Tips To Increase Retention Rate - CiteHR
Ann M
Service
Deepika2028
Hr Manager
Mariaa
Hr Professional

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Dear friends,

Here are some tips to increase retention rate in company.

A noted consultant suggests that retention starts with the right hire, and builds by adding feedback, care and trust. But what does the right hire start with?

Once that person is on the job, Saunders recommends the following:

1. --Clarify expectations.

Giving employees a clear understanding of their job and what standards they're expected to meet both "expedites time and avoids conflicts," says Saunders. Less conflict means a happier employee, more likely to stay.

2. --Know your workers.

Learn their hobbies and interests, and especially long-term goals. "This will help you better meet their needs and show that you care," writes Saunders.



3. --Give feedback.


Constantly tell employees how they're doing and that you want them to stay, advises Saunders. "It's one thing to love your job," she declares, "but it's even better to know your job loves you back."



4. --Create a team culture


Where all team members support each other. People will often go the extra mile ... or stay extra years ... for the team.



5. --Educate and train.


Employees who see that you are making an investment in them feel more valued and appreciated.



6. --Offer incentives and rewards.




"This creates a happy and charged work environment," says Saunders, "and shows an even greater sense of appreciation."



7. --Empower employees.


Let them make decisions as much as possible. "Empowering employees sends a message to employees that you trust them."



8. --Evaluate regularly.


Saunders suggests the "sandwich technique." Start with praise, then discuss challenges and jointly develop a plan to overcome them. Finally, close on a positive note. Saunders emphasizes the role of your managers in all of this. "People are likely to stay if they like and respect their leaders," she explains.

The Key Role of the Job Description

But it's also important to re-emphasize Saunders' belief that all of this starts with hiring right. As she says, that depends on the job description, because it both defines what your candidate should be like and then, once on the job, documents your expectations and performance standards.



Deepika

Hello Deepika:
>A noted consultant suggests that retention starts with the right hire, and builds by adding feedback, care and trust. But what does the right hire start with?<
Adequate or better talent for the job.
Bob Gately, PE, MBA

Dear Friends,
My problem is I am an an HR ececutive in a manufacturing Company. Every year we take 10 Graduate Engineer Trainees. We do not follow any Bond system. But we really have a problem now. These trainees leave us soon after the one year training, or even sometimes mid way. They sometimes are not even interested in getting a release. My whole effort gets wasted because our planning goes topsy turvy and also great loss. We pay a stipend of 10,000/-pm. Is this too low. I do not want to comapre this with a software company, as I won't be able to match them. After one year, they are confirmed as Asst. Manager with CTC 2- 2.1Lpa.
Can you suggest me in which direction do I need to move to stop this or at least check this.
Please help.
AnnM

hi ann

i think its better your mgmt thinks abt some kind of bond or agreement for the next yr recruitments.

.but yes in today's software world... i think most of the graduate engg would be going in for the the big money...

so why don't you revise your stipend structure a bit more? and also ...instead of 1 yr stipend of 10000... you can have a quarterly increment ...say Rs 8500 for first qarter , Rs 10000 for next and so on...

basically the psychology of youngsters these days are ...they want more money in short period... So giving hikes often attract and retain talents

apart from all these..ensure that the work culture is good and the job role is exciting....then ... i'm sure any person with aptitude in manufacturing will stick to it even if the pay is less...

also ensure that u conduct exit interviews and understand their real reason for leaving...

and for the next yr's recruitment ...see to it that you select those people who have real aptitude for the manufacturing work and not on the basis of marks they score for exams.... sometimes the poor performers may be highly interested and skilled for your sector and they also will stay longer....

and yes... as i told...ensure that they are motivated through out their one year as a trainee....

regs

CV

Hello Deepika:
>Thanks Bob to solve my query.<
Your welcome and we have a lot to cover.
>Well what you do and where?<
I show employers how to hire successful employees.
I'm in a small town in Massachusetts, USA, about 40 miles from Boston.
Bob Gately
http://tinyurl.com/2hrzn

Ann,
We, being in the It filed, had faced this problem.
We have trainees with us whose monthly stipend is Rs.6500/ for six months and then increase to 1.2 Lacs. Then they have an open appraisal and paid good depends on their performances.
We have introduced a bond system where the trainee signs the bond for a minimum of 18 months( 6 months training+1 year ) for Rs.1.5 Lacs. Also we have introducced the employee anniversary retention incentive where a certain amount like Rs.50,000/- is paid (upon successful completion of one year). This will attract them to stick on.
thanks
Mariaa

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