Effective Employee Retention Strategies and Measurement Tools

Hey all,

I'm working on a final project on Employee Retention. I would like to know if there are any measurement tools that are used for Employee Retention so that I could give it a more practical perspective.

Thanks a lot.

- Jyoti

Hi, Jyoti,

One of the most important points for employee retention is employee relationships. You have to get involved with your workforce and see what their grievances and complaints are. Secondly, you have to reward the employee for their good work and introduce systems where the employee receives benefits on a yearly or quarterly basis. Increment and bonus are also part of employee retention.

I hope this might help you.

Regards,
Rakshak N Shetty

Hi Jyoti,

I'm working on a final project on Employee Retention. I would like to know if there are any measurement tools that are used for Employee Retention so that I could give it a more practical perspective. Thanks a lot.

Analyse the exit interview data to find out the reasons. Employee Surveys may provide a broad outline of the issues to be dealt with vis-a-vis attrition. Money alone cannot be the only tool to retain talent; one has to address the myriad cultural issues of the organization and, more importantly, review two factors:
1. Work processes
2. Managers who run the show and deal with the nitty-gritty of the personal issues of employees.

Also, you can refer to my article on retention strategies in this forum, which may provide some insight.

Have a great day.

Regards,
Rajat Joshi

Hello Jyoti,

I always tell my fellow colleagues to do the basics correctly. "Employee Retention Process" starts from the Interview. Your communication Policy, Career Planning, Transparency in Performance Appraisal, Succession Planning, Work environment, Medical Benefits, and Retirement Benefits. Ensure these things, and I am sure that you will be able to control the attrition rate. You will get good data from your "Employee Satisfaction Survey" and "Exit Interview Details." These are the things that help a lot in retaining people in any industry. You can also refer to the article "Employee Retention Process and Your Marriage" at the following link: <link outdated-removed>. I hope this will help. Feel free to ask any queries.

Regards,
Sanjeev Sharma
(Blog: http://sanjeevhimachali.blogspot.com/)

Hi Jyoti,

Employee retention cannot be measured using simple rating instruments. It is a very complex problem which has links to several factors. The main reason for an employee to stay or leave is a mixture of several influences working on his mind. Some of these influences may be at the subconscious level too, making it difficult to detect even for the person concerned. ("I don't know what's wrong here, but somehow, I simply want to leave.") The personality-related factors are extremely powerful in deciding whether to continue or quit, so we cannot have a common measuring tool to either detect or analyze the process of attrition.

However, academic inferences can be made by studying the causes for employees staying back beyond an average period of time (through a well-designed survey) and by the causes for attrition (exit interviews).

Best wishes,
Rajeev V

We can save time and money through employee encouragement or by motivating employee skills. Whenever they cannot find the right working environment, they may struggle to handle tasks.

Hi,

Do you have a form where we can ask the Head of Department (HOD) or Boss the main 5 reasons why they want to retain a particular employee?

Varsha