Dear Friends, How can we retain the employees if we cannot pay them competitive salaries? Shyam
From India, Bangalore
From India, Bangalore
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Best talent can also be retained using the following strategies:
1) To start with, never oversell the organization.
2) Provide a conducive work environment.
3) Offer rewards and recognition.
4) Implement job rotation.
5) Introduce new challenges.
6) Offer opportunities for promotions.
7) Encourage interaction with key employees so that they feel valued.
8) Provide training and development opportunities.
9) Organize recreational activities to foster employee attachment to the organization.
10) Engage employees in new projects.
Regards,
C.Vidya
From India, Gurgaon
11) To start with, never oversell the organization.
2) Provide a conducive work environment.
3) Offer rewards and recognition.
4) Implement job rotation.
5) Introduce new challenges.
6) Offer opportunities for promotions.
7) Encourage interaction with key employees so that they feel valued.
8) Provide training and development opportunities.
9) Organize recreational activities to foster employee attachment to the organization.
10) Engage employees in new projects.
Regards,
C.Vidya
From India, Gurgaon
Dear Vidya, What kind of rewards and recognitions will you suggest in such a case. And what do you mean by new challenges. Shyam
From India, Bangalore
From India, Bangalore
Hello friends,
I think salary is the major factor in retaining a person, and one of the key aspects that needs to be addressed is how we can identify a good contributor. Retention becomes meaningless when we attempt to keep someone who does not contribute to the company's growth. Can anyone tell me the ways through which we can identify a good contributor?
I think salary is the major factor in retaining a person, and one of the key aspects that needs to be addressed is how we can identify a good contributor. Retention becomes meaningless when we attempt to keep someone who does not contribute to the company's growth. Can anyone tell me the ways through which we can identify a good contributor?
Hi,
Honestly, it is very difficult to retain someone who is leaving for a better/higher salary. However, we could try to sense the discomfort of the employee before it reaches a level where they decide to leave. This also helps in planning for the backfill.
Some organizations have a process in place where all team members are rated based on their likelihood of leaving the organization by their reporting manager. This assessment is conducted by the reporting managers and then sent to HR. Based on this report, HR begins its task of interacting with the employees who have been identified as the most likely to leave.
It is not always possible to meet salary expectations, but for individuals leaving for reasons other than salary, at least an attempt to retain them can be made in a timely manner. If this method is consistently followed, it does help in retaining employees.
Regards,
PK
From India, Pune
Honestly, it is very difficult to retain someone who is leaving for a better/higher salary. However, we could try to sense the discomfort of the employee before it reaches a level where they decide to leave. This also helps in planning for the backfill.
Some organizations have a process in place where all team members are rated based on their likelihood of leaving the organization by their reporting manager. This assessment is conducted by the reporting managers and then sent to HR. Based on this report, HR begins its task of interacting with the employees who have been identified as the most likely to leave.
It is not always possible to meet salary expectations, but for individuals leaving for reasons other than salary, at least an attempt to retain them can be made in a timely manner. If this method is consistently followed, it does help in retaining employees.
Regards,
PK
From India, Pune
Hi Shyam..
Here is some guidelines that one can apply in the Organisation to improve the retention:-
1. Show employees that you have an interest in their success
60 to 70 per cent of workers do not feel that their companies help them to develop their career. Managers of successful companies are acutely aware that even the most brilliant business model will not work without skilled individuals motivated by a culture of management concern.
2. Allow employees the room to develop their skills
Many employees find themselves trapped in a narrow job function so mission-critical that the organisation cannot afford to move them. Frustrated employees, unable to satisfy their need for growth, resign, leaving holes that disrupt the company’s workflow in the short term. The company also loses strong performers who could have filled other, more important, roles over the long term.
3. Give employees a clear idea of the long-term goals of the company
Three quarters of unhappy employees do not believe that their company knows where it is going. Companies should endeavour to change their perceptions by communicating effectively to employees the direction it wants to take. This should be followed up with behaviour that is consistent with what they have told employees!
4. Measure soft skills
Many companies say they value people and train their management team to cope with people issues. Yet these same managers are rewarded based on their technical skills and financial results. Too often, people skills are not rewarded and no measure exists to evaluate them. Employees get the message that, “people skills don’t matter” and so neither do people.
5. Fight turnover with smart training
Two principles can help companies score big retention wins through training. Firstly, keep it relevant. Some firms act as though any training is better than none. From the employees’ perspective, that is not true. If training is not relevant to their jobs they feel it is a waste of time. Secondly, use training to broaden experience. Companies too often provide training that merely reinforces old skills instead of building new ones.
6. Develop your management team
People see good bosses as the wind beneath their wings, and employees who lack confidence in their bosses will leave the organisation sooner rather than later. A key retention strategy is to weed out marginal managers. Replace them with managers who can craft a compelling game plan, communicate it effectively to their teams and deploy initiatives that are consistent with company strategy.
