I am working with an IT company. As per current market trends and lucrative market, employees are resigning one by one and it is not possible to match their expectations in terms of salary as business is not growing as per their salary expectations rate. Hence I want to design a retention policy to retain the new joiners at least or any methods if you can suggest to lower the attrition.
Regards
Swati
From India, Gurgaon
Regards
Swati
From India, Gurgaon
Hello Swati,
Is it the Salary only reason for the resignations or are there any other reasons?
Please focus on the actual reasons that must be getting revealed during Exit Interviews.
To initiate a Retention policy, you must first list out the reasons, then what monetary and non-monetary rewards you can offer to your staff can be worked out.
From India, Pune
175Is it the Salary only reason for the resignations or are there any other reasons?
Please focus on the actual reasons that must be getting revealed during Exit Interviews.
To initiate a Retention policy, you must first list out the reasons, then what monetary and non-monetary rewards you can offer to your staff can be worked out.
From India, Pune
It is a simple problem if you look at what you have shared, though the solution is not simple.
The employees are getting better offers, so they are leaving.
How can you retain them ? By paying market rate salaries.
If you are saying that the customers are not paying you better rates, then either you are in the wrong market or your operations are inefficient. There is no other reason why others are able to pay good salaries and you are not.
For smaller software companies, retaining good people has always been a problem. They take freshers and train them but as soon as they are able, they switch to better companies paying more. The solution is in business and operations which should enable you to pay salaries properly. There is nothing else that will matter really.
If you are thinking of some convoluted ways like bonds and the likes, it will not work.
From India, Mumbai
The employees are getting better offers, so they are leaving.
How can you retain them ? By paying market rate salaries.
If you are saying that the customers are not paying you better rates, then either you are in the wrong market or your operations are inefficient. There is no other reason why others are able to pay good salaries and you are not.
For smaller software companies, retaining good people has always been a problem. They take freshers and train them but as soon as they are able, they switch to better companies paying more. The solution is in business and operations which should enable you to pay salaries properly. There is nothing else that will matter really.
If you are thinking of some convoluted ways like bonds and the likes, it will not work.
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Retention quest.doc