Here is a good Blog post on employee retention....
One of my friend consulted me on switching his job. I was aware that his employment was quite good. I wondered why he wanted to switch his job. He said he was not happy with his compensation. I asked his compensation and found that he was compensated above par the industry standard. An in-depth discussion with him revealed that his problem was not in his salary but in his surmounting expenses due to his ‘Beyond his means’ lifestyle.
He and I had a debate on if there can be any SATISFACTORY salary at all. My past researches have shown that employees with all grades of salaries lament for more. A large number of employees are victim of “Consumerism” and “Poor Personal Financial Planning” and try to live beyond their means. They are always complaining about the low salaries, are less productive at job and more likely to swicth jobs frequently.
In India, Training does not play much role on arresting attrition. Even the freshers are much interested in Pay structure rather than gaining experience. We are undergoing difficult phase in retaining the talent pool.
From India, Lucknow