retension strategies of employee
DESCRIPTION
Employee retention 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 projectTRANSCRIPT
RETENTION STRATEGIES OF
EMPLOYEEat
HIMANSHUIT SERVICES
By Sanjay Samuel Y
RETENTION
Employee retention 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
WHY RETENTION
• Employee retention is one of the primary measures of health of an organization
• Loss of a senior executive is even more costly
• For long term health and success of business
• Retaining best employees ensures
customer satisfaction
Product sales
Profit
WHY IS IT IMPORTANT
IS IT JUST TO REDUCE THE TURNOVER COST?
• ANS: NO
• Its not only the reduction of cost incurred by company .But also the need to retain talented employees from getting poached.
WHAT MAKES EMPLOYEES TO LEAVE
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
HOW TO INCREASE RETENTION
HOW TO INCREASE RETENTION
• Open communication
• Employee reward program
• Career development program
• Performance based bonus
• Recreation facilities
• Gifts at some occasions
MANAGING EMPLOYEE RETENTION
• Indentify the cost of employee turnover
• Understanding why employees leave
• Implement retention strategies
RETENTION STRATEGIES
RETENTION STRATEGIES FOR AN EMPLOYEE
Hire the right people in the first place
Empower the employees
Make employees realize that they are the most valuable assets of the organization
Keep their morale value high
Create an environment where the employees want to work and have fun
RETENTION STRATEGIES FOR AN EMPLOYEE
• Have faith in them, trust them ,respect them
• Provide them information and knowledge
• Keep providing them feedback on their performance
• Recognize and appreciate their achievements
MANAGER ROLE
Creating a motivating environment
Providing Coaching
Standing up for team
Delegation
Extra responsibility
• Focus on future career
BENEFITS FOR AN ORGANIZATION
The cost turnover
Loss of company knowledge
Interruption of customer service
Turnover leads to more turnover
Goodwill of company
Regaining efficiency
DATA ANALYSIS AND INTERPRETATION
HAPPY COOPERATE PRESSURIZED
AWARD FUNCTION
REFRESHER TRAINING
FEEDBACKS
FINDINGS• Most of the employees looking forward for cab facility • Regular feed backs on their performance • More product knowledge or training required • Upgrade the rest room facilities • Establishment of cafeteria in office premises • Compensation should be improved • Development of infra structure • Professional attitude • Think different ( innovative ideas should be taken and should be implanted)
SUGGESTIONS
• If the employees have regular feedback on their performance that will be very good for the improvement of the organization.
• Training on the project should be give
• Scope of improvement Professional attitude
• Upgrading of skills
• Think different
• Formation of team should be improved.
CONCLUSION
If a person is not satisfied by the job he’s doing, he may switch over to some other
more suitable job. In today’s environment it becomes very important for
organizations to retain their employees.
