a magic of retention of employees -2
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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.
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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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