In my company I have 55 employee, out of them 12 employees are very good, means I can say that these are the pillar of the company, these are demanding increment every 8 months around 15%, if company give law than demanding than they put resignation, what are the other ways to retain that resource other that money, because they are highly paid that market rate also, please suggest any other perks for retaining these.
From India, Pune
From India, Pune
Retaining employees is challenging task for the HR and management. In this competitive environment retaining high performer employees is the need.
Money is not the only factors other are good working environment, benefits, performance linked incentives, job security, treating employees with dignity and respect.
I would advise you to fix one to one discussion with those employees and you will find a solution to this.
From India, Bhubaneswar
135Money is not the only factors other are good working environment, benefits, performance linked incentives, job security, treating employees with dignity and respect.
I would advise you to fix one to one discussion with those employees and you will find a solution to this.
From India, Bhubaneswar
Hi Krushnamekhia,
This is quite a common situation, which unfortunately you have allowed to get out of hand.
Any number of factors can occur to reach the position you find yourself in, but I will only focus on two; I am sure other members would contribute more.
1) Leadership.
It seems to me that your leadership is a little weak. This weakness is being exploited by this "Gang of Twelve" They see you as needing them more than they need you. Hence the constant demand for increments.and threats of resignations. This is tantamount to Blackmail and you MUST put a stop to this immediately. If they are already paid highly, it is unlikely that another company will pay more than the market rate. Personally, I would accept one or two resignations and call on their bluff.
2) Communication.
You need to call a meeting with these twelve. Explain to them that for a company to grow and expand, (which will give them more opportunities), it needs to constantly invest. This investment is hampered by their constant demands for increments. Therefore, targets and KPI's are gong to be set and increments MAY be awarded Annually if these are met. You should also tell them that you will consult with them individually to set these parameters. The targets and KPI's should be ones that will stretch them but are also achievable, otherwise it will have a negative impact.
Do not be afraid to show them your financials and profits, employees react positively when there is transparency. Tell them about your plans for the next 12, 24 and 36 months; how you plan to grow the business, .... with their inputs. Be positive, enthusiastic and motivational,.... you are a business that is going upwards!!! and they need to be a part of it and not drowning it!!
As for giving them perks for retaining them, is that not the same as giving an increment? In other words it is still costing you.
Perks should be given as a reward for achievement not retention. For example hold a competition, the prize could be a meal for them and their family in a classy restaurant. It should be something that they will talk about with colleagues the next day, improving morale.
I hope the above helps.
Regards,
Harsh
From United Kingdom, Barrow
This is quite a common situation, which unfortunately you have allowed to get out of hand.
Any number of factors can occur to reach the position you find yourself in, but I will only focus on two; I am sure other members would contribute more.
1) Leadership.
It seems to me that your leadership is a little weak. This weakness is being exploited by this "Gang of Twelve" They see you as needing them more than they need you. Hence the constant demand for increments.and threats of resignations. This is tantamount to Blackmail and you MUST put a stop to this immediately. If they are already paid highly, it is unlikely that another company will pay more than the market rate. Personally, I would accept one or two resignations and call on their bluff.
2) Communication.
You need to call a meeting with these twelve. Explain to them that for a company to grow and expand, (which will give them more opportunities), it needs to constantly invest. This investment is hampered by their constant demands for increments. Therefore, targets and KPI's are gong to be set and increments MAY be awarded Annually if these are met. You should also tell them that you will consult with them individually to set these parameters. The targets and KPI's should be ones that will stretch them but are also achievable, otherwise it will have a negative impact.
Do not be afraid to show them your financials and profits, employees react positively when there is transparency. Tell them about your plans for the next 12, 24 and 36 months; how you plan to grow the business, .... with their inputs. Be positive, enthusiastic and motivational,.... you are a business that is going upwards!!! and they need to be a part of it and not drowning it!!
As for giving them perks for retaining them, is that not the same as giving an increment? In other words it is still costing you.
Perks should be given as a reward for achievement not retention. For example hold a competition, the prize could be a meal for them and their family in a classy restaurant. It should be something that they will talk about with colleagues the next day, improving morale.
I hope the above helps.
Regards,
Harsh
From United Kingdom, Barrow
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.
Company Profile.ppt
Company Profile Letter - Global Risk Management Services.pdf