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| Employee Retention is a way for Business Growth Employee Retention involves encouraging, supporting and developing the skills of the employees to remain with the organization for maximum period of time. In olden days, we could see in films heroes search for the job from beginning till the end. Even 30 to 50 % of films were related to the unemployment problem. But the scenario gets changed now. Organization are searching candidates for their man power requirement and Even the recruitment functions are being outsourced with high investment to identify the suitable candidates. In today’s scenario, it becomes very important for organizations to retain their employees.Employees stay and leave organizations for many reasons. The reason may be personal or professional. These reasons should be understood by the employer and should be taken care of. The organizations are becoming aware of these reasons and adopting many strategies for employee retention. Similarly, HR Professionals spend most of their time in framing Employee Retention Strategies. The Employee Attrition rate is nearly 20 to 30% in India. In the case of BPO industries, it is even worst because the attrition rate is 30 to 40%. Why Employees are quitting jobs? I could say that there are number of reasons for attrition like growth opportunity, physical strains, misguidance by the company, promotion, high salary, uneasy relationship with peers or managers etc. Of all these mentioned above, the main reason behind the attrition is: - The Boss
- The Reward
- Employee’s skill and talent utilization
The Boss: - People like friendly approachable leaders not an autocratic leader.
- People like encouraging leader for their success.
- People like leader who rewards for their contribution immediately.
- People like leader who appreciates the subordinate in a common place for their positive contribution and scolds in closed place for their negative contribution
- People like leader who helps subordinates for their success.
But, this is not the case in every organization. Nobody can be blamed Organizing training programs is must for the managers to learn how to build teams, manage performance, develop individuals to their full potential, and help them to get succeed on their career. The Reward “Pay for performance” is to be replaced by “Pay for loyalty”. Attendance is not a major criterion for rewarding employees. Employees are to be rewarded for their personal efforts and contribution. That’s why organizations move from traditional performance systems to the modern performance systems like Competency and KRA based performance assessment system. Equality in rewarding – Rewarding should be equal for those who are doing similar job. Here the organization should not consider other factors like seniority, experience and loyalty. Organizations need to introduce rewards based incentives like performance Bonus, gain-sharing and ESOPs. ” Do not delay in rewarding” If you want your child to repeat a behavior, you should positively recognize it immediately likewise employees should be rewarded as soon as possible after the performance taken place. The effective skill and talent utilization The talented and skilled people will not work in an organization where their skills and talents are not used or recognized since they could not use their skills and talents. A talent always seeks frequent opportunities to learn and grow in their careers, knowledge and skill. An employee without opportunity for his development will try to identity new avenue for using his skills and talent. Conclusion Happiness can be contagious. So make the organsisation as a happy place to work, where every employee would love to spend time. Human resources department along with senior management support must take steps to make sure of this. Effective human resource management must be practiced at both strategic and day-to-day levels. HR management practices must reflect company policy as to how it will manage and relate to its employees. The HR strategy should evolve from a transactional support role to partnering in the organizations business strategy. HR must take steps to be aware of employee problems and try to solve them |
