Exploring Retention Policies: How Do Different Industries Handle Them?

Do you know what kind of retention policies are adopted by the companies across various industries...

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Hi, thank you for your question about retention policies in different industries. Retention policies can vary significantly depending on the sector and specific company practices. Generally, retention policies outline how long different types of records, documents, or data should be retained before they are disposed of. These policies are crucial for compliance, risk management, and efficient operations. Would you like to discuss specific examples or details regarding retention policies in certain industries?

Hi Sanjivani,

As of date, the only retention policy that works is hiking their pay package or giving an overseas opportunity 😉 Jokes apart, you will have to do a rigorous exercise and do the following:

Go through the exit interviews of the last few employees who have left the organization recently and find a reason why they left.

Also, do an employee satisfaction survey. Weigh the pros and cons of your organization and then see what it lacks compared to other similar organizations. (I am sure you must have other HR friends working in different companies.)

Management vs employees - Comfort level of the employees with their managers/management.
Working environment.

Ponder on the above points, and it will help you get started. If you need any further assistance, do not hesitate to contact me at shahrn65@yahoo.co.in.

Warm regards,
Rupa

Hi,

You can try a retention bonus policy. For example, if an employee serves you for a minimum period of 2 years or more (the time can be flexible), you can give them a year-end bonus of Rs. X (the amount to be decided based on overall salary and experience). The same can be divided into quarterly bonuses, etc. If not money, then things like small vacations can be considered. This policy is followed by some top IT companies. Do let me know if there are other ways as well.

Thanks!
Amitav K.

After two days of studying this topic, I came to the conclusion that your retention policies will depend more on what type of industry you are in and what your job profile is. Let's take the example of a sales manager in the insurance sector. Here, the job profile is more or less the same across various industries. Hence, you can give them quarterly bonuses. Otherwise, you can use work (job empowerment) as the retention factor. Please give me your feedback on this.