employee retention management

EMPLOYEE RETENTION

“We cant stop employees from

leaving unless we have a plan to

make them stay!”

Employee RetentionA process in which the employees

are encouraged to remain with the organization for the maximum period of time or until completion of the project.

Employee retention is beneficial for the organization as well as the employee.

RESIGNATIONS

Job is not what the employee

expected

No growth opportunities

Lack of appreciation

Lack of trust and support

REASONS WHY EMPLOYEES LEAVE

Stress from overwork

Compensation

New job offers

No personal life

Physical strains

IMPORTANCE OF EMPLOYEE RETENTION

The cost of turnover.

Loss of company knowledge.

Interruption of operations.

Turnover leads to more turnovers. 

Goodwill of Company.

Regaining efficiency.

Employees Retention involves five major things: Compensation

Growth

Environment

Relationship

Support

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

Recipe of retention

Remunerate competitively

Encouragement and expectations

Training and development

Annual review cycles

Inform and involve

Nurture

MOST EFFECTIVE RETENTION INITIATIVES

Competitive merit increase/salary adjustment

Career development opportunities

Promoting qualified employee Increasing health care benefits Offering schedules conducive to

work life balance Bonuses

GUIDELINES FOR INCREASING JOB SATISFACTION

Extrinsic RewardRefers to motivation that comes

from outside an individual. The motivating factors are external, or outside, rewards such as money or praise. These rewards provide satisfaction and pleasure that the task itself may not provide.

Extrinsic REWARDS Reward must be meaningful and

unique Reward must match individual

preferences Link rewards to motivational behaviors Link rewards to performance

Examples:Salary increase, gadgets, house loan and car loan

Intrinsic Rewards

The personal satisfaction a person derives from a sense of self-accomplishment related to personal or business goals.

More powerful motivator in doing responsibilities.

INTrinsic REWARDS Assign employees to jobs that meet

their needs for work characteristics Provide clear communication to

employees Design fair reward allocation system Ensure supervisors provide a positive

environment Provide programs to enhance work-life

balance

Thank You