Need Suggestions On Retention Strategies

Dear Seniors:
We are an R&D domain in the automobile sector.We have people working for us our payroll in the client's place.Recently there were lot of resignations.When inquired with the concerned,they told about the salary
factor.The Management is also ready to modify the salary package.I would like to know about the other retention strategies which is used at manufacturing concern.
Regards,
Priya R

Dear Priya,
Employee retention is a challenge in today's business world. Low salary is only of the reasons. There are whole lot of other factors. You can monitor my following reply:
#post1400636
The list of the reasons that I have given in the post are equally applicable to for employee exit as well. Secondly, you may monitor my one more post that I had uploaded about three years ago:
http://citehr.com#axzz1Bkumm3Gp
Thanks,
Dinesh V Divekar

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Regards,
V.V. Harish

Hi
Apart from the above valid suggestions, if you are looking for strategies to retain employees through monetory means, you may initiate some sort of Retention Bonus where in a fix amount is payable to employee in installments every year. For exampla, employee X's basic salary is 10000 per month and your policy for 5 year retention could be 30% of one year base salary to be paid in 5 years @ 10%, 15%, 20%, 25%, 30% respectively. To simplify, suppose base salary today is 10000
One year base will be 10000 x 12 = 120,000
30% payable over 5 years = 36,000
1st year 10% = 3,600
2nd year 15% = 5,400
3rd year 20% = 7,200
4th year 25% = 9,000
5th year 30% = 10,800
Total = 36,000
This is just an example and there could be lot other monetory and non-monetory retention strategies.
Regards

Hi Priya,
Like you have asked them about their reason for resigning, ask your employees only what makes them stay in the organisation.
There are many retention strategies but what works for one company may not work for others, so I suggest conduct a survey and take their suggestions.When i was heading HR department in one of the manufacturing company, I used this strategy, and believe me employees will be happy that their suggestions are being taken seriously which itself is a retention strategy. :)
Find out the top 5 suggestions and plan your strategies.
Also, i really like the suggestion given by Nokian73, we have used this and it really helps.
So, happy retaining...

Hi one of the effective retention tool is ESOP. If your company is listed one start one ESOP policy. This will help employee to gain monetory benefit and employer directly does not lose any cash in this transaction. Do let me know if you need any further information on this.
CS Mukesh TANK

HI,
Attrition is not always bad...sometimes attrition is also good...so first of all identify the ratio of key performers and bottom performers leaving the job.
I am sure you must have carried out an attrition analysis.
so try to implement the straregy for overcoming the reasons of attrition.
you need to increase the engagement level of employees.
to be on a competetive edge give them opportunity to grow within the organization.
launch a suggestion scheme so you will have a better idea what your employee thinks and acknowledge each suggestion so employee have trust in HR policies.
Ankur Kumar

Hi,
Have a look at this post on my company blog How Your Startup Can Attract The Best Talent | Jobs In A Jiffy
Though the title mentions strategies for attracting talent, the article xplains that the strategies mentioned, if followed, can help reatin employees and make them your best brand ambassadors in attracting more talent.
Regards,

Sub: Need some Suggestion on Recruiting Candidates for Project Co ordinator
Hi Everyone,
I am working in one construction company as a HR Executive now i am handling Recruitment and am facing difficulties to get profiles from naukri portals for the position of Project co ordinator because we are looking the candidates should be from construction industry and qualification should be Diploma Mechanical or Civil.
Can you please give any suggestion how to source.

Subject - Re: Need suggestions on retention strategies
Dear haripriya,

Causes for employee attrition are: 1. Unfare salary
2. Management by HR
Remedy for Attrition are: 1.Grievience,Problem solving as soon as & effectively.2.Faireness,firmness, well Recognition will keep the emplyee happy. These are all should absorve& managa by HR behalf of Employer.
-sekhar palle