Retaining Employees: How Do You Tackle High Turnover in a Competitive Market?

Hi friends,

As we are all HR professionals, we know that recruitment is a major part of our profile, but at the same time, retention is the biggest challenge for us. It is a very difficult job to retain employees in the company after putting in so much effort, as they often end up leaving without notice. Despite fixing salaries based on their conditions and putting in efforts to train them, the competitive market leads to employees leaving within a few months.

What would be the best idea to retain or avoid attrition? Please give your suggestions on the best ways to retain employees.

Regards,
Sheetal

Dear Sheetal,

Greetings.

You have raised a good question. Retention of employees has to be done in a systematic way as follows:

1. See the market rate of a particular job and try to match the salary as per market conditions.
2. Create a sense of unity by organizing training on teamwork, work ethics, periodic appreciation, small group activities, and rewarding for the right work.
3. Employees must feel proud to be associated with you for your good governance, grievance handling, and rational policies. To achieve this, you have to think from a broader perspective.
4. Conduct counseling sessions with a trained professional counselor to identify and resolve issues related to supervision and work behavior.
5. Always have an appreciation program at regular intervals.

I acknowledge that this is a monumental task for an HR Manager to initiate and make it work to save their precious time and reduce the attrition rate.

Cheers,
Trisha
HR Professional

I am 100% in agreement with your point about Trisha. However, these ideas include monetary factors. Can you suggest what should be done if the company does not want to pay anything extra to retain employees but still wants to keep them? Also, what if the employees are receiving lower salaries than the market rates? I am eagerly awaiting senior's suggestions.

Shweta

Hi Trisha,

I do agree with your points, but after implementing those things which you have mentioned above, we are helpless to retain them.

Regards,
Sheetal. 😄😄😄😄😄

Hello Sheetal,

Please give your suggestions on what is the best way to retain employees.

Hire for talent. Successful long-term employees are competent and have a talent for their jobs. Therefore, after identifying which applicants are competent or can become competent with training, you'll need to assess for talent.

Bob Gately
Email: bobgately@verizon.net

I must agree with Trisha; otherwise, we don't have any other alternative to retain the people except one - "UNKAA HAATH PAKAR K UNKO ROK LO, NAHI JANAI DAIN GAI HAM TUMHAIN". :D :D

Regards,
Hassan

Retention is otherwise named as Employee Engagement in today's competitive market. All the organizations are working towards it.

My suggestion revolves around 3 networks: Say, Stay, and Strive. Create a sense of belongingness within the employee and their family members towards your organization and the products. Value employees and their families. Allow the employee to have a say in the value add of the organization. Then they will stay, and if they stay, they will strive to work towards their commitments.

Nandkumar Shetty

Hai,
As you told Retention is difficult and it's not only in the hands of HR alone. I hope the following points may help you in retaining employees.
1. Do not recruit anyone in very short notice by pushing him or her when they are not ready. If you do so, when they get any other opportunity, they will run away without even informing you.
2. Make sure the role promised and allocated is same. Many employees leave companies because of the role.
3. Do a feedback after 90 to 120 days of employment. That will give you a picture about their mind set and you can asses who will leave you in short period.
4. You need not retain each and every employee. Get feedback from the Project manager and check who are all critical for the project and plan accordingly to retain those employees.
Regards,
Karthik.

Hi friends,

Having a good HR policy solves retention problems. We should understand the job market and the current needs system of the job seekers. I am running a school, HR training institute, and HR consultancy. So far, in the last three years, out of 30 people who work for me, only 5 have left due to valid reasons. Show them the career path in your organization. I always compare retention with a marriage relationship. Just think about how a husband and wife lead their married life. Do they live based on interests or look at the skills each possesses? Maybe you people can add more to that.

Senthilkumar HR Trainer, Helikx

Hi Trisha,

I completely agree with the points you have mentioned. But, can you tell me how an employer can know the market value of an employee? Please enlighten me on this.

Regards,
Deepthi.

People join companies and they leave managers! If you want your employees to stay with you, strong people management skills are required in your organization.

Hi All, I am a recruiter working for a consultancy. Could you give me some tips on how to select sales staff from a group of job seekers who possess the same experience and skills? I have faced great difficulty in the past couple of months. After hiring sales personnel from a couple of companies I had placed, they left for what seemed like trivial reasons such as being too strict on leaves or personal problems.

Predicting Candidate Longevity

How can we predict the longevity of a candidate?

Regards, Sarika

Strategies for Employee Retention

Dear Professional Colleagues, this is a simple question which has a very complex answer. Though difficult to follow because of innumerable reasons within as well as outside your control, the following may help an organization to retain their employees:

• A competitive remuneration policy.
• A challenging and transparent work environment infused with delivery and growth.
• A non-political and transparent performance management system.
• A good reward and recognition system.
• A meaningful and enjoyable work environment.

Regards,
Braham Singh
Head of HR