Dear Seniors,
We are an R&D domain in the automobile sector. We have people working for us on our payroll in the client's place. Recently, there were a lot of resignations. When inquired with the concerned, they told about the salary factor. The Management is also ready to modify the salary package. I would like to know about the other retention strategies used in manufacturing concerns.
Regards,
Priya R
From India, Coimbatore
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We are an R&D domain in the automobile sector. We have people working for us on our payroll in the client's place. Recently, there were a lot of resignations. When inquired with the concerned, they told about the salary factor. The Management is also ready to modify the salary package. I would like to know about the other retention strategies used in manufacturing concerns.
Regards,
Priya R
From India, Coimbatore
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Dear Priya,
Employee retention is a challenge in today's business world. Low salary is only one of the reasons. There are a whole lot of other factors. You can monitor my following reply: #post1400636
The list of reasons that I have given in the post is equally applicable for employee exits as well. Secondly, you may monitor one more post that I uploaded about three years ago: http://citehr.com#axzz1Bkumm3Gp
Thanks, Dinesh V Divekar
From India, Bangalore
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8045Employee retention is a challenge in today's business world. Low salary is only one of the reasons. There are a whole lot of other factors. You can monitor my following reply: #post1400636
The list of reasons that I have given in the post is equally applicable for employee exits as well. Secondly, you may monitor one more post that I uploaded about three years ago: http://citehr.com#axzz1Bkumm3Gp
Thanks, Dinesh V Divekar
From India, Bangalore
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Dear Priya R,
Why don't you attend our one-to-one session called Business Meditation™? Here, you can explore your own requirements with full clarity. Entry is by prior appointment, and the session will be charged appropriately. For more details, you can write to reachus@piiconsultants.com.
Regards,
V.V. Harish
From India, Delhi
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Why don't you attend our one-to-one session called Business Meditation™? Here, you can explore your own requirements with full clarity. Entry is by prior appointment, and the session will be charged appropriately. For more details, you can write to reachus@piiconsultants.com.
Regards,
V.V. Harish
From India, Delhi
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Hi,
Apart from the above valid suggestions, if you are looking for strategies to retain employees through monetary means, you may initiate some sort of Retention Bonus where a fixed amount is payable to the employee in installments every year. For example, if employee X's basic salary is 10,000 per month, your policy for 5-year retention could be 30% of one year base salary to be paid in 5 years @ 10%, 15%, 20%, 25%, 30% respectively. To simplify, suppose the base salary today is 10,000.
One year base will be 10,000 x 12 = 120,000. 30% payable over 5 years = 36,000.
1st year 10% = 3,600.
2nd year 15% = 5,400.
3rd year 20% = 7,200.
4th year 25% = 9,000.
5th year 30% = 10,800.
Total = 36,000.
This is just an example, and there could be many other monetary and non-monetary retention strategies.
Regards
From Saudi Arabia
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Apart from the above valid suggestions, if you are looking for strategies to retain employees through monetary means, you may initiate some sort of Retention Bonus where a fixed amount is payable to the employee in installments every year. For example, if employee X's basic salary is 10,000 per month, your policy for 5-year retention could be 30% of one year base salary to be paid in 5 years @ 10%, 15%, 20%, 25%, 30% respectively. To simplify, suppose the base salary today is 10,000.
One year base will be 10,000 x 12 = 120,000. 30% payable over 5 years = 36,000.
1st year 10% = 3,600.
2nd year 15% = 5,400.
3rd year 20% = 7,200.
4th year 25% = 9,000.
5th year 30% = 10,800.
Total = 36,000.
This is just an example, and there could be many other monetary and non-monetary retention strategies.
Regards
From Saudi Arabia
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Hi Priya,
As you have inquired about their reasons for resigning, consider asking your employees what motivates them to stay in the organization. Retention strategies vary among companies, so conducting a survey and gathering their suggestions would be beneficial. During my tenure heading the HR department at a manufacturing company, I implemented this approach, and the employees appreciated having their input valued, which itself serves as a retention strategy.
Identify the top 5 suggestions and tailor your strategies accordingly. I also appreciate the suggestion provided by Nokian73, as we have successfully implemented it to great effect.
