retention strategy
DESCRIPTION
Retention of talents, how to spot signs and symptoms of unhappy employee, tips to retain your human capital (the good one, of course..:)TRANSCRIPT
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!