Dear Friends,
I am working in a Multinational Telecom Industry. I have to work on the Retention Policy. Although we have many motivational programs, there is still a high attrition rate in our company due to competition.
Please help me by proposing some Retention Policy. If someone already has this policy in their organization, please share it with me as I need it urgently.
Rgds,
Deepti
From India, New Delhi
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I am working in a Multinational Telecom Industry. I have to work on the Retention Policy. Although we have many motivational programs, there is still a high attrition rate in our company due to competition.
Please help me by proposing some Retention Policy. If someone already has this policy in their organization, please share it with me as I need it urgently.
Rgds,
Deepti
From India, New Delhi
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Hi Deepti,
Here is some guidelines that you can apply in your Organisation-
1. Show employees that you have an interest in their success
60 to 70 per cent of workers do not feel that their companies help them to develop their career. Managers of successful companies are acutely aware that even the most brilliant business model will not work without skilled individuals motivated by a culture of management concern.
2. Allow employees the room to develop their skills
Many employees find themselves trapped in a narrow job function so mission-critical that the organisation cannot afford to move them. Frustrated employees, unable to satisfy their need for growth, resign, leaving holes that disrupt the company's workflow in the short term. The company also loses strong performers who could have filled other, more important, roles over the long term.
3. Give employees a clear idea of the long-term goals of the company
Three quarters of unhappy employees do not believe that their company knows where it is going. Companies should endeavour to change their perceptions by communicating effectively to employees the direction it wants to take. This should be followed up with behaviour that is consistent with what they have told employees!
4. Measure soft skills
Many companies say they value people and train their management team to cope with people issues. Yet these same managers are rewarded based on their technical skills and financial results. Too often, people skills are not rewarded and no measure exists to evaluate them. Employees get the message that, “people skills don't matter” and so neither do people.
5. Fight turnover with smart training
Two principles can help companies score big retention wins through training. Firstly, keep it relevant. Some firms act as though any training is better than none. From the employees' perspective, that is not true. If training is not relevant to their jobs they feel it is a waste of time. Secondly, use training to broaden experience. Companies too often provide training that merely reinforces old skills instead of building new ones.
6. Develop your management team
People see good bosses as the wind beneath their wings, and employees who lack confidence in their bosses will leave the organisation sooner rather than later. A key retention strategy is to weed out marginal managers. Replace them with managers who can craft a compelling game plan, communicate it effectively to their teams and deploy initiatives that are consistent with company strategy.
7. Weed out poor performers in non-management ranks
Managers often under-estimate how strongly employees resent the presence of underperformers within their work group. The productive employee often has to take on more work to compensate for the poor performance of others, and they can feel that management is either turning a blind eye to unjust practices, or does not have sufficient interest in what goes on “below decks” to notice any disparity in working practices amongst employees. When the slackers are weeded out, both morale and retention improve.
And yes share the experience after implementation.
Amit Seth.
From India, Ahmadabad
Acknowledge(0)Amend(0)
508Here is some guidelines that you can apply in your Organisation-
1. Show employees that you have an interest in their success
60 to 70 per cent of workers do not feel that their companies help them to develop their career. Managers of successful companies are acutely aware that even the most brilliant business model will not work without skilled individuals motivated by a culture of management concern.
2. Allow employees the room to develop their skills
Many employees find themselves trapped in a narrow job function so mission-critical that the organisation cannot afford to move them. Frustrated employees, unable to satisfy their need for growth, resign, leaving holes that disrupt the company's workflow in the short term. The company also loses strong performers who could have filled other, more important, roles over the long term.
3. Give employees a clear idea of the long-term goals of the company
Three quarters of unhappy employees do not believe that their company knows where it is going. Companies should endeavour to change their perceptions by communicating effectively to employees the direction it wants to take. This should be followed up with behaviour that is consistent with what they have told employees!
4. Measure soft skills
Many companies say they value people and train their management team to cope with people issues. Yet these same managers are rewarded based on their technical skills and financial results. Too often, people skills are not rewarded and no measure exists to evaluate them. Employees get the message that, “people skills don't matter” and so neither do people.
