Dear All
I am working in a CA firm and facing employee attrition problem.
i am focusing on retention policy and trying to find out how to
retain them.
and i do have good ideas as well on retention.
but the real problem is-
-there is lot of competition in the industrty so attrition is high.
-my boss hires employee only on the basis of their technical skills not on the basis of hr round because he knows all the future client and assignments and if person is having the knowledge in particular area which can be fruitful for our project than he does not bother other points.
- Later such employees create problem that if they get good offer some other company than they leave us.
-And there is no reference check system in the industry because of competition so we cant check through ref check system. properly even if any one is leaving us than noone goes through backgroung check system with us.so they dont have any threat that they wouldnot get any job anywhere and they fake their experience.
-and if i plan about the retention of the staff which i am going to hire than i can make recruitment process robust and through proper hr round and induction and counselling i could mold their mind and minimize attrition.
-but what to do about those who are presently working with us we are facing problem in retaining them.
If any one dohave depth knowledge in this field and any suggestion please guide me.
its very urgent and important for me.
From India, Delhi
21I am working in a CA firm and facing employee attrition problem.
i am focusing on retention policy and trying to find out how to
retain them.
and i do have good ideas as well on retention.
but the real problem is-
-there is lot of competition in the industrty so attrition is high.
-my boss hires employee only on the basis of their technical skills not on the basis of hr round because he knows all the future client and assignments and if person is having the knowledge in particular area which can be fruitful for our project than he does not bother other points.
- Later such employees create problem that if they get good offer some other company than they leave us.
-And there is no reference check system in the industry because of competition so we cant check through ref check system. properly even if any one is leaving us than noone goes through backgroung check system with us.so they dont have any threat that they wouldnot get any job anywhere and they fake their experience.
-and if i plan about the retention of the staff which i am going to hire than i can make recruitment process robust and through proper hr round and induction and counselling i could mold their mind and minimize attrition.
-but what to do about those who are presently working with us we are facing problem in retaining them.
If any one dohave depth knowledge in this field and any suggestion please guide me.
its very urgent and important for me.
From India, Delhi
Attrition & Retention are common in any idustry what is the total employee strngth of your organisation.
To be frank what your boss thinks is right to certain extent as its going to be client oriented job. Ihave some tips.
- As you said your boss is not taking in to consideration HR Round you can explain to your boss clearly on pros and cons if not try to have HR round initially so that you can reject the unfit candidate in the very bigining
- Request you boss for authority on salary fixation if he denies atleast request him to come up with budjet for manpower s that yopu can decide on salary part here after getting it if you find unsutable candidates being offered offer less package so that they dont accept the offer.
- Submit a clear report on the happenings to your boss make him understand
RETENTION- When it comes to retentionn
- Try having some incentive part in the package which motivates your employee
- Accumulate the incentive in an account and anounce that it would be released once in a year or 6 months and on resignation one will not be eligible for the same so there ia a chance of retaining employees for minimum of 2 years
- Or come up with an bonus component in the ctc away from take home which would be given on succesful completion of one year of service.
- to retain an employee you need to have clear, transparent & Genuine appraisal in place for sure appraisals done on right time in the right way will defenitely help you to retain an employee and make people to believe they will be getting paid lesser than their appraised salary in th out side market
- talk to employees about appraisal or regular basis which will psycologicaly make then to wait to know their appraised salary.
- Create a cordial working atmosphere take care to ensure everybody enjoys their day job take them for outing on regular intervals
- Discuss with them on companies future plans and make them to get gelled with copmpanies vission which will make them to feel confident on their carrier path.
- as its client based employees should be alloted with clients on rotation basis no employee should deal a client for more than 3 months.
These are few suggestion if founr any point to be argueddo let me know
- Rajesh
From India, Madras
To be frank what your boss thinks is right to certain extent as its going to be client oriented job. Ihave some tips.
