How to retain employee in a newly set up organization? :?:
From India, Lucknow
Acknowledge(0)
Amend(0)
From India, Lucknow
Acknowledge(0)Amend(0)
Hi Aakriti,
Here are some interesting Retention Tools which I came accross-
1. Offer fair and competitive salaries. Fair compensation alone does not guarantee employee loyalty, but offering below-market wages makes it much more likely that employees will look for work elsewhere. In fact, research shows that if incomes lag behind comparable jobs at a company across town by more than 10 percent, workers are likely to bolt. To retain workers, conduct regular reviews of the salaries you offer for all job titles — entry-level, experienced staff and supervisory-level. Compare your department's salaries with statistically reliable averages. If there are significant discrepancies, you probably should consider making adjustments to ensure that you are in line with the marketplace.
2. Remember that benefits are important too. 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
3. Train your front-line supervisors, managers and administrators. It can't be said often enough: People stay or leave because of their bosses, not their companies. A good employee/manager relationship is critical to employee satisfaction and retention. Make sure your managers aren't driving technologists away. Give them the training they need to develop good supervisory and people-management skills.
4. Clearly define roles and responsibilities. Develop a formal job description for each title or position in your department. Make sure your employees know what is expected of them every day, what types of decisions they are allowed to make on their own, and to whom they are supposed to report.
5. Provide adequate advancement opportunities. To foster employee loyalty, implement a career ladder and make sure employees know what they must do to earn a promotion. Conduct regular performance reviews to identify employees' strengths and weaknesses, and help them improve in areas that will lead to job advancement. A clear professional development plan gives employees an incentive to stick around.
6. Offer retention bonuses instead of sign-on bonuses. Worker longevity typically is rewarded with an annual raise and additional vacation time after three, five or 10 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 gym after two years, and full reimbursement for the cost of the employee's uniforms after three years? Retention packages also could be designed to raise the salaries of technologists who become credentialed in additional specialty areas, obtain additional education or take on more responsibility. Sign-on bonuses encourage technologists to skip from job to job, while retention packages offer incentives for staying.
7. Make someone accountable for retention. Measure your turnover rate and hold someone (maybe you!) responsible for reducing it. In too many workplaces, no one is held accountable when employees leave, so nothing is done to encourage retention.
8. Conduct employee satisfaction surveys. You won't know what's wrong ... or what's right … unless you ask. To check the pulse of your workplace, conduct anonymous employee satisfaction surveys on a regular basis. One idea: Ask employees what they want more of and what they want less of.
9. Foster an environment of teamwork. It takes effort to build an effective team, but the result is greater productivity, better use of resources, improved customer service and increased morale. Here are a few ideas to foster a team environment in your department:
• Make sure everyone understands the department's purpose, mission or goal.
• Encourage discussion, participation and the sharing of ideas.
• Rotate leadership responsibilities depending on your employees' abilities and the needs of the team.
• Involve employees in decisions; ask them to help make decisions through consensus and collaboration.
• Encourage team members to show appreciation to their colleagues for superior performance or achievement.
10. Reduce the paperwork burden. If your technologists spend nearly as much time filling out paperwork, it's time for a change. Paperwork pressures can add to the stress and burnout that employees feel. Eliminate unnecessary paperwork; convert more paperwork to an electronic format; and hire non-tech administrative staff to take over as much of the paperwork burden as is allowed under legal or regulatory restrictions.
11. Make room for fun. Celebrate successes and recognize when milestones are reached. Potluck lunches, birthday parties, employee picnics and creative contests will help remind people why your company is a great place to work.
12. Write a mission statement for your department. Everyone wants to feel that they are working toward a meaningful, worthwhile goal. Work with your staff to develop a departmental mission statement, and then publicly post it for everyone to see. Make sure employees understand how their contribution is important.
13. Provide a variety of assignments. Identify your employees' talents and then encourage them to stretch their abilities into new areas. Do you have a great "teacher" on staff? Encourage him/ her to lead an in-service or present a poster session on an interesting case. Have someone who likes planning and coordinating events? Ask him to organize a departmental open house. Know a good critical-thinker? Ask him/ her to work with a vendor to customize applications training on a new piece of equipment. A variety of challenging assignments helps keep the workplace stimulating.
14. Communicate openly. Employees are more loyal to a company when they believe managers keep them informed about key issues. Is a corporate merger in the works? Is a major expansion on the horizon? Your employees would rather hear it from you than from the evening newscast. It is nearly impossible for a manager to "over-communicate."
