How Do You Keep Top Talent? Share Your Best Employee Retention Strategies

I am seeking information for retention strategies. What are the ways or tactics used to retain a professional in the company? In other words, skillful talent retention.

Regards,
Musrrat Parveen

I am a professional working as a Senior Human Resource Specialist. My question is, what are the effective ways to retain an employee if they have made up their mind to leave the organization? There are many more scenarios for retaining an employee, with the above being just one of them.

Secondly, I would like more detailed information on how to manage employee grievances.

I request you to provide detailed retention strategies that can be applicable for almost all scenarios, as well as for handling employee grievances.

Thanks, Musrrat

A very effective solution for this is at the time of joining or interview, clear mention to the candidate. For example, mention to the candidate that your salary breakup is 900000 per annum, including retention of Rs 10,000 per month, and this retention can only be credited to your account in the month of xxxxxxx of the next year, only when you complete a year with us till the end of your employment. If an employee joins in Jan 2011, then change the value of xxxxxxx to June 2012. If an employee joins in Feb 2011, then change the value of xxxxxxx to July 2012. So if an employee is leaving, you have 6 months' retention amount of his, this strategy can be customized according to your company. Hope this can help you.

Cherookee

Dear,

"Retention of employees" is THE BIG challenge for HR. While the strategy, mission/vision of the company plays an important role in retaining even the 'talents'. However, "Servicing the employee (crudely) well" is the buzz action area. If policies are transparent, elements of bias are minimal, and there is an environment where the employees' viewpoints are heard, their career opportunities are discussed, and chances given (appraisal process in place and implemented), work-life balance is attempted, etc. Most of the "Employee Satisfaction Survey" will feature as GOOD (in favor of the organization).

Employees most often do not leave the organization for money but for the immediate leader. So, above all, a sensitive, subordinate-friendly leader is often the key to retaining good employees.

Regards,
Lahiri

Best retention strategy can be worked out only upon understanding why employees are leaving the company. Conduct an effective exit interview to understand the reasons well and then tailor your retention strategy. One cannot have a retention strategy that works for all the reasons employees may give for leaving. Instead, consider the rationale and frame the retention strategy accordingly.

Penalizing employees by holding back salaries is not a good retention strategy. Ask yourself, would you like to be paid your ENTIRE salary after three months? It affects everything, including their ability to raise funds for their homes.

Let's face it: people, including you, work for money. They leave for other reasons; money could be one of them.

A variable incentive plan doesn't address the fundamental issue most people have: their immediate bosses! You need to make that interface more 'retentive'. The exit interview point is good, but I am not sure you would get all the right reasons even then.

Retention strategies should be planned and applied to each employee by analyzing their areas of interests, attitudes, skills, etc.

If you want to retain employees, we should analyze their job satisfaction as well as the working atmosphere. Accordingly, we need to work to ensure employee satisfaction.

We need to increase employee morale, motivation, etc., by providing necessary training, rapid feedback, etc.

Here are some retention strategies that are commonly used by HR professionals:

1. Employee engagement through various forums, both online and in-person.
2. Job profile adjustment - this can involve the addition or modification of responsibilities or even a job rotation policy.
3. Training (in supplementary job skills or even soft skills) and other growth opportunities.
4. Finally, increasing the monetary benefits and perks.

Regards,

Dear Musarrat,

Every organization faces the same issue of attrition, but we can definitely bring it down in many ways. Even I am facing the same issue. However, after taking employee feedback and working on it, the situation has improved. It is essential to gather feedback in detail by sitting with the employees, spending time with them, and creating confidence. Additionally, we must act promptly to provide immediate solutions, which will make employees feel valued and appreciated. This approach is effective in the short term, but for long-term success, we need to address the root cause of attrition.

Regards,
Neethu

"There is a difference between 'I failed' and 'I am a failure'."

If an employee is leaving one job for another based on job satisfaction, nothing can stop him/her.

In most cases, people want to work in a company but leave the company to find a suitable boss. I have seen this in many organizations.

Importance of Managerial Attitude in Retention

The attitude of managers in a company is of paramount importance in retention.

Dear Musrrat Parveen,

Retention strategies vary from company to company, but more or less they are similar as every company wishes to retain the best talented workforce. The problem arises when an employee is offered a better package by another company:

1. If the job satisfaction level is high with better future prospects, then there are chances of sticking to the same company provided that the company can meet his demands to an extent or in full.
- On the contrary, an employee will leave the organization regardless of the offer made by the employer.

2. Unless an employee has any issues with his superiors or co-workers leading to job dissatisfaction, no employer can retain his employee.

On average, master payers (organizations) retain their employees by addressing issues, and this does not happen in every organization.

Please study all issues related to employee job satisfaction, which may include issues related to organizational culture (positive), employee attitude, internal politics, and more.

It's important to remember that everyone in this world is working for money. For a few, I believe self-respect holds more value than monetary benefits, which motivates them to stay with an organization for a long time.

In conclusion, I agree with the positive views shared by other members. I hope you will succeed in meeting your organization's genuine goals.

With profound regards,

Dear Mr. Nikhil,

It's not just happening in my organization but it's happening in most organizations. The main reasons are EGO, BAD ATTITUDE, BOSSY NATURE, JEALOUSY, and more, as most of the SUPERIORS don't know how to delegate jobs and get things done. Based on my life experiences, I made these comments. Perhaps, I recommend you to start a new thread on this particular point and invite feedback from all senior members. I am sure this will give us a clear picture.

Last but not least, there are instances where SENIOR EMPLOYEES are held responsible for EMPLOYEES' NON-PERFORMANCE.

With profound regards

Employee Retention: Starting from Day One

The attempt to retain skillful employees starts from the day of employment. Once the employee understands that he or she is in a good job, that is all. However, if they are made to feel that they have entered the wrong place, nothing can change their mind in the future.