Employee Retention Strategy

Employee Retention Strategies: 

Employee Retention Strategies Ms.Vikramjit Kaur Assistant Professor Rayat Institute of Management, Rail Majra , SBS Nagar, Punjab, INDIA – 144533 vikramjit_kaur@yahoo.in

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Retention Strategies Employee Retention Strategies

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“We cant stop employees from leaving unless we have a plan to make them stay”

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What is Employee Retention? Retention is all about keeping good people and how you manage them. Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project.

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Employee Retention Productivity Morale Customer Satisfaction Customer Retention Retention Motivated Engaged Empowered Excited Loyal Is Keeping the right employees the most appropriate amount of time & moving them up the retention curve

Recipe for Retention: 

R –EMUNERATE COMPETITIVELY E -NCOURAGEMENT AND EXPECTATIONS T – RAINING AND DEVELOPMENT A -NNUAL REVIEW CYCLES I - NFORM AND INVOLVE N -URTURE Recipe for Retention

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Effects of Retention: The cost of turnover. Loss of company knowledge. Interruption of customer services . Turnover leads to more turnovers . Goodwill of Company . Regaining efficienc y.

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Companies that lose top performers may not only experience declines in productivity but also incur significant costs in replacing these professionals.

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What makes employee leave ? Job is not what employee expected. No growth opportunities . Lack of appreciation. Lack of trust and support. Stress from overwork. Compensation. New job offers.

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Job and person mismatch For Higher education Misguidance by the company No personal life Uneasy relationship with peers or managers What makes employee leave ?contd.

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Most common reasons employees voluntarily leave

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Recent studies have shown that “limited praise and recognition” was ranked as a primary reason employees leave their jobs - not money!

What employees are looking from their jobs: 

What employees are looking from their jobs Challenging work Learning oriented relationship with superiors, subordinates and colleagues . Competent Leadership

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Reasons why organization is not able to retain the employees Performance goals are unclear The personal touch is missing Reward systems are not transparent No career planning Goal setting process is not scientific. No communication around total value Perceived equity of reward systems is low People don't get integrated

Retention Strategies That Organizations Use : 

Retention Strategies That Organizations Use

Training Programmes: 

Training Programmes Organizations should design training programmes that match employee competencies with current trends. IBM set up a career centre where career development programmes were emphasized.

Effective mentoring: 

Effective mentoring Another reason for turnover is lack of effective mentoring skills. Employees get demotivated in the absence of proper mentors.

Challenges: 

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

Autonomy: 

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

Good Relationships: 

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

Good monitory package: 

Good monitory package Compensation plays an important role in attracting, motivating and retaining employees.

Some other Measures that organization can use to improve retention rates: 

Some other Measures that organization can use to improve retention rates Recognizing Employees Hire the Right People Walk the Recognition Talk Communication Be an Effective, Ethical Leader Clarifying Expectations Treat Employees Fairly and Respectfully Show them you care Develop weak performers Pride in ones work Provide Alternate Work Schedules

Recognizing Employees: 

Recognizing Employees “Certificates of Recognition” Stickers and Pins Wall of Fame Recognition Voice Mail Thank a “Family Member” card “Thanks for a job well done” card Take a person to lunch Candy, Balloons, Popcorn, Movie Tickets

Make Wiser Choices when Hiring Employees: 

Make Wiser Choices when Hiring Employees Consider the corporate culture that this prospective employee or manager must fit into and determine if there is a match. Doing so will ensure that not only will the employee match the company's expectations but the company will match the employee's expectations.