15. Encourage learning. Create opportunities for your technologists to grow and learn. Reimburse them for CE courses, seminars and professional meetings; discuss recent journal articles with them; ask them to research a new scheduling method for the department. 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.
16. Be flexible. Today's employees have many commitments outside their job, often including responsibility for children, aging parents, chronic health conditions and other issues. They will be loyal to workplaces that make their lives more convenient by offering on-site childcare centers, on-site hair styling and dry cleaning, flexible work hours, part-time positions, job-sharing or similar practices. For example, employees of school-age children might appreciate the option to work nine months a year and have the summers off to be with their children.
17. Develop an effective orientation program. Implement a formal orientation program that's at least three weeks long and includes a thorough overview of every area of your department and an introduction to other departments. Assign a senior staff member to act as a mentor to the new employee throughout the orientation period. Develop a checklist of topics that need to be covered and check in with the new employee at the end of the orientation period to ensure that all topics were adequately addressed.
18. Give people the best equipment and supplies possible. No one wants to work with equipment that's old or constantly breaking down. Ensure that your equipment is properly maintained, and regularly upgrade machinery, computers and software. In addition, provide employees with the highest quality supplies you can afford. Cheap, leaky pens may seem like a small thing, but they can add to employees' overall stress level.
19. Show your employees that you value them. Recognize outstanding achievements promptly and publicly, but also take time to comment on the many small contributions your staff makes every day to the organization's mission. Don't forget — these are the people who make you look good!
Regards,
Amit Seth.
From India, Ahmadabad
Acknowledge(0)Amend(0)
508Here are some interesting Retention Tools which I came accross-
1. Offer fair and competitive salaries. Fair compensation alone does not guarantee employee loyalty, but offering below-market wages makes it much more likely that employees will look for work elsewhere. In fact, research shows that if incomes lag behind comparable jobs at a company across town by more than 10 percent, workers are likely to bolt. To retain workers, conduct regular reviews of the salaries you offer for all job titles — entry-level, experienced staff and supervisory-level. Compare your department's salaries with statistically reliable averages. If there are significant discrepancies, you probably should consider making adjustments to ensure that you are in line with the marketplace.
2. Remember that benefits are important too. 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
3. Train your front-line supervisors, managers and administrators. It can't be said often enough: People stay or leave because of their bosses, not their companies. A good employee/manager relationship is critical to employee satisfaction and retention. Make sure your managers aren't driving technologists away. Give them the training they need to develop good supervisory and people-management skills.
4. Clearly define roles and responsibilities. Develop a formal job description for each title or position in your department. Make sure your employees know what is expected of them every day, what types of decisions they are allowed to make on their own, and to whom they are supposed to report.
5. Provide adequate advancement opportunities. To foster employee loyalty, implement a career ladder and make sure employees know what they must do to earn a promotion. Conduct regular performance reviews to identify employees' strengths and weaknesses, and help them improve in areas that will lead to job advancement. A clear professional development plan gives employees an incentive to stick around.
6. Offer retention bonuses instead of sign-on bonuses. Worker longevity typically is rewarded with an annual raise and additional vacation time after three, five or 10 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 gym after two years, and full reimbursement for the cost of the employee's uniforms after three years? Retention packages also could be designed to raise the salaries of technologists who become credentialed in additional specialty areas, obtain additional education or take on more responsibility. Sign-on bonuses encourage technologists to skip from job to job, while retention packages offer incentives for staying.
7. Make someone accountable for retention. Measure your turnover rate and hold someone (maybe you!) responsible for reducing it. In too many workplaces, no one is held accountable when employees leave, so nothing is done to encourage retention.
8. Conduct employee satisfaction surveys. You won't know what's wrong ... or what's right … unless you ask. To check the pulse of your workplace, conduct anonymous employee satisfaction surveys on a regular basis. One idea: Ask employees what they want more of and what they want less of.
9. Foster an environment of teamwork. It takes effort to build an effective team, but the result is greater productivity, better use of resources, improved customer service and increased morale. Here are a few ideas to foster a team environment in your department:
• Make sure everyone understands the department's purpose, mission or goal.
• Encourage discussion, participation and the sharing of ideas.
• Rotate leadership responsibilities depending on your employees' abilities and the needs of the team.
• Involve employees in decisions; ask them to help make decisions through consensus and collaboration.
• Encourage team members to show appreciation to their colleagues for superior performance or achievement.