- As you said your boss is not taking in to consideration HR Round you can explain to your boss clearly on pros and cons if not try to have HR round initially so that you can reject the unfit candidate in the very bigining
- Request you boss for authority on salary fixation if he denies atleast request him to come up with budjet for manpower s that yopu can decide on salary part here after getting it if you find unsutable candidates being offered offer less package so that they dont accept the offer.
- Submit a clear report on the happenings to your boss make him understand
RETENTION- When it comes to retentionn
- Try having some incentive part in the package which motivates your employee
- Accumulate the incentive in an account and anounce that it would be released once in a year or 6 months and on resignation one will not be eligible for the same so there ia a chance of retaining employees for minimum of 2 years
- Or come up with an bonus component in the ctc away from take home which would be given on succesful completion of one year of service.
- to retain an employee you need to have clear, transparent & Genuine appraisal in place for sure appraisals done on right time in the right way will defenitely help you to retain an employee and make people to believe they will be getting paid lesser than their appraised salary in th out side market
- talk to employees about appraisal or regular basis which will psycologicaly make then to wait to know their appraised salary.
- Create a cordial working atmosphere take care to ensure everybody enjoys their day job take them for outing on regular intervals
- Discuss with them on companies future plans and make them to get gelled with copmpanies vission which will make them to feel confident on their carrier path.
- as its client based employees should be alloted with clients on rotation basis no employee should deal a client for more than 3 months.
These are few suggestion if founr any point to be argueddo let me know
- Rajesh
From India, Madras
Dear
Rajesh
thanks for suggestion.
as you said bonus component we do have annual bonu as well.
and we are around 150 employee,most of them are trainee who after completion of their training leave us.
out of whom 15-20 are permanent who are really executing work and 10 around mentoring all force of 150.
plz suggest.
From India, Delhi
Rajesh
thanks for suggestion.
as you said bonus component we do have annual bonu as well.
and we are around 150 employee,most of them are trainee who after completion of their training leave us.
out of whom 15-20 are permanent who are really executing work and 10 around mentoring all force of 150.
plz suggest.
From India, Delhi
Hello Swati:
>... facing employee attrition problem. i am focusing on retention policy and trying to find out how to retain them.<
If new hires quit or get fired, you need to fix your selection process.
You need to start before the job offer is made.
>-there is lot of competition in the industry so attrition is high.<
That does not explain the loss of new hires.
>-my boss hires employee only on the basis of their technical skills not on the basis of hr round because he knows all the future client and assignments and if person is having the knowledge in particular area which can be fruitful for our project than he does not bother other points.<
I see the cause of the problem -- the boss.
>- Later such employees create problem that if they get good offer some other company than they leave us.<
A clear sign the selection process needs to be fixed.
>-And there is no reference check system in the industry because of competition so we cant check through ref check system.<
That is not a very good excuse.
>properly even if any one is leaving us than no one goes through background check system with us.so they don't have any threat that they wouldn't get any job anywhere and they fake their experience.<
Employers cannot blame their employees since they hired them.
>-and if i plan about the retention of the staff which i am going to hire than i can make recruitment process robust and through proper hr round and induction and counseling i could mold their mind and minimize attrition.<
We do not reduce attrition by molding employees minds.
>-but what to do about those who are presently working with us we are facing problem in retaining them.<
They well leave so you must fix your selection system so that you do not make the same mistake over and over again.
>If any one do have depth knowledge in this field and any suggestion please guide me.<
That is what we do.
Send me an email, see my email address in my signature block below.
>as you said bonus component we do have annual bonus as well.<
What good is an annual bonus if the new hires are no longer on the payroll?
>and we are around 150 employee, most of them are trainee who after completion of their training leave us.<
That tells me your employee selection process is not working effectively.
From United States, Chelsea
>... facing employee attrition problem. i am focusing on retention policy and trying to find out how to retain them.<
If new hires quit or get fired, you need to fix your selection process.
You need to start before the job offer is made.
>-there is lot of competition in the industry so attrition is high.<
That does not explain the loss of new hires.
