EMP.RETENTION PPT

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Presented By:- Khushboo Saxena Rohit Arora Mahendra Singh Shersia EMPLOYEE RETENTION

Introduction : 

Introduction Employee Retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organisation kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.

Why to Retain Employees? : 

Why to Retain Employees? More than half of the employers retain workforce to avoid associated costs of hiring and training. 51% - costs of hiring & training 24% - loss of productivity 19% - damaged morale of employees 6% - loss of business

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Need and Importance of Retention

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Cont…

Retention Strategies : 

Retention Strategies Employee engagement through better communication and involvement is the key strategy for retention by most companies.

Attracting & Retaining Star Employees : 

Attracting & Retaining Star Employees Organizations that are capable of retaining talented people believe that the key to attract and retain employees lies in some non-monetary factors. Star performers stress more on the fundamental human needs which the organizations should oblige.

Underwater Stock Option : 

Underwater Stock Option Employees stock option were once used to hire and retain key talent. With bearish stock markets, most of these options have gone underwater and have become worthless. Companies are reworking on their stock options to make them more attractive and retain key employees.

Talent Retention- Make work Passionate : 

Talent Retention- Make work Passionate What makes employees remain loyal to employers, a survey carried out by Watson Wyatt worldwide- identified the following factors which make employees remain loyal to organizations.

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Particulars Percentage Chance to use skill on job 11% Trust in senior leadership 14% Competitiveness of rewards 14% Job security 11% Quality of company’s products 10% and services Absence of work related stress 7% Honesty & integrity of company’s 7% business conduct All other factors 26% CONT…

Article – Retaining Talent(Times Ascent-16 Feb. 2011) : 

Article – Retaining Talent(Times Ascent-16 Feb. 2011) According to a timesjob.com survey- 80% HR managers find retention a bigger challenge than scouting new talent.

Examples : 

Examples 1. CN TOWER Canada’s Wonder of the World

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EMPLOYEE RETENTION Motivators and incentives: Investment in training, 2+days prior to first day Competitive compensation packages, or better Staff draws (baseball and attraction tickets, prizes) Marketing discounts (sporting goods, concert tickets, golf tournaments, scuba experiences) Department contests

EMPLOYEE RETENTION : 

EMPLOYEE RETENTION Comprehensive benefits / compensation package Extensive employee recognition / rewards programs Nature of work Opportunities for knowledge and skill development Good interpersonal relations with co-workers Opportunity for advancement & permanent work Opportunity to be creative Geographic location Relative distance to colleges and universities Proximity to public transportation systems (union station)

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Cont… 2. ICICI – one source had also introduced a career diversification program whereby employees who had been with the company for more than 18 months could switch to positions in the ICICI group after passing internal tests. 3. Noida- based firm EXL services had taken 125 flats in Noida, where for a nominal rent,it housed young staffers.

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Cont… 4. EXL Services & Mumbai-based call centers Epicenter were hiring older people and part timers to cope up with attrition. 5. Fed Ex courier services:- Employees who had left the company were allowed to join back if their new job did not match their expectations. The company devised an online exit interview to know about their new jobs-compensations offer, job profile and more. Employees were asked why they left Fed Ex.

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Queries…