Hi All, I have joined a start-up where people are withholding the salaries of offenders, but this has become a challenge as we have to process challans on time. So, instead of withholding salaries, I am looking for a solution on how to retain some security amount from employees in case somebody leaves with company assets on the day they receive their salary, i.e., the 1st of every month. Given that the company is a start-up, finding new employees is also a challenge.
Thank you.
From India, New Delhi
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1Thank you.
From India, New Delhi
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Hi, my suggestion is that you can formulate and arrive at some grade-wise retention bonus amount (apart from the actual salary) which will accumulate on a monthly basis. Have a policy in place with terms stating that if the employee completes the stipulated time frame, he/she is eligible for the retention bonus amount. This approach will encourage employees to stay for a longer tenure and also reduce cases of employees leaving without providing information.
From India, Madras
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From India, Madras
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Hi, thank you for your suggestion, Mr. V.M. Lakshminarayanan. We have already formulated a plan wherein we give salary in a 9:1 ratio, meaning 10% is paid after the completion of one year. However, we are unable to implement this for salespeople, who unfortunately are the main offenders, especially those falling in the lower grade.
Thanks & Regards,
Aashima Aggarwal
From India, New Delhi
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Thanks & Regards,
Aashima Aggarwal
From India, New Delhi
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Hi, okay, fine. What I suggest is, apart from salary, not withholding a part of the salary. Whatever you name it, either Retention Bonus or incentive, let some additional money accrue and set a realistic goal in place so that once they achieve it, they can receive a lump sum. Make it a cyclic process.
Identify the root cause of employee turnover
Also, identify the root cause of why employees are leaving. Have training in place. Provide a broader picture of the scope of growth within the organization if they continue for a considerable period. Training is required from supervisors to down-the-line employees. In most cases, employees have a strong feeling that they are not being considered in the decision-making process. Therefore, supervisors and line managers should be educated. Retention is a team effort, and HR alone cannot work miracles. However, HR plays a major role in identifying the underlying issues and working towards solutions.
From India, Madras
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Identify the root cause of employee turnover
Also, identify the root cause of why employees are leaving. Have training in place. Provide a broader picture of the scope of growth within the organization if they continue for a considerable period. Training is required from supervisors to down-the-line employees. In most cases, employees have a strong feeling that they are not being considered in the decision-making process. Therefore, supervisors and line managers should be educated. Retention is a team effort, and HR alone cannot work miracles. However, HR plays a major role in identifying the underlying issues and working towards solutions.
From India, Madras
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Effective employee retention strategies-BPO. doc
Employee Retention Tools.pdf