>-my boss hires employee only on the basis of their technical skills not on the basis of hr round because he knows all the future client and assignments and if person is having the knowledge in particular area which can be fruitful for our project than he does not bother other points.<
I see the cause of the problem -- the boss.
>- Later such employees create problem that if they get good offer some other company than they leave us.<
A clear sign the selection process needs to be fixed.
>-And there is no reference check system in the industry because of competition so we cant check through ref check system.<
That is not a very good excuse.
>properly even if any one is leaving us than no one goes through background check system with us.so they don't have any threat that they wouldn't get any job anywhere and they fake their experience.<
Employers cannot blame their employees since they hired them.
>-and if i plan about the retention of the staff which i am going to hire than i can make recruitment process robust and through proper hr round and induction and counseling i could mold their mind and minimize attrition.<
We do not reduce attrition by molding employees minds.
>-but what to do about those who are presently working with us we are facing problem in retaining them.<
They well leave so you must fix your selection system so that you do not make the same mistake over and over again.
>If any one do have depth knowledge in this field and any suggestion please guide me.<
That is what we do.
Send me an email, see my email address in my signature block below.
>as you said bonus component we do have annual bonus as well.<
What good is an annual bonus if the new hires are no longer on the payroll?
>and we are around 150 employee, most of them are trainee who after completion of their training leave us.<
That tells me your employee selection process is not working effectively.
From United States, Chelsea
Hi Swati,
Very well understand your dilemma as working with a CA firm where CAs have tremendous good opportunities and options open to them.
First let us know if your CA firm is a partnership firm or a part of the Global accounting firm? Your retention strategies would depend on that in a major way!.
Secondly, do conduct the exit interviews to ascertain the underlying reasons for the attrition rate.
Some of the ideas you can draw upon;
Draw lessons from the Indian Army, for their command and control leadership where the troops are highly skilled, motivated and morale is high. The comparisons is drawn as both(CA firm & army) have large numbers of employees and army’s style of leadership may not relevant to BPOs but it must be understood & gathered that military organizations are team oriented with continuous training. Troops expands their skills and experience capabilities they never dreamed possible, produces a highly motivated and efficient organization. Learning opportunity and responsibility is the key.
If a key employee resigns, it should be taken up on a priority basis and kept confidential as far as possible and the senior management should meet the employee to discuss his reasons for leaving and evaluate if his issues bear merit and whether they can be resolved.
Perhaps some of the ideas shared in this following thread of discussion may assist you.
https://www.citehr.com/787-innovativ...-part-one.html
Best Wishes,
Rajat
From India, Pune
Very well understand your dilemma as working with a CA firm where CAs have tremendous good opportunities and options open to them.
First let us know if your CA firm is a partnership firm or a part of the Global accounting firm? Your retention strategies would depend on that in a major way!.
Secondly, do conduct the exit interviews to ascertain the underlying reasons for the attrition rate.
Some of the ideas you can draw upon;
Draw lessons from the Indian Army, for their command and control leadership where the troops are highly skilled, motivated and morale is high. The comparisons is drawn as both(CA firm & army) have large numbers of employees and army’s style of leadership may not relevant to BPOs but it must be understood & gathered that military organizations are team oriented with continuous training. Troops expands their skills and experience capabilities they never dreamed possible, produces a highly motivated and efficient organization. Learning opportunity and responsibility is the key.
If a key employee resigns, it should be taken up on a priority basis and kept confidential as far as possible and the senior management should meet the employee to discuss his reasons for leaving and evaluate if his issues bear merit and whether they can be resolved.
Perhaps some of the ideas shared in this following thread of discussion may assist you.
https://www.citehr.com/787-innovativ...-part-one.html
Best Wishes,
Rajat
From India, Pune
Hello,
My 2 cents on your issue at hand :-
If you are facing employee attrition problem - NO BIG DEAL ! every company HAS to face it, today or tomorrow, You are facing it now , situation unacceptable but part of life.