5. Fight turnover with smart training
Two principles can help companies score big retention wins through training. Firstly, keep it relevant. Some firms act as though any training is better than none. From the employees' perspective, that is not true. If training is not relevant to their jobs they feel it is a waste of time. Secondly, use training to broaden experience. Companies too often provide training that merely reinforces old skills instead of building new ones.
6. Develop your management team
People see good bosses as the wind beneath their wings, and employees who lack confidence in their bosses will leave the organisation sooner rather than later. A key retention strategy is to weed out marginal managers. Replace them with managers who can craft a compelling game plan, communicate it effectively to their teams and deploy initiatives that are consistent with company strategy.
7. Weed out poor performers in non-management ranks
Managers often under-estimate how strongly employees resent the presence of underperformers within their work group. The productive employee often has to take on more work to compensate for the poor performance of others, and they can feel that management is either turning a blind eye to unjust practices, or does not have sufficient interest in what goes on “below decks” to notice any disparity in working practices amongst employees. When the slackers are weeded out, both morale and retention improve.
And yes share the experience after implementation.
Amit Seth.
From India, Ahmadabad
Acknowledge(0)Amend(0)
Hi Deepthi,
All you have to do is whatever Amit has shared is the best as of now to start with.
If your management insists on a document, then copy the points of Amit. Use your creativity to understand how best it could be planned for your company.
For instance: (Amit's viewpoints)
1. Show employees that you have an interest in their success.
You could split this into - Social & official. Under official, split it further into Individual performers, Team performers - How you would recognize them, How their growth within the company would be, How the management is planning to support them with sponsors or travel opportunities... (you will have to detail them down,...make sure you cover it for every level in your organization), as the need is urgent, you could start at a higher level and then modify it as you need.
2. Allow employees the room to develop their skills.
You could make it interesting by understanding what your employees want. Circulate a list of interests that would be appropriate for your business among your employees; you will be more than surprised to receive the response, which will make it clear for you to accommodate them...
like - on-the-job training, library access, traveling - client place, further studies, certification, soft skills training,
3. Give employees a clear idea of the long-term goals of the company.
Plan out a quarterly meeting with the Team and the Management to understand where the company is headed and future plans. Make sure the future risk, new assignments, and focus are shared; this brings a lot of oneness among the teams.
Amit has stated some of the fundamental points; you could work from it. He has given you the best.
Good effort, Amit.
I am sure, with your creativity, you could make it the best document. All the best.
Regards,
Radhika
From India, Madras
Acknowledge(0)Amend(0)
All you have to do is whatever Amit has shared is the best as of now to start with.
If your management insists on a document, then copy the points of Amit. Use your creativity to understand how best it could be planned for your company.
For instance: (Amit's viewpoints)
1. Show employees that you have an interest in their success.
You could split this into - Social & official. Under official, split it further into Individual performers, Team performers - How you would recognize them, How their growth within the company would be, How the management is planning to support them with sponsors or travel opportunities... (you will have to detail them down,...make sure you cover it for every level in your organization), as the need is urgent, you could start at a higher level and then modify it as you need.
2. Allow employees the room to develop their skills.
You could make it interesting by understanding what your employees want. Circulate a list of interests that would be appropriate for your business among your employees; you will be more than surprised to receive the response, which will make it clear for you to accommodate them...
like - on-the-job training, library access, traveling - client place, further studies, certification, soft skills training,
3. Give employees a clear idea of the long-term goals of the company.
Plan out a quarterly meeting with the Team and the Management to understand where the company is headed and future plans. Make sure the future risk, new assignments, and focus are shared; this brings a lot of oneness among the teams.
Amit has stated some of the fundamental points; you could work from it. He has given you the best.
Good effort, Amit.
I am sure, with your creativity, you could make it the best document. All the best.
Regards,
Radhika
From India, Madras
Acknowledge(0)Amend(0)
Hi Deepti/Radhika,
Here are some points to understand the same-
Carol's Top Ten Best Practices for Retention
To retain top talent, many companies would do well to take a page from the books of companies who already have high levels of employee satisfaction and retention. Through her work with multinational organizations and small start-ups, Carol Barber has developed a list of best practices followed by those companies who enjoy great morale and high retention.
