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Best Practices: Employee Retention

A Changing Work Force and Workplace



Fundamental changes are taking place in the work force and the workplace that promise to radically alter the way companies relate to their employees. Hiring and retaining good employees have become the chief concerns of nearly every company in every industry. Companies that understand what their employees want and need in the workplace and make a strategic decision to proactively fulfill those needs will become the dominant players in their respective markets. The fierce competition for qualified workers results from a number of workplace trends, including:
  • *A robust economy

    *Shift in how people view their careers

    *Changes in the unspoken "contract" between employer and employee

    *Corporate cocooning

    *A new generation of workers

    *Baby boomers striking out on their own after hitting corporate ceilings

    *Changes in social mores

    *Life balance

Concurrent with these trends, the emerging work force is developing very different attitudes about their role the workplace. Today's employees place a high priority on the following:
  • *Family orientation

    *Sense of community

    *Quality of life issues

    *Volunteerism

    *Autonomy

    *Flexibility and nonconformity

To hold onto your people, you have to work counter to prevailing trends causing the job churning. Smart employers make it a strategic initiative to understand what their people want and need -- then give it to them.

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.

For full article please click on the below URL :

http://www.teconline.com/www/bestpra..._retention.asp
3rd November 2006 From India, Hyderabad
hiii TOOLS FOR RETENTION RECOGNITION COACHING MENTORING IMPLEMENTATION OF EMPLOYEE REFERAL PROGRAMS SABBATICAL PROGRAMS T&D MONETORY NON-MONETORY BENEFITS RECREATIONAL FACILITIES yashswa
3rd November 2006 From India, Mumbai
Hi

I found that a Jenny asked same question in this forum 1 month ago.

Please use search box at the top of site to find this question.
Apart from that, you also ref more information at: Employee retention books

Rgs
22nd December 2009 From Vietnam, Hanoi
This may help you better
https://www.linkedin.com/pulse/5-thi...QXPfp4gg%3D%3D
10th July 2017 From India, Chennai
Can you please explain me the statutory benefits for employees. I wanted to know the percentage of deductions.
25th March 2019 From India, Chennai
Retention Incentive to Employees - A win win situation for Employers and Employees
Incentive to Employees in the form of deferred compensation, when in a policy framed judiciously brings in a number of advantages, both for Employers and Employees. Examples are:-
1. Motivation to Employees providing encouragement and simulation to improve productivity.
2. Creation of a spirit amongst Employees to enhance the image of the Employers in general public.
3. Recognition for high achievers and Key Personnel.
4. Appreciation for good work.
5. A tool for retention of Key Employees in employment for a longer duration.
6. Reduction in Attrition Rate of Employees.
7. An opportunity for High Income Earning Employees to defer their Tax Liability to a future period.
Organization can offer other forms of deferred Incentives. Few are listed below:-
A. Incentive in Form of Property (i.e. Villas, Flats, Plots etc.)
B. Incentive in Form of Gold.
C. Incentive in Form of Deferred Annuities Plans.
D. Incentive in Form of Insurance Plans.
For more details in the matter, you may contact us at or call us at 9211637063
Tikaram Chaudhary
Gratuity and Leave Encashment Trust Fund & AS 15 (R)/ IndAS 19/IAS 19 Consultant
Office Address : R 11, F/F, Vikas Nagar, Uttam Nagar, New Delhi - 110059
Mobile Number: 9211637063
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(All Consultancy Services provided by us are subject to terms & conditions will be stated when a consultation job is accepted.)
26th June 2019 From India, Delhi
Hello! My name is Patrick Behar-courtois and I am a PhD candidate studying organizational behavior at the ICN Business School. I am beginning the data collection phase of my doctoral dissertation research.
The purpose of my study is to investigate how personality influences the employee’s intent to stay in a job. I am looking for current employees in organizations of any size willing to complete a short 15 minutes online survey (available in English, Chinese and French). A link to an informed consent is below. Once you provide informed consent, you will be taken to a survey where you can participate in my research.
Please feel free to like and share this post so I can reach as many people as possible. Thank you very much for your time and assistance.
Survey link: https://bit.ly/2JNhbDj
30th July 2019 From United States, Los Angeles
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