Employee Retention

We cant stop employees from leaving unless we have a plan to make them stay!

What is Employee Retention?

Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as for the employee.

Employees Retention involves 5 major things:

GROWTH

COMPENSATION

ENVIRONMENT

RELATIONSHIP

SUPPORT

What makes employee leave ?

Managers poor supervision. Job is not what employee

expected.

No growth opportunities . Lack of appreciation. Lack of trust and support. Stress from overwork. Compensation. New job offers.

Work and life imbalance.

Employee Retention Strategies

Hire the right person in right place. Empower the employee. Make them realize that they are valuable for Organization. Have faith in them , trust & respect them. Provide Information & knowledge. Give feedback on performance. Recognize & appreciate their achievements. Keep their morale high. Create healthy environment.

Importance of Employee Retention

The

cost of turnover is high. Loss of company knowledge. Interruption of customer services. Turnover leads to more turnovers. Goodwill of Company is affected. Regaining efficiency becomes difficult.

These practices can be categorized into 3 levels:1) Low Level Employee Retention Strategies 2) Medium Level Strategies for Employee Retention. 3) High Level Strategies for Employee Retention.

Present scenario of employee retention strategy

Leaving of an organization for more pay. Incentives can increase productivity. Running away from responsibilities. Measures to increase employee satisfaction will be expensive

RETENTION PROCESS

And the result of good retention process is like this

For that there are some retention success mantras

This are the key areas :

And the result is like this

Transparent Work Culture Quality of Work Supporting Employees Give empowerment

How to Manage Employee Retention

A 3 stage process And follow this process

Implement retention strategies Understand why employee leave ( Exit interview)

Identify the cost of employee turnover

How To retain Employees

Top talent wants to work for the top companies.

Build it and they will come. Recognize and reward over and over again.

Don't take them for granted. Know what their competitor

does.

Top 7 Ways to Improve Employee Retention and Reduce Employee Turnover

1. 2. 3. 4.

Hire the best and avoid the rest.

Orientation program for new employees.

Provide flexible work place. Learning new skills and advancing their career is just as important as the money they make.

5.

Early warning detection system

6.
7.

Look for triggers.

Identify and weed out poor managers.

How to Create a Winning Employee Retention

Strategy?
Performance. Communication. Loyalty. Competitive advantage.

Why is a Good Manager Important?

A Good Manager 1. Creates a Healthy Workplace 2. Enriches and enlivens an employees work 3. Talent management 4. Develops a culture of loyalty

Manager role in employee retention strategy

Creating motivating environment. Standing up for the Team. Providing coaching. Delegation. Extra Responsibility. Focus on future career.

Managers Role in Employee Retention

Retention keeping desirable employees

Attrition loss of personnel

Career Planning bottom-up view of right people in right place

Succession Planning top-down view of right people in right place

Finally result of good retention strategy

The success or failure of an organization is increasingly

determined by its ability to

ANKITA DAS MBA-4th Semester