1. They know who they are and hire for "fit"
Through employee focus groups, external perception studies and continuous self-examination, these companies have an understanding of their cultures and the personality traits that lead to success within them. They are very often not disturbed over a longer than average time-to-fill, as they, with their employees' endorsement, would rather have a job go unfilled than fill it with the wrong person. Their employees have told me they prefer to carry more of a load for a period of time than work with less than "A" players.
One of my HR clients once told me, "This is a very demanding and competitive environment. We look for people who will thrive under those circumstances."
While some workers would perceive demanding and competitive as downright undesirable, others would be highly stimulated by it. Recruiting for that company is always skewed to the latter group, and not surprisingly, its retention rate is very impressive.
2. They sweat the details of onboarding
Since these companies put so much into recruiting the right talent, they don't want people falling through the cracks when they start work. They have well-planned onboarding processes to help employees quickly assimilate and begin to contribute. And, just to make sure they're doing the right thing, they ask for post-hire feedback on the hiring and onboarding process. When I've conducted these types of interviews with employees in best-practice companies, they always share amazement over how great the entire experience was. And wouldn't you know, they almost always have ideas for how it could have been improved, which my clients are happy to hear and consider.
3. They set clear expectations and objectives
These companies see employees as partners in the business and provide them with every detail of what's expected and how their performance will be measured. All of them conduct regular employee performance reviews, but more than that, they've trained their supervisors and managers to provide continuous feedback. This eliminates any surprise element from performance reviews and gives employees specific, job-related areas for focus and/or improvement. Many workers have told me how much they appreciate knowing where they stand all the time.
Carol's Top Ten Best Practices for Retention
Carol Barber
Senior Vice President
Bernard Hodes Group
hodes.com 888.438.9911
4. They provide training and development at all levels
Employees have told me their company's commitment to employee development is a key reason for staying. Today's workers know how quickly things are changing, and they want to work with companies that will help them keep their skills and knowledge at the cutting edge. And, of course, training and development activities, coupled with career growth based on mastering new skills, have wondrous effects on employee morale and satisfaction.
5. They don't wait for trouble to find them
Rather than taking a no news is good news posture, these companies have devised ways to keep tabs on their workforces' pulse. Any change in mood or attitude is important to them, and they prefer to deal with issues before they fester into big problems. Whether through employee relations specialists, confidential feedback processes or employee focus groups, best-practice companies never shy away from learning the truth or dealing with what they learn.
6. They value open communications above all else
Best-practice companies are where you find CEOs who post their performance reviews for everyone to see. They're where employees hear about business initiatives and/or results before the outside world does. These companies place a huge emphasis on building internal communications tools, like Intranet sites and web-based conferencing platforms, to keep their employees informed and engaged. The last people they want to surprise are their own team members.
7. They believe in work/life balance
These are companies that recognize their employees juggle the demands of family, work, and life in general. To ensure their employees can manage it all, they lead the way in paid time off, job sharing, flexible scheduling, and many alternative work arrangements. They would rather have people on the job who can focus and produce at top levels than people who are too exhausted and stressed out to think straight.
8. They view workforce diversity as a competitive advantage
In today's business world, enlightened companies realize their customers come from all walks of life and have distinct opinions, desires, and needs. Best-practice companies aggressively pursue top talent from diverse backgrounds as a catalyst for growth and success. But, they don't stop there. They ensure collaboration and understanding among employees through diversity training, affinity networks, and cultural awareness programs.
9. They understand the power of teamwork
Employees in high-performing companies have told me how exciting it is to work on complex projects—some of which may cross international boundaries—and discover that no matter where their coworkers are from or located, the level of commitment to driving results is always the same. It seems to me best-practice companies know that teamwork fosters confidence, trust, and respect among employees.
10. They never think they have it right
The best-practice companies I've worked with are inclined to shrug off accolades and recognition with comments like, "We think we can do better." It's not false modesty, they mean it. That's why they're always exploring new ways to understand what their employees want and need to succeed. It's a continuous loop of quality improvement. As one of my clients said to me, "The minute we think we have it nailed, we're dead."
hodes.com 888.438.9911
From India, Ahmadabad
Acknowledge(0)Amend(0)
Here are some points to understand the same-
Carol's Top Ten Best Practices for Retention
To retain top talent, many companies would do well to take a page from the books of companies who already have high levels of employee satisfaction and retention. Through her work with multinational organizations and small start-ups, Carol Barber has developed a list of best practices followed by those companies who enjoy great morale and high retention.