7. Weed out poor performers in non-management ranks
Managers often under-estimate how strongly employees resent the presence of underperformers within their work group. The productive employee often has to take on more work to compensate for the poor performance of others, and they can feel that management is either turning a blind eye to unjust practices, or does not have sufficient interest in what goes on “below decks” to notice any disparity in working practices amongst employees. When the slackers are weeded out, both morale and retention improve.
Regards,
Amit Seth.
From India, Ahmadabad
Here is some guidelines that one can apply in the Organisation to improve the retention:-
1. Show employees that you have an interest in their success
60 to 70 per cent of workers do not feel that their companies help them to develop their career. Managers of successful companies are acutely aware that even the most brilliant business model will not work without skilled individuals motivated by a culture of management concern.
2. Allow employees the room to develop their skills
Many employees find themselves trapped in a narrow job function so mission-critical that the organisation cannot afford to move them. Frustrated employees, unable to satisfy their need for growth, resign, leaving holes that disrupt the company’s workflow in the short term. The company also loses strong performers who could have filled other, more important, roles over the long term.
3. Give employees a clear idea of the long-term goals of the company
Three quarters of unhappy employees do not believe that their company knows where it is going. Companies should endeavour to change their perceptions by communicating effectively to employees the direction it wants to take. This should be followed up with behaviour that is consistent with what they have told employees!
4. Measure soft skills
Many companies say they value people and train their management team to cope with people issues. Yet these same managers are rewarded based on their technical skills and financial results. Too often, people skills are not rewarded and no measure exists to evaluate them. Employees get the message that, “people skills don’t matter” and so neither do people.
5. Fight turnover with smart training
Two principles can help companies score big retention wins through training. Firstly, keep it relevant. Some firms act as though any training is better than none. From the employees’ perspective, that is not true. If training is not relevant to their jobs they feel it is a waste of time. Secondly, use training to broaden experience. Companies too often provide training that merely reinforces old skills instead of building new ones.
6. Develop your management team
People see good bosses as the wind beneath their wings, and employees who lack confidence in their bosses will leave the organisation sooner rather than later. A key retention strategy is to weed out marginal managers. Replace them with managers who can craft a compelling game plan, communicate it effectively to their teams and deploy initiatives that are consistent with company strategy.
7. Weed out poor performers in non-management ranks
Managers often under-estimate how strongly employees resent the presence of underperformers within their work group. The productive employee often has to take on more work to compensate for the poor performance of others, and they can feel that management is either turning a blind eye to unjust practices, or does not have sufficient interest in what goes on “below decks” to notice any disparity in working practices amongst employees. When the slackers are weeded out, both morale and retention improve.
Regards,
Amit Seth.
From India, Ahmadabad
Hi,
I am a budding HR professional from Chennai. The suggestion you provided recently for employee retention was excellent. Currently, I am working on my project on Training Needs Identification. I would greatly appreciate it if you could provide me with all the necessary details.
Thank you,
Janani
From India
I am a budding HR professional from Chennai. The suggestion you provided recently for employee retention was excellent. Currently, I am working on my project on Training Needs Identification. I would greatly appreciate it if you could provide me with all the necessary details.
Thank you,
Janani
From India
Hi friends, There is one more suggestion to retain a person,which is nothing but to transfer him to the place where he wants to work,because it is very important to retain a good contributer.
Somewhere in the book, the seven reasons I had read...
While most managers are of the viewpoint that 80% of employees leave for matters regarding salary, the truth is that only 20% of employees leave their jobs for the purpose of salary, whereas 80% of employees leave their jobs for reasons other than salary.
So, my friend, hope you now know where to concentrate. If you concentrate on salary, you can retain 20 people. However, if you give emphasis on things other than salary, like environment, appraisal, status, freedom, and equality, you can retain 80 people.
From India, Pune
While most managers are of the viewpoint that 80% of employees leave for matters regarding salary, the truth is that only 20% of employees leave their jobs for the purpose of salary, whereas 80% of employees leave their jobs for reasons other than salary.
So, my friend, hope you now know where to concentrate. If you concentrate on salary, you can retain 20 people. However, if you give emphasis on things other than salary, like environment, appraisal, status, freedom, and equality, you can retain 80 people.
From India, Pune
To retain employees when competitive salaries are not feasible, focus on offering non-monetary benefits such as flexible work arrangements, professional development opportunities, a positive work environment, recognition programs, and clear career advancement paths. Emphasizing these aspects can enhance job satisfaction and loyalty, helping to mitigate the impact of lower salaries.
From India, Mumbai
From India, Mumbai
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Effective employee retention strategies-BPO. doc
Employee-retent ion-plan_1__185 .pdf