Retention - How to Retain Employees
Retention involves a lot of energy, efforts & resources
but the results are "WORTH IT". As the
competition in the market heats up, the acquisition of skills,
talents and knowledge becomes
a difficult job for the organization. The company feels in
pressure when in every management meeting managers come and
repeat this excuse for poor performance, then the pain comes
out "stop the turnover".
Many of the
companies are facing problems in retaining employees. Where
recently a survey shows that employee turnover can cost an organization
almost 4 - 5 times more than an annual employee salary. A study
conducted by some B - schools researched that 80% of employee turnover
is attributable to blunders committed during the recruitment process.
Being an HR professional we need to understand employee turnover
is not a disease but it is a symptom of the disease.
Employee Retention is a process in which the employees are encouraged
to be with the organization for the maximum time or as of now, until
the project gets completed.
Though, employee – employer relationship has undergone a fundamental
change, which has implications on the attrition, motivation and
retention of talented employees. Employee retention is beneficial
for both the organization and employee.
In this era of globalization employees are blessed with good opportunities.
As soon as they feel dissatisfied with the current employer or with
the job they switch over. It is becoming hard on the employer to
retain employees, as the organization would not be left with good
employees. Being HR personnel one should know how to attract and
retain its employees.
A company, which
wants to strengthen its bond with its employees, needs to invest
in their developments. This involves the creation of opportunities
for role enhancement within the company as well as training &
skill development that allow employees to enhance their employability
in the internal/external employable market.
Employees should be trained and given a chance to improve &
enhance their skills. This helps them to perform better and
also boosts their self- esteem and commitment towards work.
Employee Retention involves five major things:
If an organization is able to focus on all these areas, it can retain
employees. Taking employee retention very seriously companies/ HR
personnel have come up with various retention schemes like "
Bell Curve method" which means to provide good benefits
and incentives to employees those who fall within "critical
People" to the organization.
of them are as under:
2. Employee Reward program
3. Career Development program
4. Performance based bonus
5. Employee referral plans
It is not about managing retention, it is about managing people.
The glue is quality work, responsibilities, recognition, respect,
growth, opportunities, compensation, support and friendly
supervision. If an organization manages its people well, employee
retention will be taken well care of. Organization should
force on managing the work environment to make better use
of their human assets.
Writer: Anjali Sarin