Hi all, Kindly advise on the retention tools. Regards, Pooja
From India, Calcutta
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3From India, Calcutta
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Few tips for Enhancing Employee retention.
Leaders can no longer afford to let the vagaries of the job market determine who leaves and who stays with the organization. We must learn to manage our human assets with the same rigor we devote to our financial assets. These seven steps can help you to accomplish retention.
1. Clearly identify which employees you want to keep. In recent years, many organizations have focused on determining which employees they should get rid of rather than on which ones they should keep. Many downsizing packages have been offered that gave all employees with
similar experience levels the same incentive to leave. Unfortunately
for the organization, the employees who decided to leave were often the high-impactperformers who could find other work quickly.
2. Let them know that you want to keep them. Amazing as it may seem, many highimpact performers who are asked why they've left an organization report, “No one ever asked me to stay!” Many organizations have deliberately not told high-impact performers that theywere special in any way, for fear of alienating the “average” performers. In the future, it willbecome increasingly easy to retain “average” performers and increasingly difficult to retainhigh-impact performers.
3. Provide recognition. Although compensation is an important factor for retaining highimpact performers, several studies indicate that it is currently not the most important factor.
4. Provide opportunities for development and involvement. One of the world's largest consulting and accounting firms has recently embarked on an innovative program to identify and cultivate high-potential leaders. As part of the process, young leaders engage in an“action learning” project in which they work on real-life problems facing the firm. This gives
young leaders a fantastic developmental opportunity and gives the firm valuable input on solving real problems. It also enhances the young leaders' commitment to stay with the firm.The firm's leaders say that such a process would not have been tried just a few years ago, for
fear of alienating other partners, but that today the firm has no choice but to identify and retain high-impact partners.
5. Challenge the compensation plan. Organizations that are unwilling to make performance, rather than mere seniority, the key driver of pay will face an increasing challenge in keeping top talent, especially young talent. One Fortune 500 industrial company recently refused to implement a variable, performance-based compensation plan because half the employees felt uncomfortable with the concept. The corporation neglected to measure which half felt uncomfortable with more differentiated pay, but my guess is that it was the lower-performing employees. High-impact performers of the future will be able to demand and receive substantially more pay than their lower-performing peers. A “socialistic”compensation plan combined with a lowered potential for promotion will lead to an“average” workforce.
6. Relax the culture. In addition to reducing bureaucracy, high-performing, high-tech companies are known for providing freedom in dress codes, scheduled hours, and lifestyle
choices. Although employees may work very hard, they appreciate the lack of rules,
regulations, and strictures that can inhibit their freedom without increasing their productivity.
7. Provide intrapreneurial opportunities. By
allowing high-potential leaders to “run a business” inside a larger business, a corporation can
gain commitment and ownership of results while simultaneously developing people. People
who see opportunities for ownership and personal development are much more likely to stay with the organization.
In the past, when a high-impact performer in a major corporation was offered a position at another company, the employee was likely to say no. Most managerial and professional jobs offered good pay, job security, the possibility of promotion, and status. Today the highimpact
employee is much more likely to say yes. To retain such talent in the future, organizations will need to clearly identify, develop, involve, and recognize key people. Traditional compensation plans will need to be challenged, needless bureaucracy eliminated, and
intrapreneurial opportunities provided.
From United Kingdom
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Leaders can no longer afford to let the vagaries of the job market determine who leaves and who stays with the organization. We must learn to manage our human assets with the same rigor we devote to our financial assets. These seven steps can help you to accomplish retention.
1. Clearly identify which employees you want to keep. In recent years, many organizations have focused on determining which employees they should get rid of rather than on which ones they should keep. Many downsizing packages have been offered that gave all employees with
similar experience levels the same incentive to leave. Unfortunately
for the organization, the employees who decided to leave were often the high-impactperformers who could find other work quickly.
2. Let them know that you want to keep them. Amazing as it may seem, many highimpact performers who are asked why they've left an organization report, “No one ever asked me to stay!” Many organizations have deliberately not told high-impact performers that theywere special in any way, for fear of alienating the “average” performers. In the future, it willbecome increasingly easy to retain “average” performers and increasingly difficult to retainhigh-impact performers.
