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A Magic of

EMPLOYEE RETENTIONBy

P.B.S. KUMARMANAGER-HR

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A good retention strategy

Retaining talented employees is one of the topmost priorities ofemployers today.

Reasons for attrition could be the innumerable changes engulfingworkplaces, like reorganisation, higher performance standards andresultant high-pressure levels.

The challenge is not only to attract the best talent but also to retainthem.

Rising opportunities for career development, lifestyle decisions, jobmobility, unbalanced work life, poor mentoring and stress are somefactors which influence and individuals decision to continue or quite.

Among other things, a retention strategy demands respectingemployees concerns right from their entry into the organisation tilltheir retirement.

Its encompasses the organisations ability to provide the best ofwork climates.

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What troubles employees ?

An Employee expect from Employer to :Provide induction

Create a good work environment

Motivate them to work

Train them

Provide a suitable compensation packageImplement reward strategies

Counsel them

Hold affable exit interviews

An appropriate HR strategies alone can satisfy employeeexpectations. Retention will not be a major concern if theorganisation stands firm on its values and promises.

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Design on Retention Strategies

Cultural

Profile

Information

use

Continuous

Development

Turnover

Saleable

features

Corporate

image

Retention

Strategies

Design

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Corporate image

Maintaining corporate image is an

effective way to attract the talented. The

organisation has to ensure that it is sought

after for employment by cashing on its

good will and reputation.

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Saleable Features

The organisation must identify its

strengths and opportunities and portray

them effectively. This is almost equivalent

to selling the organisation to the newrecruits, it helps in building positive

impressions initially.

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Turnover

Organisations must hold strict exit

interviews and review reasons for

turnover. The information must be ideally

used to plan strategies for retention.Those issues that might drive talent to

leave should be dealt with immediately.

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Continuous development

Unless organisations adapt to changes

and developments, they cannot mentor

their employees and new recruits. Give the

new recruits every reason to work for theorganisation and build a long-term

relationship.

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Information use

All information about the new recruits

should be kept in mind even after the

recruitment process ends. This will help in

identifying their potential and settingperformance targets thereby, maximising

the recruits performance.

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Cultural Profile

Matching the profile of the recruit with the

cultural profile of the organisation is

crucial.

Organisations should look for the best fit

into their territory with reviews from their

colleagues, customers and managers.

PB KUMAR

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THE RETENTION STRATEGIES

Good

Monitory

package

Good

Relationships

Autonomy Challenges

Effective

mentoring

Work-life

Training

THE RETENTION

STRATEGIES

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Training Programmes

Organisations should design trainingprogrammes that match employeecompetencies with current trends. For

example. Price Waterhouse, HewlettPackard and Ernst & Young introduced anew online training and counselingprogramme that significantly brought down

the turnover rate. IBM set up a careercentre where career developmentprogrammes were emphasised.

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Effective mentoring

Another reason for turnover is lack of

effective mentoring skills. Employees get

demotivated in the absence of proper

mentors.

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Challenges

Employer should help employees toprove their worth and bring out their talent

potentials, and avoid cost point.

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Autonomy

Giving employees responsible tasks,

while giving them the freedom to work in

their own style and motivates them to stay

on.

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Good Relationships

Healthy relationships among the linemembers and staff members inspire

employees to stay on in any organisation.

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Good monitory package

Compensation plays an important role inattracting, motivating and retaining employees.

Loss of human capital, lower productivity and

dismal performance levels are the negativeconsequences of high turnover.

Creative retention strategies therefore have tobe emphasised. This is the responsibility of

management and every employee of theorganisation has to view it as a calculatedorganisational challenge.

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