Dear Amal,
You have not mentioned your designation, length of service, experience in the field of HR etc. Employee retention has to be handled by an experienced employee and not by a novice.
To retain your employees, you need to control the attrition. To control the attrition, you need to do the attrition analysis. Have you done that? If not done then you may refer to my following reply:
https://www.citehr.com/519562-employ...ml#post2211229
By the way, you cannot have a policy on employee retention as such. The preceding learned member has rightly pointed out that there can be measures to improve employee retention.
But then attrition analysis is only one part of the retention measure. There are several other measures like conducting an employee satisfaction survey, improving employee training practices etc.
Lastly, it is not a question of employee retention. You need to focus on the retention of talented employees especially. What is the use of retaining poor performers? Therefore, identifying poor performers and giving them a chance to improve their performance or taking measures to elevate their performance is also important.
The final goal of employee retention is to improve the "labour productivity" of the organisation. To improve productivity, you need to weed out the perennially poor performers.
Nevertheless, all said and done, if you work in a steel manufacturing company and if your company has 4,000 employees then in such companies, generally a township is developed for the employees. These employees are not known to quit employment. The attrition rate is significantly lower compared to other industries. Even then although you have been given the task of identifying measures to retain employees is a surmise in itself.
Thanks,
Dinesh Divekar
+91-9900155394