10. Reduce the paperwork burden. If your technologists spend nearly as much time filling out paperwork, it's time for a change. Paperwork pressures can add to the stress and burnout that employees feel. Eliminate unnecessary paperwork; convert more paperwork to an electronic format; and hire non-tech administrative staff to take over as much of the paperwork burden as is allowed under legal or regulatory restrictions.
11. Make room for fun. Celebrate successes and recognize when milestones are reached. Potluck lunches, birthday parties, employee picnics and creative contests will help remind people why your company is a great place to work.
12. Write a mission statement for your department. Everyone wants to feel that they are working toward a meaningful, worthwhile goal. Work with your staff to develop a departmental mission statement, and then publicly post it for everyone to see. Make sure employees understand how their contribution is important.
13. Provide a variety of assignments. Identify your employees' talents and then encourage them to stretch their abilities into new areas. Do you have a great "teacher" on staff? Encourage him/ her to lead an in-service or present a poster session on an interesting case. Have someone who likes planning and coordinating events? Ask him to organize a departmental open house. Know a good critical-thinker? Ask him/ her to work with a vendor to customize applications training on a new piece of equipment. A variety of challenging assignments helps keep the workplace stimulating.
14. Communicate openly. Employees are more loyal to a company when they believe managers keep them informed about key issues. Is a corporate merger in the works? Is a major expansion on the horizon? Your employees would rather hear it from you than from the evening newscast. It is nearly impossible for a manager to "over-communicate."
15. Encourage learning. Create opportunities for your technologists to grow and learn. Reimburse them for CE courses, seminars and professional meetings; discuss recent journal articles with them; ask them to research a new scheduling method for the department. 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.
16. Be flexible. Today's employees have many commitments outside their job, often including responsibility for children, aging parents, chronic health conditions and other issues. They will be loyal to workplaces that make their lives more convenient by offering on-site childcare centers, on-site hair styling and dry cleaning, flexible work hours, part-time positions, job-sharing or similar practices. For example, employees of school-age children might appreciate the option to work nine months a year and have the summers off to be with their children.
17. Develop an effective orientation program. Implement a formal orientation program that's at least three weeks long and includes a thorough overview of every area of your department and an introduction to other departments. Assign a senior staff member to act as a mentor to the new employee throughout the orientation period. Develop a checklist of topics that need to be covered and check in with the new employee at the end of the orientation period to ensure that all topics were adequately addressed.
18. Give people the best equipment and supplies possible. No one wants to work with equipment that's old or constantly breaking down. Ensure that your equipment is properly maintained, and regularly upgrade machinery, computers and software. In addition, provide employees with the highest quality supplies you can afford. Cheap, leaky pens may seem like a small thing, but they can add to employees' overall stress level.
19. Show your employees that you value them. Recognize outstanding achievements promptly and publicly, but also take time to comment on the many small contributions your staff makes every day to the organization's mission. Don't forget — these are the people who make you look good!
Regards,
Amit Seth.
From India, Ahmadabad
Acknowledge(0)Amend(0)
Hello Amit,
Excellent list of things to do. I suggest "hire for talent" as the first step to increasing retention of good employees. Without talent, job success is fleeting or, worse, nonexistent.
Bob Gately
gately@csi.com
From United States, Chelsea
Acknowledge(0)Amend(0)
Excellent list of things to do. I suggest "hire for talent" as the first step to increasing retention of good employees. Without talent, job success is fleeting or, worse, nonexistent.
Bob Gately
gately@csi.com
From United States, Chelsea
Acknowledge(0)Amend(0)
Hi Amith, Wonderful !!!! right combination of strategiess....practical...... Would look more effective in PPT format,, Anyways great job... Thanks and keep posting Prashanth Shetty
Acknowledge(0)Amend(0)
Acknowledge(0)Amend(0)
thats is a masterpiece work Amit, I shud say...gud going. hope to see more of such articles in near future. Rahul Verma
From India, Delhi
Acknowledge(0)Amend(0)
From India, Delhi
Acknowledge(0)Amend(0)
Hi Amit,
An excellent effort, a complete list of do's for employee retention. What's your opinion about the effect of culture and values predominant in the company on retention of employees.
With regards,
Praveen
From India, Indore
Acknowledge(0)Amend(0)
An excellent effort, a complete list of do's for employee retention. What's your opinion about the effect of culture and values predominant in the company on retention of employees.
