How many types of awards for employee retention and what is the criteria for choosing them? - CiteHR
TIKARAM CHAUDHARY
Gratuity & Leave Encashment Trust Fund
Loginmiraclelogistics
Asso.prof.(commerce & Management) Pg
Vmlakshminarayanan
Sr.manager - Hr&admin
Koolakash02
Business Hr

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Hello everyone,
How many types of awards for employee retention and what is the criteria for choosing them?
Is it helpful for company or not?

Hi Pradeep,
Recognizing a Team Lead/ Manager for their Retention of employees in their team reduces Attrition and Increased SAT Levels.
Below is an example:
* Retention Champion Award/ Best People Retainer/ : If the attrition is zero for a particular period.
Thanks,

Hi Akash,
Thanks for your opinion.
The fact is, it is a new company (partnership) and i am the single person who handle the HR & Admin works and the strength of employees are 30.

How many managers/ Team Leads for these 30 people. If there are different teams then you can give away the award to the best manager/ Team Lead.
If there's only 1 manager/ Team lead then you can give away the award when there is zero attrition for a particular month.
Thanks

Hi,
You can also try awards like Best employee of the year ( for work performance /no leaves for the year etc), Certificate of achievement ( for achieving some special task) etc.
Also please try to introduce
Team birthdays and work anniversaries
Spot awards (When you see employees do something right, give them a small gift /card on the spot.)
Traveling trophy - Create a traveling trophy (e.g., some special object like special hat etc.) that moves employee-to-employee based on outstanding work.

Dear Pardeep,
Yes, it's difficult to retain talents in a small firm for longer period as the employees always look forward to shift as early as possible for better opportunity and brands. You have not provided other info. about your firm, activities etc to properly assess this aspect. All others suggested conventional methods and measures. I'll go little beyond. As I told you attrition rate naturally will be high in a small firm. Your purposes could well be addressed if you'll place emphasis on emotional and financial sides of your colleagues. The friendship & bondage you are going to build with them would have a greater impact than other aspects. Being a small firm you can easily blend with each and every one and thus can take part in their personal events and occasions. As you know an adage 'a friend in need is a friend in deed'. If you all would extend a helping hand in troublesome situations of your colleagues, they'll sure to think twice before leaving your firm.
Also if you would have flexible policies and rules which can be relaxed on situations as may warrant that will create an indebtedness towards the firm in them. At the same time I'm not suggesting to stick on to ineffective dead woods but suggest only to have pragmatic view so that you are not facing HR issues.

Retention Incentive to Employees - A win win situation for Employers and Employees
Incentive to Employees in the form of deferred compensation, when in a policy framed judiciously brings in a number of advantages, both for Employers and Employees. Examples are:-
1. Motivation to Employees providing encouragement and simulation to improve productivity.
2. Creation of a spirit amongst Employees to enhance the image of the Employers in general public.
3. Recognition for high achievers and Key Personnel.
4. Appreciation for good work.
5. A tool for retention of Key Employees in employment for a longer duration.
6. Reduction in Attrition Rate of Employees.
7. An opportunity for High Income Earning Employees to defer their Tax Liability to a future period.
Organization can offer other forms of deferred Incentives. Few are listed below:-
A. Incentive in Form of Property (i.e. Villas, Flats, Plots etc.)
B. Incentive in Form of Gold.
C. Incentive in Form of Deferred Annuities Plans.
D. Incentive in Form of Insurance Plans.
For more details in the matter, you may contact us at or call us at 9211637063
Tikaram Chaudhary
Gratuity and Leave Encashment Trust Fund & AS 15 (R)/ IndAS 19/IAS 19 Consultant
Office Address : R 11, F/F, Vikas Nagar, Uttam Nagar, New Delhi - 110059
Mobile Number: 9211637063
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