Walk the Recognition Talk: 

Walk the Recognition Talk Nothing can replace “thank you” Find out about hobbies, sports, family Develop an “attitude of gratitude” Recognize everyone Make it sincere/timely

Communicate Effectively With Your Employees: 

Communicate Effectively With Your Employees This is the most critical tactic of all. Encourage your workers to share their concerns with you and in turn share your concerns with them. This fosters openness and trust between all parties involved. Encourage employee to speak his or her mind freely within the organization.Employee offer ideas, feel free to criticize and commit to continuous improvement. If not they bite their tongues or find themselves constantly in trouble until they leave

Be an Effective, Ethical Leader: 

Be an Effective, Ethical Leader A well-known study stated that: 39% of workers said their supervisor failed to keep promises. 37% indicated their supervisor failed to give credit when due. 31% said their supervisor gave them the "silent treatment" during the past year. 27% report their supervisor made negative comments about them to other employees or managers. 24% indicated their boss invaded their privacy. 23% said their supervisor blamed other to cover up personal mistakes or minimize embarrassment

Be a Great Motivator, Innovator and Leader: 

Be a Great Motivator, Innovator and Leader Inspire your employees to achieve great things. Believe in their capabilities. Encourage them often to stretch out of their comfort zones. Listen to their ideas and implement them.

Treat Employees Fairly and Respectfully: 

Treat Employees Fairly and Respectfully Your employees are your company's best asset and you must protect and nurture them. Whether you know it or not, you are in the business of growing people. Let them know how valuable their contributions are to the company. Honor your commitments to them.

Provide Alternate Work Schedules: 

Provide Alternate Work Schedules Some companies have implemented programs for flexible hours, telecommuting, job sharing, four-day work weeks, and transportation subsidies. This allows employees to gain greater control over how, where, and when they work which leads to better work/life balance and helps to retain them

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TYPES OF EMPLOYEE RETENTION STRATEGIES Low level strategies Medium level strategies High level strategies

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Low level strategies Personalized well done and thank-you cards from supervisors Congratulations e-cards or cards sent to spouses/families Appreciating and recognizing a well done job Voicemails or messages from top management Periodic days off for good performance Rewards(gift, certificates, monetary and non monetary rewards ) Providing workforce conveniences On-site ATM Laundry facility for bachelors Assistance with tax calculations and submission of forms Financial planning assistance Casual dress policies

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Recognizing professional as well as personal significant events Wedding gifts Anniversary gifts New born baby gifts Scholarships for employee’s children Get well cards/ flowers Birthday cards, celebrations and gifts Providing benefits Home insurance plans Legal insurance Travel insurance Disability programs Facilities for expectant mothers Parenting guide Lactation rooms Flexi timings Celebrate birthdays, anniversaries, retirements, promotions, etc Holiday parties and holiday gift certificates Occasional parties like diwali , holi , dushera , etc

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Organize get together for watching football, hockey, cricket matches Organize picnics and trips for movies etc Sports outings like cricket match etc Indoor games Occasional stress relieves Casual dress day Green is the color day Handwriting analysis Tatoo , mehandi , hair braiding stalls on weekends Mini cricket in office Ice cream Fridays Holi - Day breakfast Employee support in tough time or personal crisis Personal loans for emergencies Children and eldercare services Employee assistance program ( Counseling sessions etc ) Emergency childcare facilities

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Medium level strategies Appreciating and recognizing a well done job Special bonus for successfully completing firm-sponsored certifications Benefit program for family support Child adoption benefits Flexible benefits Dependents care assistance Medical care reimbursement Providing conveniences at workplace Gymnasiums Athletic membership program Providing training and development and personal growth opportunities Professional skills development Individualized career guidance

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High level strategies Develop flexible schedules Promoting work/life effectiveness Part-time schedules Extended leaves of absence Develop support services On-site day care facility etc Understand employee needs Listen to the employee and show interest in ideas Appreciate new ideas and reward risk-taking Show support for individual initiative Encourage creativity Encouraging professional training and development and/or personal growth opportunities.

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Retention Myths ( Conclusion) The process of retention is not as easy at it seems. There are so many tactics and strategies used in retention of employees by the organizations. The basic purpose of these strategies is to increase employee satisfaction , boost employee morale hence achieve retention . It requires understanding their needs which can drive satisfaction and high performance in them, and then use his knowledge to create an intrinsically motivating work experience, by doing this organization can become what we say in true words , Retention worthy.

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The Bad Boss Virus Great people stay in bad jobs with great bosses. Great people leave great jobs with bad bosses.