Dear Shell
Actually I am not into HR. I am working as Manager- International Alliances and Business Development in a software company in Mumbai. But as I am into middle management and also a member in decision making group, I do formulate policies and we discuss HR issues.
The subject that you want help in, is one of the most challenging issue.
People will always come and go. There is no fixed policy for employee retention. Still, as HR executive you can take certain steps.
here are some
1. convertible assets- e.g. My company has given me a new laptop to use. After completion of 3 years, that will be completely mine by paying a small amount.
2. Loan facility- After completion of around 2 years, I can avail an interest free loan from the company.
3. Shares/stocks- If employees are given stock options, then they will think about the company as their own and work towards getting more dividend on the shares.
recruitment- When a vacancy comes up in the organization, then internal employees should be allowed to apply for the same, so that they can fulfill the career growth plan in the company itself. A senior developer can apply for TL position as TL position is vacant now and the Sr. Dev can be a TL before his review happens.
5. Bonds- Employee can be made to sign a contract with the company while joining. This should be cleared out at the time of interview as well.
6. Retainer Amount- Some amount of the salary can be hold back and given at the end of the specified tenure along with the interest amount.
Each month 4k out of my 50K salary will be retained by the employer. At the end of 6 months if I leave, I will not get 24k. If I leave after nine months, then I would get 36k only. If I leave after 12 months, then I would get 48 k along with 9.5% interest amount on that 48 K.
7. Bonus- Company can give 1 month's salary as bonus amount when someone completes 1 year tenure in the company or the specified time frame.
You can also come out with your ideas for the same. On CiteHR, you will find good answers on the same.
Pls refer to
#96972
Take care.
Regards,
Debadutta Nayak
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