Hi all, I am working as a HR Exec. - Trainee. Would like the response for Employee Retention Incentives. How can this incentive program be implemented effectively. Pls. reply.
From India, Delhi
1From India, Delhi
Dear Shell,
Employee retention become very important for the industries. You can imployee retention incentive in the following form:
1. By rewarding the employee who comleted 3,5,7,10 years.
2. By awarding special Momento to each employee who will complete 1, 2 years and so on.
3. By sponsring the employees who have completed 5 years for higher/ professional studies such as M.B.A other vocational cources.
I think this may help you to solve your problem. If would like to frame a policy and required any help feel free to ask.
Manoj Verma
From India, Delhi
Employee retention become very important for the industries. You can imployee retention incentive in the following form:
1. By rewarding the employee who comleted 3,5,7,10 years.
2. By awarding special Momento to each employee who will complete 1, 2 years and so on.
3. By sponsring the employees who have completed 5 years for higher/ professional studies such as M.B.A other vocational cources.
I think this may help you to solve your problem. If would like to frame a policy and required any help feel free to ask.
Manoj Verma
From India, Delhi
Dear Shell
Actually I am not into HR. I am working as Manager- International Alliances and Business Development in a software company in Mumbai. But as I am into middle management and also a member in decision making group, I do formulate policies and we discuss HR issues.
The subject that you want help in, is one of the most challenging issue.
People will always come and go. There is no fixed policy for employee retention. Still, as HR executive you can take certain steps.
here are some
1. convertible assets- e.g. My company has given me a new laptop to use. After completion of 3 years, that will be completely mine by paying a small amount.
2. Loan facility- After completion of around 2 years, I can avail an interest free loan from the company.
3. Shares/stocks- If employees are given stock options, then they will think about the company as their own and work towards getting more dividend on the shares.
recruitment- When a vacancy comes up in the organization, then internal employees should be allowed to apply for the same, so that they can fulfill the career growth plan in the company itself. A senior developer can apply for TL position as TL position is vacant now and the Sr. Dev can be a TL before his review happens.
5. Bonds- Employee can be made to sign a contract with the company while joining. This should be cleared out at the time of interview as well.
6. Retainer Amount- Some amount of the salary can be hold back and given at the end of the specified tenure along with the interest amount.
Each month 4k out of my 50K salary will be retained by the employer. At the end of 6 months if I leave, I will not get 24k. If I leave after nine months, then I would get 36k only. If I leave after 12 months, then I would get 48 k along with 9.5% interest amount on that 48 K.
7. Bonus- Company can give 1 month's salary as bonus amount when someone completes 1 year tenure in the company or the specified time frame.
You can also come out with your ideas for the same. On CiteHR, you will find good answers on the same.
Pls refer to #96972
Take care.
Regards,
Debadutta Nayak
Actually I am not into HR. I am working as Manager- International Alliances and Business Development in a software company in Mumbai. But as I am into middle management and also a member in decision making group, I do formulate policies and we discuss HR issues.
The subject that you want help in, is one of the most challenging issue.
People will always come and go. There is no fixed policy for employee retention. Still, as HR executive you can take certain steps.
here are some
1. convertible assets- e.g. My company has given me a new laptop to use. After completion of 3 years, that will be completely mine by paying a small amount.
2. Loan facility- After completion of around 2 years, I can avail an interest free loan from the company.
3. Shares/stocks- If employees are given stock options, then they will think about the company as their own and work towards getting more dividend on the shares.
recruitment- When a vacancy comes up in the organization, then internal employees should be allowed to apply for the same, so that they can fulfill the career growth plan in the company itself. A senior developer can apply for TL position as TL position is vacant now and the Sr. Dev can be a TL before his review happens.
5. Bonds- Employee can be made to sign a contract with the company while joining. This should be cleared out at the time of interview as well.
6. Retainer Amount- Some amount of the salary can be hold back and given at the end of the specified tenure along with the interest amount.
Each month 4k out of my 50K salary will be retained by the employer. At the end of 6 months if I leave, I will not get 24k. If I leave after nine months, then I would get 36k only. If I leave after 12 months, then I would get 48 k along with 9.5% interest amount on that 48 K.
7. Bonus- Company can give 1 month's salary as bonus amount when someone completes 1 year tenure in the company or the specified time frame.
You can also come out with your ideas for the same. On CiteHR, you will find good answers on the same.
Pls refer to #96972
Take care.
Regards,
Debadutta Nayak
Bonds/ retainer amount and loans in excess of salary: run a risk of the employer being branded with "forced labour" and not legal and effective option too.
stick to employee engagement methods:
career planning: do you really plot an employee's career
if a manager gets promoted further, do you have a succession planning in place
have a "fast track" option wherein star performers are given visibility/ extra managerial responsibilities and a roadmap eg 18 months to being a team lead/ mgr
education too works wonders, if this doesnt work then encourage dating and get the people married, then they will stick (on a lighter side)
stick to
From India, Delhi
stick to employee engagement methods:
career planning: do you really plot an employee's career
if a manager gets promoted further, do you have a succession planning in place
have a "fast track" option wherein star performers are given visibility/ extra managerial responsibilities and a roadmap eg 18 months to being a team lead/ mgr
education too works wonders, if this doesnt work then encourage dating and get the people married, then they will stick (on a lighter side)
stick to
From India, Delhi
appraisal has to be a transarent process...
fix KPIs for every position, track weekly progress, coach employees every month/ trimester and at the end of the year collate 52 weeks data
this will solve problems of lack of trust/ fair opportunities to everyone..
start internal job postings
you may hv loyalty bonus, pay it in installments every quarter..
hv employee referral scheme and pay employees a sum marginally less than what a consultant gets
every person has different path in life and is motivated by different things at different pahses in life..
surya
From India, Delhi
fix KPIs for every position, track weekly progress, coach employees every month/ trimester and at the end of the year collate 52 weeks data
this will solve problems of lack of trust/ fair opportunities to everyone..
start internal job postings
you may hv loyalty bonus, pay it in installments every quarter..
hv employee referral scheme and pay employees a sum marginally less than what a consultant gets
every person has different path in life and is motivated by different things at different pahses in life..
surya
From India, Delhi
Dear all,
In order to understand how to retain employees, it is essential to know what employee retention actually mean. Are Incentives the lone factor to retention?
Here's a blog to broaden the view to the term "Employee Retention"
My Thoughts; My Space: Employee Retention - What does it mean???
Comments and critiques are highly appreciated.
Thanks
From India, Mumbai
In order to understand how to retain employees, it is essential to know what employee retention actually mean. Are Incentives the lone factor to retention?
Here's a blog to broaden the view to the term "Employee Retention"
My Thoughts; My Space: Employee Retention - What does it mean???
Comments and critiques are highly appreciated.
Thanks
From India, Mumbai
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Employee-retent ion-plan_1__185 .pdf
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