Just to compliment to what Dave Jeff has just said...
Money is important for people to work and make a living, however, these are a few things that add to retaining people.
Employees would like to be respected, expect a fair treatment, need to be made to feel proud. They have to feel secure in their jobs.
Remember they have a personal life too so they should be assisted in balancing their Work and Life. You can't afford getting them stressed at work for they have to keep good health mentally and physically.
They ought not to be micromanaged, instead helped to deliver by being encouraged and coached.
They have to be trained appropriately to improve on their skills to meet and beat the competition.
Finally they need to feel celebrated.

From India, Hyderabad
Employee Attrition Rate becomes a huge challenge in every industry. A company should take every month a generalized feedback of every department to understand their employee needs. Also the Top management should maintained a trust factor, value proposition, career growth and compensation ( Depend on employee performance) to sustained their employees for long time of period.
From India, Delhi
CHR
655

- Programmers care deeply about remaining relevant so its important to cater to that need by providing training programs and sending them to conferences which can help them remain relevant and growing.

- It is important for programmers to develop skills which help them face clients directly - if you can facilitate that based on seniority it would help. The idea is to let the juniors have a clear view of where they are heading.

- One of the primary reasons for attrition is usually unrealistic expectations - this usually happens when the management staff is making unrealistic promises to the client and expecting the technical staff to deliver. Client interface needs to have proper technical advisory so that the promises made are realistic.

- Technical people are usually very capable of keeping a lookout for better opportunities (online primarily) - have them focus on clear goals and rewards inside the company.

- Brand matters - develop a name in the industry for whatever your company does - without that you will only get people looking to stay employed while they look for better opportunities.

- Projects matter - who is assigned what project is important - make sure you are pushing the right people to the big projects and the reasons are fair and known. If anyone feels alienated - they will leave.

- The recruiter needs to have some technical knowledge when recruiting technical expertise even at the initial stages. This will create a filter for people generally looking to fill gaps in their career while they look for better opportunities. It would be a good idea to find and involve someone from the technical team for recruiting - this can additionally make the technical team members feel involved in the company processes and help reduce attrition.

From India, Gurgaon
I work in an IT Services and Consulting firm. As these days, employees are being poached or they are leaving on their own so frequently, we have decided to have retention policy. Kindly help me in framing one.
From India, Gurgaon

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