2. In order to control attrition and employ effective retention measures we
need to find answers to the following questions :
i) Why people leave ?
In any industry the work can often be monotonous and opportunities for career
growth minimal. So when opportunities beckon, the high rate of attrition is
not surprising. However, there are some common reasons that especially
cause people to leave. Most common reasons are money, inability to handle
various types of stress, monotonous work; company policies, lack of career
growth, problems with those in senior positions etc
3. ii) What is the cause?
Have a survey among employees to find the reasons for attrition. Have exit
interviews to know the reasons for resignations. If a key employee resigns, it
should be taken up on a priority basis and the senior management should
meet the employee to discuss his reasons for leaving and evaluate whether
his issues bear merit and whether they can be resolved. Steps can be taken
to avoid similar reasons from occurring in the case of others, in similar
positions. We can also get the reasons for attrition from those who have
already quit.
4. iii) What can be done?
Though, it is impossible to scrap problems totally, there are certain ways by
which management can tackle attrition. Since the most corporate environments
are unique, companies need to develop innovative ways to tackle them. Human
Resources department must address these issues, and along with the
management need to evolve strategies to retain employees at all levels.
Retention of key employees is critical to the long-term health and success of any
organization. Hence, failing to retain a key employee is a costly proposition for
any organization
5. Now we re-define Retention:
Fundamental changes are taking place in the work force and the workplace that
promise to radically alter the way companies relate to their employees. Hiring
and retaining good employees have become the chief concerns of nearly every
company in every industry..
Retention is all the more important because of the severe competition among
employers for qualified workers. This fierce competition for qualified workers
results from a number of workplace trends, including:
A robust economy
Shift in how people view their careers
Changes in the unspoken "contract“ between employer and
employee
A new generation of workers
Changes in social mores
Life balance
6. Retention tools for Changing times:
1. Offer Compensation – Attractive And Competitive.
Fair compensation alone does not guarantee employee loyalty, but offering
below-market salaries makes it much more likely that employees will look for
greener pastures. Go for Employee Engagement Surveys / ESS, to find out
what perks, benefits and forms of compensation other than money will help
keep them motivated.
2. Benefits Need To Be Quantified And Qualitative.
Although benefits are not a key reason why employees stick with a company,
the benefits you offer can't be markedly worse than those offered by your
competitors and like minded industries. Eg Medical insurances, Corporate
Credit cards and Discount Coupons
7. Retention tools for Changing times:
3. Train your front-line, managers and administrators.
It can't be said repeatedly that people stay or leave because of their bosses
and not the companies. Improve managers' leadership, communication and
interpersonal skills through coaching, training and feedback . Harp upon the
competencies and substantially invest in human capital irrespective of ROI.
4. Roles and responsibilities needs to be dovetailed.
Make sure your employees know what is expected of them every day, every
month and every year, what types of decisions they are allowed to make on
their own, and to whom they are supposed to report. Provide clear vision, and
consistent communication, teamwork and respect for human capital' efforts.
8. Retention tools for Changing times:
5. Enhancement, Advancement And Progression Opportunities.
To foster employee loyalty, implement a career ladder and make sure
employees know what they must do to earn and go in for progression. A clear
professional development plan gives employees an incentive to stick around.
Do away with you Performance Management System if it has turned to NOVA
(Non Value Added Activity) and go in for instant performance rewards. Think out
of the box!
6. Offer retention bonus.
Employee longevity typically is rewarded with an annual raise and mandatory
vacation time after three, five or ten years. But why not offer other seniority-
based rewards such as a paid membership in the employee's professional
association after one year, a paid membership to a local etc.
9. Retention tools for Changing times:
7. Retention strategies implementation needs to have a process owner.
Measure your turnover rate and identify a process owner responsible for
containing it. If customer returns, in-house rejections and non-confirming
products can have a process owner as a countermeasure why not a process
owner for implementation of retention strategies?
8. Go in for Employee Engagement Practices.
You won't know what's wrong... or what's right … unless you practice. To check
the pulse of your organization, conduct employee satisfaction surveys on a
regular basis. Go in for its analysis and implementation. One idea: Ask
employees what they want more of and what they want less of – Capture Voice
of Employees
10. Retention tools for Changing times:
9. Teamwork And Cross Functional Teams.
It takes effort to build an effective team, but the result is greater productivity,
better use of resources, improved customer service and increased morale.
Give great emphasis on cross functional approach as it endorses acceptance
and accountability,
10. Fun Is Must.
Celebrate successes and recognize when milestones are reached. Buffet
lunches, birthday parties, employee picnics and creative contests will help
remind people why an organization is a great place to work. Include fun
elements at work like Parties, bashes, outings, picnics etc
11. Retention tools for Changing times:
11.Transparency in communication.
Employees are more loyal to a company when they believe management or
those at the helm of affairs keep them informed about key issues. That means
that you regularly keep our people up to date with important events affecting
the company. If November was good, let them know, and while you're at it, tell
them what you expect to happen in December.
12. Encourage higher learning.
Create opportunities for your key performers and technologists to grow and
learn. Encourage every employee to learn at least one new thing every week,
and you'll create a work force that is excited, motivated and committed.
12. Retention tools for Changing times:
13. Develop an effective induction program.
Implement a formal orientation program that's at least a week long and includes
a thorough overview of every area of your department and an introduction to
other departments
14. Value your employees.
Recognize outstanding achievements promptly and publicly, but also take time
to commend on the many small contributions your staff makes every day to the
organization's vision, mission and growth. DO NOT FORGET — THESE ARE
THE PEOPLE WHO MAKE YOU LOOK GOOD!
13. Conclusion
As they say, happiness can be contagious. So make sure the work place is a
happy one, which every employee would love to spend time. Human resources
department along with senior management must take steps to make sure of
this.
Effective human resource management must be practiced at both strategic and
day-to-day levels. HR management practices must reflect company policy as to
how it will manage and relate to its employees. The HR strategy should evolve
from a transactional support role to partnering in the organisations business
strategy. HR must take steps to be aware of employee problems and try to
solve them, creatively.
