Is Retaining IT Employees All About Money? Seeking Advice on Managing Resignations

Hi,

Is it really difficult to retain employees in an IT company? 🤔 I am working in an IT company in Jaipur, with a staff of 92 employees. In today's market scenario, it's indeed challenging to retain employees, and the primary retention factor seems to be money. When it's time for an increment, employees often demand a raise irrespective of their performance, and if the company denies the expected increment, they swiftly submit a "NOTICE OF RESIGNATION."

Can you please provide guidance on managing this situation?

Regards,
Shivani
HR

Hi Shivani,

In the present market scenario, it is very difficult to retain prospective employees. But there are a few things we can do to retain them:

1) Study the market compensation structure in advance and try to update it in line with the market.
2) Try to provide more value-added services to your employees, such as a loan facility, and focus more on the benefits provided to them.
3) Maintain a positive and caring atmosphere by being responsive to your employees at any moment. Show that your services are there to serve them better and to make work easier.
4) Advise management to interact with employees regularly, at least once a month.
5) Conduct an employee satisfaction survey once a month to keep yourselves updated.

There are still many more points to consider for retaining employees. I am sure this may help you.

Regards,
Y. Gangadhar
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Hi,

It is always advisable to interact with employees informally. Interaction will help you understand employees' grievances and what's running in his/her mind. I usually opt for informal interaction, such as asking questions about their work and sometimes their personal life as well, if they are comfortable. Based on my interactions and observations, I discuss with the employee by asking questions and try to identify and address any problems.

If the problems are significant, I help the employee understand them. If the issue requires discussion with their supervisor, I take that step. Since your company has a small number of employees, you can interact with them personally. If you have more employees, you can set up a grievance cell, where employees can share their problems by sending emails anonymously.

I hope this information will be helpful to you.

Thanks,
Pallavi

Hi
Thanks for you great suggestion.
I am having good relation with the all employees in the company and I usually go for informal interaction like asking questions about his work and sometimes-personal life as well, if he/she is comfortable.
With all this, I can negotiate with them in their increment expectation but still after Negotiation Company will paying them beyond their performance.
They are taking the advantage of the market demand and this will bring dissatisfaction among other employees.
Can't we make any system for it?
Regards
Shivani