Designing Employee Retention Strategies: What Are Your Best Ideas for My Internship Project?

Hi friends,

I am pursuing PGDM-HR and currently engaged in my summer internship. My project title is "Designing employee retention strategies." If anyone has any ideas, please share them with me. Your input will be greatly appreciated.

Regards,
Gunjan :-)

Hi Gunjan,

Most of the employees leave the organization, either because they are not happy with their current compensation package, job profile, or the work environment. If the resource is critical to the project or the organization, only then will HR retain these employees by fulfilling their demands. You can build your questionnaire based on the above points.

Regards,
Pramila F

Hi Pramila,

Thank you so much for replying. I have already made my questionnaire based on the points mentioned by you. Now, I want some practical examples of retention strategies. It will be of great help if you can assist me in this regard.

Regards,
Gunjan M

Thank you, Gunjan, for the query.

Have you searched the CiteHR site for the required information? You also need to specify for what type of posts you are considering this. It varies from one level of employees to another.

Best wishes,
Narasimhan

Hi, Gunjan. Firstly, you can gather information by studying the Exit Interview forms, if available. Through this, you may learn the various reasons why employees are leaving. Conduct interviews with their superiors to understand their perspectives. If possible, also communicate with former employees to gather their insights on the organization and the changes they would like to see implemented. These questions can be included in a questionnaire for current employees. Once you have collected all the data, organize it in a tabular format and proceed with the analysis. Many times, money is not the sole reason for employees leaving; issues like poor relationships with superiors can also be significant factors. There could be numerous reasons for employees deciding to leave the organization. Identifying the root cause is essential before developing solutions to address it. This approach will aid in determining effective Retention Strategies.

Hi Narasimhan Sir,

Thank you, Sir, for replying to my query. Yes, I have downloaded a lot of material for attrition management & retention strategies from citehr, but I wanted some more live examples of companies having good retention strategies for benchmarking. As I am working for the water purification industry, the two major levels that I have considered are the frontliner & supervisor.

Sir, if you can mail me some live project reports on the topic, then it will really be of great help to me.

Regards,
Gunjan Malviya
gunjan.vishway@hotmail.com

Hi Pooja,

Thanks for the valuable inputs. I have done the diagnosis in the same sequence as you have mentioned and accordingly have also planned some recommendations. Can you please help me with some practical examples of retention strategies.

Regards, Gunjan M
(gunjan.vishway@hotmail.com)

Hi Gunjan,

Employee retention is the most critical role of HR. Retention is not a process that comes into the picture only when an employee submits their resignation papers. HR should pay attention from the first day an employee visits the company for an interview, not only when the attrition rate is high.

Few Thoughts:

1. Recruitment:
Recruitment process reflects the policies of the organization. How are we addressing candidates? How are we treating them during interviews? It gives an insight into the impact of organizational policies on newcomers.

2. Career Growth:
Employee expectations generally fall into three categories:
1. Job Satisfaction
2. Career Growth
3. Compensation
HR should focus on these aspects. There are various areas where HR needs to pay attention to reducing attrition and retaining employees.

Regards,
S2

Hi,

Before you start thinking of retention strategies, you should try to collect the impressions of the employees on working conditions, facilities like housing, entertainment, employee engagement surveys, peer relations, the culture of the organization, and tangible and intangible benefits offered to the employees. Look out for reasons from the outside.

I am sure you will get an idea of what is missing and what is required to retain talent.

Best Regards,
Vijaya Saradhi

I will be writing a report on SMEs' big problem: employee retention. Please let me know if you have information on how we can retain employees at SMEs. What are the ways to support their career progression and skill development?

Thank you.

Hi,

It is very important to go through exit interview forms before you go ahead in designing a retention policy. The exit interview should provide you with data on why employees are leaving the organization, but you should also try to gather information on where these people are going. This will give you a rough idea about the policies of rival companies that are popular. Additionally, find out why these employees are joining that particular company.

Apart from this, satisfaction surveys among the employees and suggestions on how things can be improved should be collected.

Regards,
Gaurav

Dear Gunjan,

To frame retention strategies, first, we need to delve into why attrition happens in a particular organization. Based on that, you can come up with a number of strategies. There are two factors that influence attrition: internal factors and external factors. External factors cannot be controlled to a large extent, but internal factors can be controlled. Any strategy should aim to improve employee satisfaction and retention, which directly influences retention.

Regards,
S. Aravind.

A big thanks to all of you who have replied to my query and have given me useful suggestions. My presentation on 31st July went very well.

Gunjan M