It is no wonder HR people at workplaces everywhere devote much time in either taking proactive initiatives to retain their quality people or doing firefighting to maintain lower attrition rate. What should be the point of worry for HR; is it attrition figures or retention efforts? It looks like same but not in reality.Trying to have a lower attrition rate would not increase the retention rate.
Many organizations do all possible to arrest attrition of employees but hardly focus on retaining the people who matter most for the organization. There is a difference between the two. Attrition is sometimes good for the organization. Let mediocre or underperformers look for other opportunities and leave the organization. But it is the performers for whom there should be strategies in place to keep them continuing because the reasons employees leave the organization are very different from the reasons because of which they stay in.
When opportunities beckon, the high rate of attrition is not surprising. Also it becomes difficult to retain employee even after having robust employee related policies and practices. However, there are some common reasons that specially cause employees to leave. The retention strategies of any organization should start from selection point. It should not become a case of mismatch. Qualified should not be taken as qualitative. We also should not chase for best to retain. There is nothing like best in the world. The best is one who has talent, values and qualities that meets your requirement, gets embedded in your culture, understand your business and deliver optimum by gaining competence and confidence in short period.
Individuals differ in many respect.HR has to do analyses to identify non monetary interests and preferences of those employees and meet such preferences in action whom they want to retain. Strategies are not going to remain same forever in the organizations. After regular intervals you need to dig novel approaches to maintain effective manpower. Such strategies can not be orchestrated in isolation but must form part of overall organization’s HR policies. Also retention strategies can not bring desired results if they are copy pasted. Every organization has its own set of hygiene and motivating factors.
It would not be appropriate for me to discuss here about retention strategies because experts with resounding experience and wisdom have enough to tell you all about innovative retention strategies, one can have and what’s happening currently in corporate world in the cover story pages.
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What can you do if under performers stick around and good performers look around for other opportunities.
Good performers will perform well anywhere but under performers may find it easier to stick around doing nothing much nor underperforming to such a level that organisation takes serious note of it.