rates When the employees recognize a good boss and a real leader or the company is a place people want to come to and work for, they will stay around. Company culture can be a powerful recruitment and retention tool Boss might want to pay his good employees a bit more than the norm
  6. 6. CONCEPTS HR professionals were asked which programs or policies they use currently to help retain employees. The following three are the most common programs employers are using to retain good employees: • 62 percent provide tuition reimbursement • 60 percent offer competitive vacation and holiday benefits • 59 percent offer competitive salaries and bonus. • …
  7. 7. CONCEPTS Employees cited the following three top reasons they would begin searching for a new job: • 53 percent seek better compensation and benefits • 35 percent cited dissatisfaction with potential career development • 32 percent said they were ready for a new experience • …
  8. 8. The leave reasons Lack of : • clarity about expectations • feedback for performance • challenge in work, with boredom of low workload • support from their peers and managers when have excessive workload The company is experiencing a downward spiral Company policies and procedures are not clear and communicated well No training and development opportunities
  9. 9. The leave reasons Relationship with management team is damaged Insufficient recognition for the level of contribution and effort provided Stopped having fun and enjoying their job Pay isn’t commensurate with performance. Benefits package is not satisfactory Anxiety about the promotion, income and retirement security Concerns about management’s ability to lead the company forward successfully
  10. 10. Job Withdrawal Process The Causes of Job Dissatisfaction Personal • Negative affectivity Dispositions • Core self-evaluations • Role • Role ambiguity Tasks and Roles • Role conflict • Role overload Supervisors and • Negative behavior by managers Coworkers • Conflicts between employees • Pay is an indicator of status in the organization Pay and Benefits • Pay and benefits contribute to self-worth
  11. 11. How to retain employees and minimize the turnover Meet employees periodically to learn about their talents, abilities and skills. Help them feel welcomed, acknowledged and loyal Communicate goals, roles and responsibilities so people know what is expected and feel like part of the in-crowd Make the workplace fun Set goals for employees that can be achieved Provide an environment that people are comfortable providing and receiving feedback
  12. 12. How to retain employees and minimize the turnover No matter the circumstances, never, never, never threaten an employees job or income Provide appropriate rewards and recognition for jobs done well Demonstrate support, listen and respect for employees at all times, never ridicule or shame them Pay for what they deserve Enable employees to balance work and life. Allow flexible working times and core business hours Hold exit interviews with departing employees to retain remaining staff
  13. 13. How to retain employees and minimize the turnover Provide employee with new challenges, cross training, growth opportunities and career progression. A career-oriented, valued employee must experience growth opportunities within the organization Involve employees in solving problems and making decisions that affect their jobs and the overall direction of the company whenever possible Offer performance feedback and praise good efforts and results
  14. 14. How to retain employees and minimize the turnover Recognize and link attractive pay to excellent performance, celebrate success. Offer an attractive, competitive, benefits package with components such as life insurance, vacation and flexible working hours Nurture and celebrate organization traditions. Celebrate good news such as new business wins and other significant milestones Make promotion system is fair and that employees know exactly what they need to do to get ready for the next opportunity
  15. 15. Questions & Answers

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