With regards,
Praveen
From India, Indore
Acknowledge(0)Amend(0)
Hi Amith,
Thanks for your wonderful information. I would like to do my project on this topic. Can you suggest some different titles for the employee retention topic? Please forward to my emails: ARUNA_DAPILI@YAHOO.CO.IN and aruna12585@gmail.com.
Thank you!
Acknowledge(0)Amend(0)
Thanks for your wonderful information. I would like to do my project on this topic. Can you suggest some different titles for the employee retention topic? Please forward to my emails: ARUNA_DAPILI@YAHOO.CO.IN and aruna12585@gmail.com.
Thank you!
Acknowledge(0)Amend(0)
Hi Amit, XLNT!!!! Good Going!!! Continue giving more articles!!! Regards, Vennila N 8) 8) 8)
From India, Madras
Acknowledge(0)Amend(0)
From India, Madras
Acknowledge(0)Amend(0)
Hello Amit,
You have shared quite good information here. What you have mentioned are the ideal ways of retention as defined in management books. Everything you have written here is thoughtful and useful regarding retention, but when it comes to implementation, the work can be challenging.
I still appreciate the views as they are really helpful, and if considered, they can truly be implemented in one way or another.
Anal Shah
From India, Ahmadabad
Acknowledge(0)Amend(0)
You have shared quite good information here. What you have mentioned are the ideal ways of retention as defined in management books. Everything you have written here is thoughtful and useful regarding retention, but when it comes to implementation, the work can be challenging.
I still appreciate the views as they are really helpful, and if considered, they can truly be implemented in one way or another.
Anal Shah
From India, Ahmadabad
Acknowledge(0)Amend(0)
Hi Amit,
Thank you very much for the useful information. Will the retention also depend on the kind of industry and the job profile? I mean, sometimes we need to have multiple ideas to handle people at different levels.
Regards,
Amith R.
From India, Bangalore
Acknowledge(0)Amend(0)
Thank you very much for the useful information. Will the retention also depend on the kind of industry and the job profile? I mean, sometimes we need to have multiple ideas to handle people at different levels.
Regards,
Amith R.
From India, Bangalore
Acknowledge(0)Amend(0)
Thank U Mukesh and Amith... :D :D :D Hi Amith, it may also depends over the points you raised.. If you are not handling the Profile according to your qualification..
From India, Ahmadabad
Acknowledge(0)Amend(0)
From India, Ahmadabad
Acknowledge(0)Amend(0)
HR Managers today must provide an attractive and motivating environment to their employees than just a handsome salary in order to retain them. Employees these days hop jobs for a mere10-15 per cent pay hike!
Organisations that succeed to attract, retain and motivate employees, emerge as winners. It doesn’t take much to have a motivated workforce; all you need to do is create an exciting environment. Three things to motivate & retain employees are…
• Positive work environment.
• Rewards for proper conduct.
• Employee involvement.
How to create a positive work environment?
Explain to them ‘The Big Picture’ to give them the sense of pride and purpose for working with the company. Give your employees a chance to put forward their views in decision making (whenever required and possible).
Their suggestions are important. Give them resources to support them and to ensure they perform better. Cater to their growth needs and give them a mentor for improving and developing new skills.
Rewards for proper conduct - Praise & Recognition
No money in the world can replace a compliment. Sure, it does attract talent through the front door, but it never prevents them from leaving through the back door. Two most important elements for employee retention are praise and recognition. Monetary rewards are fast forgotten, try something that will stay forever. For instance;
A retail store came out with “My Shinning Star” peer recognition programme. Every month employees were rewarded for their outstanding conduct & qualities like taking beyond duty calls, perfect attendance, hard work, team work, friendly & caring nature etc.
Employees had the power to reward their peers for doing a good job. An employee who received the highest number of votes in a month received a special gift from the store manager along with his name being put up on the bulletin board.
This is what is called a FAST-FUN formula…
• Focus on the behaviour to be rewarded.
• Avoid bureaucratic committees.
• Simplicity
• Team ownership.
• FUN, entertaining and spontaneous..
Involve your Employees
Employee involvement plays at all levels from self-esteem, motivation to retention. A feeling of belongingness and worth will attach the employee with the organisation and its affect will be higher than that of a hefty salary. Find a way to tell your employees that they are special to the organisation. Whichever way you take it, keep in mind these key factors. Your employees will enjoy their work, feel that they have a purpose and therefore will be able to reach their potential.
