Retention Policies [Thread 28884]

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

Hi Sanjivani,
As of date the only retention policy that works is hiking their pay package or giving an overseas opportunity :wink:
Jokes apart. you will have to do a rigorous exercise and do the following:
Go thru the exit interviews of the last few employees who have left the orgnisation recently and find a reason why the left.
Also do a employee satisfaction survey.
Weigh the pros and cons of your organisation and then see what it lacks against other similar organisations. (i am sure you must be having 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 [Login to view]
warm regards
Rupa.

Hi,
You can try a retention bonus policy. Say for example if a employee serves you for a minimum period of 2 years or more ( time can be flexible) you can give him a year end bonus of Rs. X ( Amount to be decided based on overall salary & experience). The same can be divided into quarterly bonuses etc.. If not money then things like small vacations etc can be tried out. This policy is followed by some top IT companies. Do let me know if there are some other ways as well. Thanks!
Amitav k.

After 2 days of study on this topic, i came to the conclusion that your retention policies will depend more on what type of industry u r in and what is ur job rofile.
Lets take the eg. of sales manager in insurance sector. Here the job profile is more or less the same accrosss various industries Hence you can give them these quarterly bonuses.
Otherwise u can use work (job empowerment) as the retntion factor.
Pls give me ur feedbacjk on this.