employee retention project
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you ll find the various causes for employee retention & the reasons why they are important todayTRANSCRIPT
Employee Retention : A Challenge
A Project in Human Resources Management
Semester VT. Y. B. M. S.
Sydenham College of Commerce and Economics
Employee Retention :
It 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 the employee.
R –EMUNERATE COMPETITIVELYE -NCOURAGEMENT AND EXPECTATIONST – RAINING AND DEVELOPMENTA -NNUAL REVIEW CYCLESI - NFORM AND INVOLVEN -URTURE
Attrition: The gradual reduction of the size of a
work force that occurs when personnel lost through retirement or resignation are not replaced.
Basically means Loss of personnel.
Job is not what the employee expected to be.
Job and person mismatch. No growth opportunities. Lack of appreciation. Lack of trust and support in
coworkers, seniors and management. Stress from overwork and work life
imbalance. Compensation. New job offer.
HR Connect conducted a survey of the HR heads of 22 IT companies, in an effort to determine what these practitioners thought about attrition in their companies.
Top 3 reasons why talent says “I quit”
Dissatisfaction with superiors
Inadequate compensation and benefits
Lack of career development opportunities
While managers predicted the most important motivational aspect of work for people would be money, personal time and attention from the manager was cited by employees as most rewarding for them at work.
American Psychological Association Survey
About.Com Poll
Good coaching from and interaction with my boss 36%
Good compensation and benefits package 18%
Opportunity to learn new skills 8%
Just can't seem to get motivated enough to leave ... 8%
Recognition for a job well done 7%
Like my coworkers 6%
Respectful treatment 5%
Challenging, rewarding, interesting work 3%
Mission of the company 3%
Talent and vision of company management team 2%
Officeteam, a leading staff service, surveyed 567 men and women employed full time in professional environments, when asked what is your number—one concern about your career in 2002? Respondents put work-life balance first
Source: Officeteam, 2002
Who is going to do the work? What knowledge are we about to lose? What skills will we lose? What traditions will change? Is this good?
The market place for good talent will be competitive
The good people will be able to pick and choose their working environment
How do we create an organization in where people want to stick around?
The Old WayThe Old Way HR is responsible for people management We provide good pay and benefits Recruiting is like purchasing Development happens in training programs We treat everyone the same
Source: article “War for Talent”
The New WayThe New Way All managers are accountable for
strengthening their talent pools We shape our workplace, jobs, and strategy
to appeal to talented people Recruiting is like marketing We fuel development through stretch jobs,
mentoring and coaching We affirm our people, but invest differently
in A, B, and C players
Source: article “War for Talent”
Implementation of MIS in Human resource management.
Talent mgmt not to be included instead of TM MIS in HRM
Specific – Detailed and clear.
Measurable – Quantity and unit of measure stated.
Attainable – Can be performed by the team member.
Results-Oriented – An output is produced, not an activity.
Time-Framed – Completed by a definite time.
Hire the Right People
Take the time to do it right (plan!) Determine desired competencies, job skills
and characteristics Utilize behavior based interviewing
techniques Train staff in hiring procedures Assess new employees during probation
period
Retention factors
Source: Love ‘Em or Lose ‘Em, 1999
Rank Retention Items
1 Career growth, learning and development
2 Exciting work and challenge
3 Meaningful work, making a difference and a contribution
4 Great people
5 Being part of a team
6 Good boss
7 Recognition for work well done
8 Fun on the job
9 Autonomy, sense of control over work
10 Flexibility—for example, in work hours and dress code
11 Fair pay and benefits
12 Inspiring leadership
13 Pride in organization, its mission and quality of product
14 Great work environment
15 Location
Key management positions being given to younger people has given rise to inexperienced people managers
Don’t look at attrition merely as a statistic. Read the story behind the numbers
Identify the underlying issues contributing to attrition
Attrition is not only an HR issue … Sensitize line managers towards people issues
Equip front line and first time managers to manage talent related issues
“There is a strong correlation between employee attrition and front line management. A good manager can reduce attrition with in his/her team to near-zero levels if he/she keeps sight of the touch points”