A Magic of EMPLOYEE RETENTION

By P.B.S. KUMAR MANAGER-HR

A good retention strategy

Retaining talented employees is one of the topmost priorities of employers today. Reasons for attrition could be the innumerable changes engulfing workplaces, like reorganisation, higher performance standards and resultant high-pressure levels. The challenge is not only to attract the best talent but also to retain them. Rising opportunities for career development, lifestyle decisions, job mobility, unbalanced work life, poor mentoring and stress are some factors which influence and individuals decision to continue or quite. Among other things, a retention strategy demands respecting employees concerns right from their entry into the organisation till their retirement. Its encompasses the organisations ability to provide the best of work climates.
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What troubles employees ?

An Employee expect from Employer to : Provide induction Create a good work environment Motivate them to work Train them Provide a suitable compensation package Implement reward strategies Counsel them Hold affable exit interviews An appropriate HR strategies alone can satisfy employee expectations. Retention will not be a major concern if the organisation stands firm on its values and promises.

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Design on Retention Strategies

Corporate image Cultural Profile Saleable features

Retention Strategies Design

Information use
Continuous Development

Turnover

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Corporate image
Maintaining corporate image is an effective way to attract the talented. The organisation has to ensure that it is sought after for employment by cashing on its good will and reputation.

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Saleable Features
The organisation must identify its strengths and opportunities and portray them effectively. This is almost equivalent to selling the organisation to the new recruits, it helps in building positive impressions initially.

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Turnover
Organisations must hold strict exit interviews and review reasons for turnover. The information must be ideally used to plan strategies for retention. Those issues that might drive talent to leave should be dealt with immediately.

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Continuous development
Unless organisations adapt to changes and developments, they cannot mentor their employees and new recruits. Give the new recruits every reason to work for the organisation and build a long-term relationship.

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Information use
All information about the new recruits should be kept in mind even after the recruitment process ends. This will help in identifying their potential and setting performance targets thereby, maximising the recruits performance.

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Cultural Profile
Matching the profile of the recruit with the cultural profile of the organisation is crucial. Organisations should look for the best fit into their territory with reviews from their colleagues, customers and managers.

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THE RETENTION STRATEGIES

Training Good Monitory package

Work-life

THE RETENTION STRATEGIES

Good Relationships

Effective mentoring

Autonomy

Challenges

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Training Programmes
Organisations should design training programmes that match employee competencies with current trends. For example. Price Waterhouse, Hewlett Packard and Ernst & Young introduced a new online training and counseling programme that significantly brought down the turnover rate. IBM set up a career centre where career development programmes were emphasised.
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Effective mentoring
Another reason for turnover is lack of effective mentoring skills. Employees get demotivated in the absence of proper mentors.

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Challenges

Employer should help employees to prove their worth and bring out their talent potentials, and avoid cost point.

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Autonomy
Giving employees responsible tasks, while giving them the freedom to work in their own style and motivates them to stay on.

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Good Relationships

Healthy relationships among the line members and staff members inspire employees to stay on in any organisation.

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Good monitory package

Compensation plays an important role in attracting, motivating and retaining employees. Loss of human capital, lower productivity and dismal performance levels are the negative consequences of high turnover. Creative retention strategies therefore have to be emphasised. This is the responsibility of management and every employee of the organisation has to view it as a calculated organisational challenge.
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