S Vishwanathan Started The Discussion:
Dear HR professionals, Can u please provide some information on the Employee Retention Strategies followed across the different industries ? Regards, S Vishwanathan
Posted 20th January 2006 From India, Mumbai

I have posted the general techniques through which an employee can be retained in an organisation. An employee works for your organization and will be loyal only when there is consensus between the management and the employees. There should a clear understanding between both the parties and the management has to approve the requirements by the time the employee thinks about it....

Five Strategies for Retaining Employees

Retaining employees and developing a stable work force involves a two-step process -- understanding why employees leave in the first place, and developing and implementing strategies to get them to stay.

Employees leave jobs for five main reasons:

Poor working conditions

Lack of appreciation

Lack of support

Lack of opportunity for advancement

Inadequate compensation

Overcoming these reasons requires the implementation of five distinct categories of retention strategies:

Environmental strategies create and maintain a workplace that attracts, retains and nourishes good people.

Relationship strategies focus on how you treat your people and how they treat each other.

Support strategies involve giving people the tools, equipment and information to get the job done.

Growth strategies deal with personal and professional growth.

Compensation strategies cover the broad spectrum of total compensation, not just base pay and salary.

Top Tips for Retaining Employees

To retain their employees, companies should implement the following best practices:

Hire right to begin with.

Engage in longer orientations with new employees.

Live the values.

Use creative rewards and recognition.

Create annual personal growth plans for each employee.

Consider non-compete agreements.

Recruiter-proof your company.

Make it easy for people to get their jobs done.

Do corporate succession planning.

Conduct exit interviews with employees who resign.

Retaining Key Employees

By focusing on key players who truly make or break your business, you can get the most leverage from your employee retention efforts. Retaining key employees requires a five-step process:

Identify key employees and positions.

Know what motivates your key employees on an individual level.

Provide a deferred compensation plan.

Monitor and manage key employee performance.

Review key employees annually.

Using Benefits as an Employee Retention Tool

Employee benefits provide a powerful tool for attracting and retaining top-notch employees. To design a retention-oriented benefits program, use the following steps:

Create a benefits mission statement.

Identify your audience and their specific benefits wants and needs.

Define a benefits budget that fits within the financial constraints of the company.

Give employees as much control as possible over their benefits.

Communicate the plan.

Creative Rewards and Recognition

Reward people for specific behaviors/results.

Make your rewards program simple and easy to understand.

Get employees involved in designing and running the program.

Make it fun!.

with warm regards
k.jayavel (09894805856)

Posted 22nd January 2006 From India, Madras
Dear professionals, Can u plz teel me under which part of HR does employee retention come. can u plz giv names of reference books on the topic Rgrds, anntsi
Posted 18th June 2008 From India, Thiruvananthapuram
Dear S Vishwanathan, I enclosing a file containing an article on hiring and keeping best people. May you can take some ideas from that article.
Posted 19th June 2008 From India, Delhi
Attached FilesProvided by community member Rajeev Verma. Register to join your network of peers.

File Type: pdf Hiring and Keeping the Best People - Richard Luecke.pdf (773.2 KB, 840 views)
Dear Mr. Vishwanathan, Please find this article attached. You may find it useful. I request all members to send their feedback/comments on this. Best Regards, Rohit
Posted 4th July 2008 From India, Bangalore
Attached FilesProvided by community member rohitminton. Register to join your network of peers.

File Type: pdf Employee Retention Tools.pdf (17.9 KB, 1238 views)

I am ravi and did my project on employee retention. Please find the attached PPT so it could help you

I request people to give their feed back on this PPT. Will be looking forward for your reply...

Posted 6th July 2008 From India
Attached FilesProvided by community member itsforyouravi. Register to join your network of peers.

File Type: ppt retention.fial.ppt (542.5 KB, 1030 views)
great sharing!!!!!!!! 5 different categories of strategy is really good....but some more practical insight is required.
Posted 15th July 2008 From India, Mumbai
Hi, Please refer to this article. (Global HR Practices: Employee Retention Tools) at http://rohitminton.blogspot.com/2008/06/employee-retention-tools.html Please leave your comments. regards, Rohit
Posted 26th September 2008 From India, Bangalore

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