retention strategy

RETENTION AND RETENTION STRATEGIES

RETENTION AND RETENTION STRATEGIES

By Stella SimBy Stella Sim

Prepared for SEA Virtual Leadership ForumPrepared for SEA Virtual Leadership Forum

RETENTION

Critical to long term health and success of the

business

•Ensures customer satisfaction

•Product sales

•Satisfied co-workers & reporting staff

•Effective succession planning

•Deeply embedded organization knowledge & learning

Why Talents Walk Out

the Door …..

Top Exit Reasons

• Limited communication & openness with Superiors

• Limited opportunities for advancement/career growth

• Internal pay inequity between new & longer serving staff

• Heavy workload with no work life balance

• Limited recognition for job well done

• Unattractive Benefits Program

• Poor teamwork

Signs That An Employee Is Planning to Leave

• Significantly increased lack of focus

• Radical change in attitude

• Less involvement with informal activities

• Markedly less interest in "going the extra mile"

• Increased time off

Signs That An Employee Is Planning to Leave

• Taking more calls with the door closed or out of the office/building

• Being less committed or dependable than usual

• Spending excessive time with clients or colleagues out of the office

• Removing personal items from the office

RETENTIONSTRATEGIESSelection The right person, in the right seat, on the right bus is the starting point

Retain

Keep a close eye & ear on the ground

Development Mould them (especially the high potentials)

Compensation Competitive total package

RETENTIONSTRATEGIES

Recognition Reward, recognize and appreciate

CommunicationRegular clarification of goals & expectations

Team DynamicsRegular Team Bonding

Manage under performersShape up or Ship Out

RETENTIONSTRATEGIES

Empowerment Delegate authority to capable team members

Robust systems & processes

Ensure practical & business efficient processes

Equip employees for success Provide adequate resources, bandwidth, guidance

ROUND UP

Retention Tactics/ Tips

• Select the right people

• Set expectations – Clarify Goals, roles & responsibilities

• Ensure competitive total value proposition

• Link rewards to performance

• Recognize and celebrate success

• Demonstrate respect & fairness to employees at all times

Retention Tactics/ Tips

• Regular performance feedback

• Make work fun with regular bonding sessions

• Enable employees to balance work and life

• Involve employees in decisions that affect their jobs

• Provide opportunities for development

• Provide regular coaching sessions

• Remove roadblocks

THANK YOU!