1. They know who they are and hire for "fit"
Through employee focus groups, external perception studies and continuous self-examination, these companies have an understanding of their cultures and the personality traits that lead to success within them. They are very often not disturbed over a longer than average time-to-fill, as they, with their employees' endorsement, would rather have a job go unfilled than fill it with the wrong person. Their employees have told me they prefer to carry more of a load for a period of time than work with less than "A" players.
One of my HR clients once told me, "This is a very demanding and competitive environment. We look for people who will thrive under those circumstances."
While some workers would perceive demanding and competitive as downright undesirable, others would be highly stimulated by it. Recruiting for that company is always skewed to the latter group, and not surprisingly, its retention rate is very impressive.
2. They sweat the details of onboarding
Since these companies put so much into recruiting the right talent, they don't want people falling through the cracks when they start work. They have well-planned onboarding processes to help employees quickly assimilate and begin to contribute. And, just to make sure they're doing the right thing, they ask for post-hire feedback on the hiring and onboarding process. When I've conducted these types of interviews with employees in best-practice companies, they always share amazement over how great the entire experience was. And wouldn't you know, they almost always have ideas for how it could have been improved, which my clients are happy to hear and consider.
3. They set clear expectations and objectives
These companies see employees as partners in the business and provide them with every detail of what's expected and how their performance will be measured. All of them conduct regular employee performance reviews, but more than that, they've trained their supervisors and managers to provide continuous feedback. This eliminates any surprise element from performance reviews and gives employees specific, job-related areas for focus and/or improvement. Many workers have told me how much they appreciate knowing where they stand all the time.
Carol's Top Ten Best Practices for Retention
Carol Barber
Senior Vice President
Bernard Hodes Group
hodes.com 888.438.9911
4. They provide training and development at all levels
Employees have told me their company's commitment to employee development is a key reason for staying. Today's workers know how quickly things are changing, and they want to work with companies that will help them keep their skills and knowledge at the cutting edge. And, of course, training and development activities, coupled with career growth based on mastering new skills, have wondrous effects on employee morale and satisfaction.
5. They don't wait for trouble to find them
Rather than taking a no news is good news posture, these companies have devised ways to keep tabs on their workforces' pulse. Any change in mood or attitude is important to them, and they prefer to deal with issues before they fester into big problems. Whether through employee relations specialists, confidential feedback processes or employee focus groups, best-practice companies never shy away from learning the truth or dealing with what they learn.
6. They value open communications above all else
Best-practice companies are where you find CEOs who post their performance reviews for everyone to see. They're where employees hear about business initiatives and/or results before the outside world does. These companies place a huge emphasis on building internal communications tools, like Intranet sites and web-based conferencing platforms, to keep their employees informed and engaged. The last people they want to surprise are their own team members.
7. They believe in work/life balance
These are companies that recognize their employees juggle the demands of family, work, and life in general. To ensure their employees can manage it all, they lead the way in paid time off, job sharing, flexible scheduling, and many alternative work arrangements. They would rather have people on the job who can focus and produce at top levels than people who are too exhausted and stressed out to think straight.
8. They view workforce diversity as a competitive advantage
In today's business world, enlightened companies realize their customers come from all walks of life and have distinct opinions, desires, and needs. Best-practice companies aggressively pursue top talent from diverse backgrounds as a catalyst for growth and success. But, they don't stop there. They ensure collaboration and understanding among employees through diversity training, affinity networks, and cultural awareness programs.
9. They understand the power of teamwork
Employees in high-performing companies have told me how exciting it is to work on complex projects—some of which may cross international boundaries—and discover that no matter where their coworkers are from or located, the level of commitment to driving results is always the same. It seems to me best-practice companies know that teamwork fosters confidence, trust, and respect among employees.
10. They never think they have it right
The best-practice companies I've worked with are inclined to shrug off accolades and recognition with comments like, "We think we can do better." It's not false modesty, they mean it. That's why they're always exploring new ways to understand what their employees want and need to succeed. It's a continuous loop of quality improvement. As one of my clients said to me, "The minute we think we have it nailed, we're dead."
hodes.com 888.438.9911
From India, Ahmadabad
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