RetentionRetention

By Vijay kambojBy Vijay kamboj

Email-vijay.kamboj@live.inEmail-vijay.kamboj@live.in

RetentionRetention

RetentionRetention

We can't stop employee from leaving We can't stop employee from leaving unless we have a plan to make them unless we have a plan to make them stay.stay. Employee retention Employee retention refers to  refers to the ability of an organization to retain the ability of an organization to retain its employees. Employee retention can its employees. Employee retention can be represented by a simple statistic (for be represented by a simple statistic (for example, a retention rate of 80% example, a retention rate of 80% usually indicates that an organization usually indicates that an organization kept 80% of its employees in a given kept 80% of its employees in a given period).period).

RetentionRetentionHowever, many employee consider, However, many employee consider,

retention as relating to the efforts by retention as relating to the efforts by which employers attempt to retain which employers attempt to retain employees in their workforce. In this employees in their workforce. In this sense, retention becomes the sense, retention becomes the strategies rather than the outcome. In strategies rather than the outcome. In a a Business setting, the goal of  setting, the goal of employers is usually to decrease employers is usually to decrease employee turnover, thereby , thereby decreasing training costs, recruitment decreasing training costs, recruitment costs and loss of talent and costs and loss of talent and organizational knowledge. organizational knowledge.

RetentionRetention

By implementing lessons learned from By implementing lessons learned from key key organizational behavior concepts  concepts employers can improve retention rates employers can improve retention rates and decrease the associated costs of and decrease the associated costs of high turnover. Employee retention is a high turnover. Employee retention is a process in which the employees are process in which the employees are encourage to remain with the encourage to remain with the organization for the maximum period of organization for the maximum period of time or until the completion of the time or until the completion of the project. Employee retention is beneficial project. Employee retention is beneficial for the organization as well as for the for the organization as well as for the employee. employee.

Employee retention involves five Employee retention involves five major things:-major things:-

CompensationCompensation

RelationshipRelationship

EnvironmentEnvironment

GrowthGrowth

SupportSupport

What make employees make What make employees make leave:-leave:-

Job is not what employee expectedJob is not what employee expectedNo growth opportunitiesNo growth opportunitiesLack of appreciationLack of appreciationLack of trust and supportLack of trust and supportStress from overworkStress from overworkCompensationCompensationNew job offerNew job offer

Employee retention strategies:-Employee retention strategies:-

Hire the right person in the right jobHire the right person in the right jobEmpower the employeeEmpower the employeeMake them realize that they are Make them realize that they are

valuable for the organizationvaluable for the organizationHave faith in them, trust and respect Have faith in them, trust and respect

themthem Provide information and knowledgeProvide information and knowledgeGive feedback on performance.Give feedback on performance.

Employee retention Employee retention strategies:-strategies:-

Appreciate their achievementsAppreciate their achievementsKeep their moral highKeep their moral highCreate healthy environmentCreate healthy environment

Importance of employee Importance of employee retention:-retention:-

The coast of turnoverThe coast of turnoverGoodwill of companyGoodwill of companyLoss of company knowledgeLoss of company knowledgeLoss of talentLoss of talentTurnover leads to more turnoverTurnover leads to more turnover Interruption of customer servicesInterruption of customer services