Hi Deepti/Radhika,
Here are some points to understand the same-
Carol's Top Ten Best Practices for Retention
To retain top talent, many companies would do well to take a page from the
books of companies who already have high levels of employee satisfaction and
retention. Through her work with multinational organizations and small start-ups,
Carol Barber has developed a list of best practices followed by those companies
who enjoy great morale and high retention.
1. They know who they are and hire for "fit"
Through employee focus groups, external perception studies and continuous selfexamination,
these companies have an understanding of their cultures and the
personality traits that lead to success within them. They are very often not
disturbed over a longer than average time-to-fill, as they, with their employees'
endorsement, would rather have a job go unfilled than fill it with the wrong
person. Their employees have told me they prefer to carry more of a load for a
period of time than work with less than "A" players.
One of my HR clients once told me, "This is a very demanding and competitive
environment. We look for people who will thrive under those circumstances. "
While some workers would perceive demanding and competitive as downright
undesirable, others would be highly stimulated by it. Recruiting for that company
is always skewed to the latter group, and not surprising, its retention rate is very
impressive.
2. They sweat the details of on-boarding
Since these companies put so much into recruiting the right talent, they don't
want people falling through the cracks when they start work. They have wellplanned
on-boarding processes to help employees quickly assimilate and begin
to contribute. And, just to make sure they're doing the right thing, they ask for
post-hire feedback on the hiring and on-boarding process. When I 've conducted
these types of interviews with employees in best-practice companies, they
always share amazement over how great the entire experience was. And wouldn't
you know, they almost always have ideas for how it could have been improved,
which my clients are happy to hear and consider.
3. They set clear expectations and objectives
These companies see employees as partners in the business, and provide them
with every detail of what's expected and how their performance will be measured.
All of them conduct regular employee performance reviews, but more than that,
they've trained their supervisors and managers to provide continuous feedback.
This eliminates any surprise element from performance reviews and gives
employees specific, job-related areas for focus and/or improvement. Many
workers have told me how much they appreciate knowing where they stand
all the time.
Carol's Top Ten Best Practices for Retention
Carol Barber
Senior Vice President
Bernard Hodes Group
hodes.com 888 . 438 . 9911
4. They provide training and development at all levels
Employees have told me their company's commitment to employee development
is a key reason for staying. Today's workers know how quickly things are changing,
and they want to work with companies that will help them keep their skills and
knowledge at the cutting edge. And, of course, training and development
activities, coupled with career growth based on mastering new skills, have
wondrous effects on employee morale and satisfaction.
5. They don't wait for trouble to find them
Rather than taking a no news is good news posture, these companies have devised
ways to keep tabs on their workforces' pulse. Any change in mood or attitude is
important to them, and they prefer to deal with issues before they fester into big
problems. Whether through employee relations specialists, confidential feedback
processes or employee focus groups, best-practice companies never shy away from
learning the truth or dealing with what they learn.
6. They value open communications above all else
Best-practice companies are where you find CEOs who post their own performance
reviews for everyone to see. They're where employees hear about business initiatives
and/or results before the outside world does. These companies place a huge
emphasis on building internal communications tools, like Intranet sites and webbased
conferencing platforms, to keep their employees informed and engaged.
The last people they want to surprise are their own team members.
7. They believe in work/life balance
These are companies that recognize their employees juggle the demands of family,
work and life in general. To ensure their employees can manage it all, they lead
the way in paid time off, job sharing, flexible scheduling and many alternative
work arrangements. They would rather have people on the job who can focus and
produce at top levels, than people who are too exhausted and stressed out to
think straight.
8. They view workforce diversity as a competitive advantage
In today's business world, enlightened companies realize their customers come
from all walks of life and have distinct opinions, desires and needs. Best-practice
companies aggressively pursue top talent from diverse backgrounds as a catalyst
for growth and success. But, they don't stop there. They ensure collaboration and
understanding among employees through diversity training, affinity networks and
cultural awareness programs.
9. They understand the power of teamwork
Employees in high-performing companies have told me how exciting it is to work
on complex projects--some of which may cross international boundaries--and
discover that no matter where their coworkers are from or located, the level of
commitment to driving results is always the same. I t seems to me best-practice
companies know that teamwork fosters confidence, trust and respect among
employees.
10. They never think they have it right
The best-practice companies I 've worked with are inclined to shrug off accolades
and recognition with comments like, "We think we can do better. " I t's not false
modesty, they mean it. That's why they're always exploring new ways to understand
what their employees want and need to succeed. I t's a continuous loop of quality
improvement. As one of my clients said to me, "The minute we think we have it
nailed, we're dead. "
hodes.com 888 . 438 . 9911