Hi everybody, I'm a second-year student of MMS specializing in HR. I have to submit a project report on retention immediately. If anyone has completed a project on the same topic, kindly email it or share the data. It's really urgent, and I hope you guys will help me out. Cheers!
From India, Mumbai
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From India, Mumbai
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Hi, even i am a 2nd year student of MHRDM spl in HR. Please dont copy such projects. These research only will help you in long run. Regards, Akshay
From India, Mumbai
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From India, Mumbai
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Hi,
Very true, we cannot spoon-feed you everything; you need to make your project on your own.
Here is some information on Retention; hope it will be of help.
Retention strategies:
It is usually less expensive and more rewarding to retain top talent than to recruit new talent. This has prompted employers to become proactive and add value to their employees' lifestyles. ESOPs, too, are fast losing their charm. Today, organizations are providing their employees with vacations to exotic locales, refrigerators filled with goodies in the office, turbocharged cars, and massages. Yet, the turnover rate is ever-increasing.
What do employers need to do to retain?
- Calculate the turnover cost of every position:
The turnover rate might be higher for profiles like call center representatives, sales executives, and customer care executives. Employees with such profiles are willing to relocate for small salary hikes. However, the cost of turnover might not be very high. After calculating the turnover cost, organizations need to understand the needs of the employee and address them. Precaution should be taken to ensure that the cost of retention does not exceed the cost of turnover.
- Identify the process or the job that leads to turnover:
Conduct employee surveys to see if employees are really satisfied with what they are doing or if they can do their jobs in a different way. The company should not be dependent on individuals; instead, it should focus on automating functions so that the activities are process-driven. This eliminates monotony and makes it easier for employees to focus on improvements.
- Re-assess the recruitment process:
Is your recruitment process good enough for you to gauge your employees' loyalty and commitment, the tenure of each of your senior staff in the company? Companies should proactively look for suitable candidates with a long-term perspective in mind. Such an approach gives them a chance to get the best on board instead of making a hurried and often incorrect recruitment.
- Review performance management and compensation practices:
The performance management system should correlate with organizational values, goals, objectives, and personal goals. Each of these parameters should also be related to compensation.
- Review training and development activities:
Training to enhance the competency and skills of the employee is always welcomed. However, these must directly impact the employee's job. If an employer is willing to invest in the development of the employee's skills and expertise, then there are fair chances of them continuing for a longer time. Cross-functional training provides a challenge to the employees and combats boredom.
Since employees are the only assets a company has, it must invest in its employees. After all, it feels good to go home in the evening and not wonder if your employees are going to turn up for work the next day.
From India, Delhi
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115Very true, we cannot spoon-feed you everything; you need to make your project on your own.
Here is some information on Retention; hope it will be of help.
Retention strategies:
It is usually less expensive and more rewarding to retain top talent than to recruit new talent. This has prompted employers to become proactive and add value to their employees' lifestyles. ESOPs, too, are fast losing their charm. Today, organizations are providing their employees with vacations to exotic locales, refrigerators filled with goodies in the office, turbocharged cars, and massages. Yet, the turnover rate is ever-increasing.
What do employers need to do to retain?
- Calculate the turnover cost of every position:
The turnover rate might be higher for profiles like call center representatives, sales executives, and customer care executives. Employees with such profiles are willing to relocate for small salary hikes. However, the cost of turnover might not be very high. After calculating the turnover cost, organizations need to understand the needs of the employee and address them. Precaution should be taken to ensure that the cost of retention does not exceed the cost of turnover.
- Identify the process or the job that leads to turnover:
Conduct employee surveys to see if employees are really satisfied with what they are doing or if they can do their jobs in a different way. The company should not be dependent on individuals; instead, it should focus on automating functions so that the activities are process-driven. This eliminates monotony and makes it easier for employees to focus on improvements.
- Re-assess the recruitment process:
Is your recruitment process good enough for you to gauge your employees' loyalty and commitment, the tenure of each of your senior staff in the company? Companies should proactively look for suitable candidates with a long-term perspective in mind. Such an approach gives them a chance to get the best on board instead of making a hurried and often incorrect recruitment.
- Review performance management and compensation practices:
The performance management system should correlate with organizational values, goals, objectives, and personal goals. Each of these parameters should also be related to compensation.
- Review training and development activities:
Training to enhance the competency and skills of the employee is always welcomed. However, these must directly impact the employee's job. If an employer is willing to invest in the development of the employee's skills and expertise, then there are fair chances of them continuing for a longer time. Cross-functional training provides a challenge to the employees and combats boredom.
Since employees are the only assets a company has, it must invest in its employees. After all, it feels good to go home in the evening and not wonder if your employees are going to turn up for work the next day.
From India, Delhi
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Effective employee retention strategies-BPO. doc
Benchmarking Talent Management Strategies.pdf