Dear HR professionals, Can u please provide some information on the Employee Retention Strategies followed across the different industries ? Regards, S Vishwanathan
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
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
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