On your retention policy and you trying to find out how to
retain them - IF THEY WERE TO BE RETAINED TODAY, they will quit tomorrow, so today's good idea wil be tomorrow's bad one
Every industry has competition & attrition.
I would say your boss is a visionary and wise man who hires employee only on the basis of their technical skills not on the basis of hr round ( may be he sees HR not doing their job correctly - find this out and correct it, ask him how to improve on the situation, )
A simple reference check system, call up ex employers ask feedback, fill in a employee form, give to the boss , get signature for approval ( even after he appoints them)
The solution for the your problem is appoint more staff outside their circle of influence ( think about this , think again) then coach them, differentiate their results with old staff, collate and report
From India, Mumbai
My 2 cents on your issue at hand :-
If you are facing employee attrition problem - NO BIG DEAL ! every company HAS to face it, today or tomorrow, You are facing it now , situation unacceptable but part of life.
On your retention policy and you trying to find out how to
retain them - IF THEY WERE TO BE RETAINED TODAY, they will quit tomorrow, so today's good idea wil be tomorrow's bad one
Every industry has competition & attrition.
I would say your boss is a visionary and wise man who hires employee only on the basis of their technical skills not on the basis of hr round ( may be he sees HR not doing their job correctly - find this out and correct it, ask him how to improve on the situation, )
A simple reference check system, call up ex employers ask feedback, fill in a employee form, give to the boss , get signature for approval ( even after he appoints them)
The solution for the your problem is appoint more staff outside their circle of influence ( think about this , think again) then coach them, differentiate their results with old staff, collate and report
From India, Mumbai
Dear Swathi,At times you cannot stop a person by using all the retention strategies , as they are determined to do so.There would be many reasons for an employee to quit.As a good HR help them in the quiting process and keep in touch with them.A good HR always has to balance with both the management as well with the employees.Instead of restraining them , try to get candidates from their reference.Thank you
From India, Bangalore
From India, Bangalore
Sawti,
Some one has already mentioned this that you could have the baisc HR round and also the employee refrence check simulataneouly- so that before you present the case for further evaluation- you have cleared it from your prespective.
Also I will recommend that you sould conduct the exits very well and try and do the analysis of the data collected, this shall help you to have the reasons for the seperation and you can present the same to your supervisor for a discussion/debate on the working of the system/ policis etc
Besides ofcourse doing a few activities for the employee motivation, having a good employee- grievience handling system. All these small activities would help build the motivation and the enthusiasm to come to work place
Cordially,
preet
From India, Bangalore
Some one has already mentioned this that you could have the baisc HR round and also the employee refrence check simulataneouly- so that before you present the case for further evaluation- you have cleared it from your prespective.
Also I will recommend that you sould conduct the exits very well and try and do the analysis of the data collected, this shall help you to have the reasons for the seperation and you can present the same to your supervisor for a discussion/debate on the working of the system/ policis etc
Besides ofcourse doing a few activities for the employee motivation, having a good employee- grievience handling system. All these small activities would help build the motivation and the enthusiasm to come to work place
Cordially,
preet
From India, Bangalore
Hi Swati,
What an ideal situation! SUGGEST TO YOUR BOSS THAT HE SHOULD HAVE 50% CONTRACT EMPLOYEES PURELY BASED ON THE FUTURE TASKS AT HAND. This way your boss can bill your clients the contract employee's remuneration and can have the luxury of the services of the best talent available in the market.
And of course Swati may save lot of salary money for the company.
What an ideal situation! SUGGEST TO YOUR BOSS THAT HE SHOULD HAVE 50% CONTRACT EMPLOYEES PURELY BASED ON THE FUTURE TASKS AT HAND. This way your boss can bill your clients the contract employee's remuneration and can have the luxury of the services of the best talent available in the market.
And of course Swati may save lot of salary money for the company.
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.
Attrition Control and Retention Strategies for Changing times.ppt
Attrition-rate. xls
Retention quest.doc