Acknowledge(0)Amend(0)
Organisations that succeed to attract, retain and motivate employees, emerge as winners. It doesn’t take much to have a motivated workforce; all you need to do is create an exciting environment. Three things to motivate & retain employees are…
• Positive work environment.
• Rewards for proper conduct.
• Employee involvement.
How to create a positive work environment?
Explain to them ‘The Big Picture’ to give them the sense of pride and purpose for working with the company. Give your employees a chance to put forward their views in decision making (whenever required and possible).
Their suggestions are important. Give them resources to support them and to ensure they perform better. Cater to their growth needs and give them a mentor for improving and developing new skills.
Rewards for proper conduct - Praise & Recognition
No money in the world can replace a compliment. Sure, it does attract talent through the front door, but it never prevents them from leaving through the back door. Two most important elements for employee retention are praise and recognition. Monetary rewards are fast forgotten, try something that will stay forever. For instance;
A retail store came out with “My Shinning Star” peer recognition programme. Every month employees were rewarded for their outstanding conduct & qualities like taking beyond duty calls, perfect attendance, hard work, team work, friendly & caring nature etc.
Employees had the power to reward their peers for doing a good job. An employee who received the highest number of votes in a month received a special gift from the store manager along with his name being put up on the bulletin board.
This is what is called a FAST-FUN formula…
• Focus on the behaviour to be rewarded.
• Avoid bureaucratic committees.
• Simplicity
• Team ownership.
• FUN, entertaining and spontaneous..
Involve your Employees
Employee involvement plays at all levels from self-esteem, motivation to retention. A feeling of belongingness and worth will attach the employee with the organisation and its affect will be higher than that of a hefty salary. Find a way to tell your employees that they are special to the organisation. Whichever way you take it, keep in mind these key factors. Your employees will enjoy their work, feel that they have a purpose and therefore will be able to reach their potential.
Acknowledge(0)Amend(0)
CATCH THIS.....................AND DO TELL ME HOW IS THIS.............
FIVE WAYS TO RETAIN OUR EMPLOYEES
WITHOUT SPENDING A SINGLE PENNY
Good employees are hard to find, and even harder to replace. How can we keep good employees around when they could be making more money or working an easier schedule elsewhere? Not long ago, we sought to answer that question. Our office manager polled our employees to see what they liked about working in our practice and what kept them here. The most highly rated items weren't decent wages or perks. Instead, the most common responses fell into these categories:
• Positive, caring relationships:
• Recognition of achievement:
• Pride in the organization:
• Opportunities for growth and advancement
1. Talk to your employees. I may go a week and hardly speak to my Store Walla. They could care less, but with employees such behavior is a real mistake. When we see them, address them by name. It's fairly easy to visit with your medical assistant or nurse, but go out of your way to say "hi" to your front-office employees and your business staff. Meet with new employees briefly and find out a little about them. In addition, make sure that office manager is readily available to talk to staff, particularly when they have an issue or new ideas.
2. Recognize good work. When a day runs smoothly, tell your receptionist what a good job they have done - and mean it. When collections are going well, let the billing staff know that you appreciate it. In a bigger office, consider awarding an Employee of the Month, nominated by peers and announced to all employees. Any award will be greatly enhanced if the time to deliver it face-to-face.
3. Get personal. Know when your employees have special events in their lives - good or bad - and discuss it with them. For example, we celebrate staff birthdays and anniversaries of employment, which is a big deal for our employees.
4. Help them succeed. To do well in their jobs, employees need an accurate job description and an annual review that lets them know how they are performing and what they can do to improve. They also need access to an employee handbook so they can understand the expectations of the organization. We should Provide employees with these tools, and as they show signs of readiness, be willing to entrust them with new tasks and greater responsibility.
5. Keep them in the loop. When good or bad things happen to an employee outside the office, be certain to let staff know promptly. Don't drift past them in the office and let them find out some other way. By keeping staff informed, you communicate that you think they are a valuable part of the team and important to patients. In return, most employees will go the extra mile for us over and over again.
What they have in common is that they cost very little, yet can make a good job a great one - one that employees will stick with even if other options arise.
