Hi...!
One of the most important aspects of HRM is retention strategies esp in a company which has Engineers who are paid comparatively less than what they would get in the market.... could some one suggest me some good retention strategies.
regards
Shalini [Hard work and sincerity always pays., yes it does ]
From India, Mumbai
One of the most important aspects of HRM is retention strategies esp in a company which has Engineers who are paid comparatively less than what they would get in the market.... could some one suggest me some good retention strategies.
regards
Shalini [Hard work and sincerity always pays., yes it does ]
From India, Mumbai
Hi...!
One of the most important aspects of HRM is retention strategies esp in a company which has Engineers who are paid comparatively less than what they would get in the market.... could some one suggest me some good retention strategies.
regards
Shalini [Hard work and sincerity always pays., yes it does ]
From India, Mumbai
One of the most important aspects of HRM is retention strategies esp in a company which has Engineers who are paid comparatively less than what they would get in the market.... could some one suggest me some good retention strategies.
regards
Shalini [Hard work and sincerity always pays., yes it does ]
From India, Mumbai
Hi ,
Retention is directly proportional to the Organization Culture, so make sure that your organization has a conducive culture fro employees to operate.
Provide continuous trainings and learning opportunities to your employees so that bith the organization and individual talent level increases.
Continuously reward and recognize talent in the organization.
Eliminate hierarchy and try creating ownership in the individual, by this the employee will gain ownership and will be satisfied with his current job.
Continuously focus on employee welfare activities like continuous education etc.
Organize get together programs, cultural events etc so that the employees dont feel the work pressure.
Make the employee feel valued and provide visibility to the employee, this may be done by 1 on 1 sessions with the Manager's Manager or business head.
Hope this helps you.
Regards
Sathiya
From India, Madras
2Retention is directly proportional to the Organization Culture, so make sure that your organization has a conducive culture fro employees to operate.
Provide continuous trainings and learning opportunities to your employees so that bith the organization and individual talent level increases.
Continuously reward and recognize talent in the organization.
Eliminate hierarchy and try creating ownership in the individual, by this the employee will gain ownership and will be satisfied with his current job.
Continuously focus on employee welfare activities like continuous education etc.
Organize get together programs, cultural events etc so that the employees dont feel the work pressure.
Make the employee feel valued and provide visibility to the employee, this may be done by 1 on 1 sessions with the Manager's Manager or business head.
Hope this helps you.
Regards
Sathiya
From India, Madras
Hi Shalini,
Here are some interesting Retention Tools which I came across-
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
Here are some interesting Retention Tools which I came across-
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
Hi Amith,
Thanks a lot,it was quite informative which is purely practical also.As an HR- Manager it helps me a lot in implementing those strategies for my employees of which i had alreay followed certain methods put forth by you in your post.Keep us posting these kind of informations regularly.
BYE! :D
Thanks a lot,it was quite informative which is purely practical also.As an HR- Manager it helps me a lot in implementing those strategies for my employees of which i had alreay followed certain methods put forth by you in your post.Keep us posting these kind of informations regularly.
BYE! :D
Amit u r a gem. The stratagies are wonderful nd useful.....also can u suggest me the various salary slabs for IT professional and BPO for an experience level of 0 to 6 yrs. the company size is 100
Thnks
Shravan
From India, Hyderabad
Thnks
Shravan
From India, Hyderabad
Dear Amit,
Thank-you so much for the following retention tools...I have implemented a few of them and will definitely implement the rest that you've mentioned.
I really like them because they're simple, easy to administer and fairly easy to maintain & monitor. With any retention tool you need it to be simple enough so that it's understood by everyone in the organization from HR implementing to managers maintaining and have the employees engaged and assure their buy-in.
One question: Is there a source that you've used or is it just from pure experience? Kindly reply.
Thanking you once again for the insightful post!
Warm regards,
A people person!
From United Arab Emirates, Dubai
Thank-you so much for the following retention tools...I have implemented a few of them and will definitely implement the rest that you've mentioned.
I really like them because they're simple, easy to administer and fairly easy to maintain & monitor. With any retention tool you need it to be simple enough so that it's understood by everyone in the organization from HR implementing to managers maintaining and have the employees engaged and assure their buy-in.
One question: Is there a source that you've used or is it just from pure experience? Kindly reply.
Thanking you once again for the insightful post!
Warm regards,
A people person!
From United Arab Emirates, Dubai
Dear Amith,
Well said.......practical as well as feasible for any compnay to have their talent in their active stock.....
If we can keep these basics in tact and convince the management to practise with out fail....we will have great pleasure in the worry ( RETENTION)of HRRRRRRRSSSSS
Regards,
Benance
From United Arab Emirates, Abu Dhabi
Well said.......practical as well as feasible for any compnay to have their talent in their active stock.....
If we can keep these basics in tact and convince the management to practise with out fail....we will have great pleasure in the worry ( RETENTION)of HRRRRRRRSSSSS
Regards,
Benance
From United Arab Emirates, Abu Dhabi
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