Insights on Employee Retention Strategies and HR Role in Organizational Culture

Please comment that 99.99% of money is involved in employee retention. If this statement is false, what are the other factors/benefits that we can use to retain people other than money.

Regards,
Salman

At large, everything goes to money only, but still, direct application of money is not the one that can retain talents. Transparent culture, equality, and when all the employees are allowed to question without any threat, create a fearless environment. Retention will not be a problem. Have a friendly People & Culture department.

From my understanding for the last 7 years in the IT industry:

1. The HR department is not active; they are passive. The key decisions on resources are taken by functional verticals without the intervention of the HR team. HR just does the drafting work, such as transfer letters/memo letters.

2. HR has gone more process-oriented than people-oriented. Processes and policies are good/best to follow, which are drafted only for the people. But in line with policy/process, HR can implement with a more people-oriented approach.

3. However, retention of talents will be an infinite task, but you can always anticipate attrition and become proactive.

4. If the HR team is strong, attrition can be brought down. The indirect application of money can be a strong attitude for retaining talents. But freebies alone are not the solution to root out attrition problems. I have a few customized track-proven methods for retaining talents; you can email me if you need that.

Hi Salman,

The statement is false. Money isn't everything! :) Though it is important, it is not the end. Other important factors are:

1. A dynamic organization that is caring yet challenging.
2. Bosses who nurture you and challenge your assumptions.
3. Being in a situation where you are stretched to the limit and realize that nothing is impossible, setting yourself to achieve higher goals.
4. When Monday Blues don't exist in your vocabulary. :D

Cheers,
Rajat

Hi,

There was a concept called resistance to change, but now I feel that concept is outdated. Employees are asking for change, and if the company cannot provide one, they change the company. When we ask candidates why they want to change, they say just for the sake of change. Retention is the major challenge faced by the IT industry for sure.

Regards,
Madhu

Hi Rati Gupta,

As an HR professional, I believe that attrition control or employee retention is within our control. If we value the perspectives, ideas, suggestions, and beliefs of our employees, trust them, and recognize their contributions timely (which may be non-monetary), hear their grievances or problems sincerely, and try to empathize with new joiners (as they are more vulnerable to leaving the company), we can reduce attrition to a large extent.

HR plays a vital role in shaping the company and providing culture to the organization. We, as people, are empowered by the organization/management, where we can consciously make efforts to bring people together, close, emotionally bind employees together and with the organization too. For developing such attachment, we need to celebrate even the small successes, birthdays, anniversaries, goal achievements, promotions, etc.

When we make our employees feel at home or recognize their presence, we would be in a position to have a competitive edge over other organizations that believe 99.9% of employees can be retained if provided monetary benefits.

We are the best people to control attrition. First, we should determine why employees are leaving... Generally, it's because of career growth. Can we provide it? An exit interview session helps a lot for the organization to know its loopholes.

I hope you understood our role as a catalyst in bringing about change.

Best regards,
Rati Gupta

HI ……..ALL

Very well said by Rati…..instead I would say a great answer on the role of HR for retaining employees. My opinion is just the same that its only the HR Personnel which are closer enough to each and every employee and can understand their emotions, feelings, problems which they might face during work, the behaviour of their bosses with them, company policies which are favourable or unfavorable for the employees…..etc, everything is known by only HR Person, no one else could be so much informative and known by all these.

That’s why its difficult to be a true HR Professional rather than just becoming a part of HR and claiming for all of the same. Because only HR has to deal with all of the departments of the organization even have to create positive image in the external world as well through their recruitment strategies, advertisement, selection process …..etc. No other department is so much responsible for all these and can’t ever work as Strategic Partner of the Organization but Only HR.

All these strategies mentioned above could be applied while providing ample chances of growth, learning and creativity with professional environment and culture of the organization instead of just focusing on monetary incentives, although money could play its role but to a certain limit from where these issues will be needed to be focused.

Whereas reasons for leaving could be known through exit interviews as said earlier and thus problems could be solved. So do apply all these and you will win the race.

Regards

Khalid

Money is not the only factor that makes a person cling to their job. I have heard of many people who have resigned from their high-paying jobs and joined a job where they are paid less, yet they are happy. Other factors include:

1) Challenging work
2) Attitude and behavior of seniors
3) Work-conducive environment
4) Good growth prospects
5) Prompt resolution of personal problems
6) Recognition and appreciation for good work in front of others