Wishing you success in retention efforts.
From India, Delhi
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As you have inquired about their reasons for resigning, consider asking your employees what motivates them to stay in the organization. Retention strategies vary among companies, so conducting a survey and gathering their suggestions would be beneficial. During my tenure heading the HR department at a manufacturing company, I implemented this approach, and the employees appreciated having their input valued, which itself serves as a retention strategy.
Identify the top 5 suggestions and tailor your strategies accordingly. I also appreciate the suggestion provided by Nokian73, as we have successfully implemented it to great effect.
Wishing you success in retention efforts.
From India, Delhi
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Hi, one of the effective retention tools is ESOP. If your company is listed, start an ESOP policy. This will help employees gain monetary benefits, and employers do not lose any cash directly in this transaction. Please let me know if you need any further information on this.
CS Mukesh TANK
From India, Mumbai
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CS Mukesh TANK
From India, Mumbai
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Hi,
Attrition is not always bad; sometimes, attrition can also be good. Therefore, the first step is to identify the ratio of key performers and bottom performers leaving the job. I assume you have already conducted an attrition analysis. Now, it is essential to implement strategies to overcome the reasons for attrition. You need to increase employee engagement levels to stay competitive. Provide opportunities for employees to grow within the organization. Launch a suggestion scheme to gain insights into your employees' thoughts and ensure to acknowledge each suggestion so that employees trust HR policies.
Ankur Kumar
From India, Ahmadabad
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Attrition is not always bad; sometimes, attrition can also be good. Therefore, the first step is to identify the ratio of key performers and bottom performers leaving the job. I assume you have already conducted an attrition analysis. Now, it is essential to implement strategies to overcome the reasons for attrition. You need to increase employee engagement levels to stay competitive. Provide opportunities for employees to grow within the organization. Launch a suggestion scheme to gain insights into your employees' thoughts and ensure to acknowledge each suggestion so that employees trust HR policies.
Ankur Kumar
From India, Ahmadabad
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Hi,
Have a look at this post on my company blog How Your Startup Can Attract The Best Talent | Jobs In A Jiffy. Though the title mentions strategies for attracting talent, the article explains that the strategies mentioned, if followed, can help retain employees and make them your best brand ambassadors in attracting more talent.
Regards,
From India, Mumbai
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Have a look at this post on my company blog How Your Startup Can Attract The Best Talent | Jobs In A Jiffy. Though the title mentions strategies for attracting talent, the article explains that the strategies mentioned, if followed, can help retain employees and make them your best brand ambassadors in attracting more talent.
Regards,
From India, Mumbai
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Subject: Need Some Suggestions on Recruiting Candidates for Project Coordinator
Hi Everyone,
I am working in a construction company as an HR Executive, and I am currently responsible for recruitment. I am facing difficulties in finding profiles on Naukri portals for the position of Project Coordinator because we are specifically looking for candidates from the construction industry with qualifications in Diploma Mechanical or Civil.
Could you please provide any suggestions on how to source suitable candidates?
Thank you.
From India, Bangalore
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Hi Everyone,
I am working in a construction company as an HR Executive, and I am currently responsible for recruitment. I am facing difficulties in finding profiles on Naukri portals for the position of Project Coordinator because we are specifically looking for candidates from the construction industry with qualifications in Diploma Mechanical or Civil.
Could you please provide any suggestions on how to source suitable candidates?
Thank you.
From India, Bangalore
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Subject: Re: Need suggestions on retention strategies
Dear Haripriya,
Causes for employee attrition are:
1. Unfair salary
2. Management by HR
Remedies for attrition are:
1. Grievance resolution - problem solving promptly and effectively.
2. Fairness, firmness, and recognition will keep the employees happy. These aspects should be addressed and managed by HR on behalf of the employer.
-Sekhar Palle
From India, Hyderabad
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Dear Haripriya,
Causes for employee attrition are:
1. Unfair salary
2. Management by HR
Remedies for attrition are:
1. Grievance resolution - problem solving promptly and effectively.
2. Fairness, firmness, and recognition will keep the employees happy. These aspects should be addressed and managed by HR on behalf of the employer.
-Sekhar Palle
From India, Hyderabad
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