From India, Delhi
Acknowledge(0)Amend(0)
FIVE WAYS TO RETAIN OUR EMPLOYEES
WITHOUT SPENDING A SINGLE PENNY
Good employees are hard to find, and even harder to replace. How can we keep good employees around when they could be making more money or working an easier schedule elsewhere? Not long ago, we sought to answer that question. Our office manager polled our employees to see what they liked about working in our practice and what kept them here. The most highly rated items weren't decent wages or perks. Instead, the most common responses fell into these categories:
• Positive, caring relationships:
• Recognition of achievement:
• Pride in the organization:
• Opportunities for growth and advancement
1. Talk to your employees. I may go a week and hardly speak to my Store Walla. They could care less, but with employees such behavior is a real mistake. When we see them, address them by name. It's fairly easy to visit with your medical assistant or nurse, but go out of your way to say "hi" to your front-office employees and your business staff. Meet with new employees briefly and find out a little about them. In addition, make sure that office manager is readily available to talk to staff, particularly when they have an issue or new ideas.
2. Recognize good work. When a day runs smoothly, tell your receptionist what a good job they have done - and mean it. When collections are going well, let the billing staff know that you appreciate it. In a bigger office, consider awarding an Employee of the Month, nominated by peers and announced to all employees. Any award will be greatly enhanced if the time to deliver it face-to-face.
3. Get personal. Know when your employees have special events in their lives - good or bad - and discuss it with them. For example, we celebrate staff birthdays and anniversaries of employment, which is a big deal for our employees.
4. Help them succeed. To do well in their jobs, employees need an accurate job description and an annual review that lets them know how they are performing and what they can do to improve. They also need access to an employee handbook so they can understand the expectations of the organization. We should Provide employees with these tools, and as they show signs of readiness, be willing to entrust them with new tasks and greater responsibility.
5. Keep them in the loop. When good or bad things happen to an employee outside the office, be certain to let staff know promptly. Don't drift past them in the office and let them find out some other way. By keeping staff informed, you communicate that you think they are a valuable part of the team and important to patients. In return, most employees will go the extra mile for us over and over again.
What they have in common is that they cost very little, yet can make a good job a great one - one that employees will stick with even if other options arise.
From India, Delhi
Acknowledge(0)Amend(0)
Dear Amit,
Your suggestions are really nice and will surely work out. However, if it is a newly formed IT company, then I don't think that your plans are practical enough. I am not saying that it is just a theory, but somewhere it fails in IT sectors.
I think a succession plan is always better than a retention plan, especially when I am talking about IT sectors. Amit, what's your view on this? I am not saying that I am 100% right, but it's what I have felt in the last 7 years.
To retain old talent is always important, no doubt, but sometimes it never works. The person or talent you retain may take their job lightly and may behave abnormally, thinking of themselves as indispensable for the company. Therefore, an organization can be successful if it has a good succession plan rather than a retention plan.
Another view I have: Do not celebrate or glorify individual team members' success. The moment you start glorifying and celebrating the individual's achievements, it will be a disaster for the company, no doubt at all.
In my view, a succession plan will also work out.
Thanks,
Dev
From India, Gurgaon
Acknowledge(0)Amend(0)
Your suggestions are really nice and will surely work out. However, if it is a newly formed IT company, then I don't think that your plans are practical enough. I am not saying that it is just a theory, but somewhere it fails in IT sectors.
I think a succession plan is always better than a retention plan, especially when I am talking about IT sectors. Amit, what's your view on this? I am not saying that I am 100% right, but it's what I have felt in the last 7 years.
To retain old talent is always important, no doubt, but sometimes it never works. The person or talent you retain may take their job lightly and may behave abnormally, thinking of themselves as indispensable for the company. Therefore, an organization can be successful if it has a good succession plan rather than a retention plan.
Another view I have: Do not celebrate or glorify individual team members' success. The moment you start glorifying and celebrating the individual's achievements, it will be a disaster for the company, no doubt at all.
In my view, a succession plan will also work out.
Thanks,
Dev
From India, Gurgaon
Acknowledge(0)Amend(0)
Hi Amit,
I just wanted to appreciate your reply regarding retention strategies. Better late than never... I found your article a little later, but I must say it is highly informative and really helpful for HR aspirants like me.
Thank you, please keep sharing your knowledge!
Regards,
Kiran
From India, New Delhi
Acknowledge(0)Amend(0)
I just wanted to appreciate your reply regarding retention strategies. Better late than never... I found your article a little later, but I must say it is highly informative and really helpful for HR aspirants like me.
Thank you, please keep sharing your knowledge!
Regards,
Kiran
From India, New Delhi
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Effective employee retention strategies-BPO. doc
Innovation in HR by Total Reward Optimisation For Employee Retention & Enhance Productivity.pd f