3. Provide recognition. Although compensation is an important factor for retaining highimpact performers, several studies indicate that it is currently not the most important factor.
4. Provide opportunities for development and involvement. One of the world's largest consulting and accounting firms has recently embarked on an innovative program to identify and cultivate high-potential leaders. As part of the process, young leaders engage in an“action learning” project in which they work on real-life problems facing the firm. This gives
young leaders a fantastic developmental opportunity and gives the firm valuable input on solving real problems. It also enhances the young leaders' commitment to stay with the firm.The firm's leaders say that such a process would not have been tried just a few years ago, for
fear of alienating other partners, but that today the firm has no choice but to identify and retain high-impact partners.
5. Challenge the compensation plan. Organizations that are unwilling to make performance, rather than mere seniority, the key driver of pay will face an increasing challenge in keeping top talent, especially young talent. One Fortune 500 industrial company recently refused to implement a variable, performance-based compensation plan because half the employees felt uncomfortable with the concept. The corporation neglected to measure which half felt uncomfortable with more differentiated pay, but my guess is that it was the lower-performing employees. High-impact performers of the future will be able to demand and receive substantially more pay than their lower-performing peers. A “socialistic”compensation plan combined with a lowered potential for promotion will lead to an“average” workforce.
6. Relax the culture. In addition to reducing bureaucracy, high-performing, high-tech companies are known for providing freedom in dress codes, scheduled hours, and lifestyle
choices. Although employees may work very hard, they appreciate the lack of rules,
regulations, and strictures that can inhibit their freedom without increasing their productivity.
7. Provide intrapreneurial opportunities. By
allowing high-potential leaders to “run a business” inside a larger business, a corporation can
gain commitment and ownership of results while simultaneously developing people. People
who see opportunities for ownership and personal development are much more likely to stay with the organization.
In the past, when a high-impact performer in a major corporation was offered a position at another company, the employee was likely to say no. Most managerial and professional jobs offered good pay, job security, the possibility of promotion, and status. Today the highimpact
employee is much more likely to say yes. To retain such talent in the future, organizations will need to clearly identify, develop, involve, and recognize key people. Traditional compensation plans will need to be challenged, needless bureaucracy eliminated, and
intrapreneurial opportunities provided.
From United Kingdom
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Hi Debi,
Thanks for the information. It seems like it will work if applied. Would you please advise on how to identify employee attitudes in order to retain them for the organization in the future?
Thanks & Regards,
Pooja
From India, Calcutta
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Thanks for the information. It seems like it will work if applied. Would you please advise on how to identify employee attitudes in order to retain them for the organization in the future?
Thanks & Regards,
Pooja
From India, Calcutta
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Hi Pooja,
You can try to conduct climate surveys to understand employee attitudes in the organization. You can either hire experts like Gallup to do this, or you can design and roll out a good questionnaire and prepare a detailed analysis. Based on the inputs, you should be able to identify the action areas that, if addressed, could lead to better employee satisfaction and improved retention.
On the other hand, you can work on building the professional attachment of your key employees with the organization by rolling out schemes for executive education and professional development programs, which would benefit the employee and the organization and help control attrition. You can also focus on the compensation portion and offer retention bonuses over an extended duration to enhance employee retention.
Regards,
Deb
From United Kingdom
Acknowledge(0)Amend(0)
You can try to conduct climate surveys to understand employee attitudes in the organization. You can either hire experts like Gallup to do this, or you can design and roll out a good questionnaire and prepare a detailed analysis. Based on the inputs, you should be able to identify the action areas that, if addressed, could lead to better employee satisfaction and improved retention.
On the other hand, you can work on building the professional attachment of your key employees with the organization by rolling out schemes for executive education and professional development programs, which would benefit the employee and the organization and help control attrition. You can also focus on the compensation portion and offer retention bonuses over an extended duration to enhance employee retention.
Regards,
Deb
From United Kingdom
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Effective employee retention strategies-BPO. doc
Employee Retention Tools.pdf