Retaining Employees-My Overview
After the organization have invested considerable time and money recruiting and training the employees, one must now determine how to make sure those valuable employees are productive and get them to remain loyal to your firm. Retention of employees is essential to maintain client relationships and keep recruiting and training costs in line. Losing an experienced employee almost always results in significant costs to any organization. The keys to employee satisfaction and retention are founded on strong leadership and sound management practices. If the companies can master these arts, they will have happy, loyal employees and clients, resulting in growth, profits and personal aspiration.
Well Attrition! Attrition! Attrition! The organization’s only concern. Every company wants to invent a medicine for this disease. Only talking & being concerned about would not give a solution. To be very honest today I don’t think that companies are actually serious about this concern. But then I should also justify my statement. Often employees leave stating general reason for their exit as good compensation offered, good profile, the place I wanted to be and various other generic reasons. Now when they listen to all the reason then the management tries to retain the employees with lucrative offers. Now why this happens? I don’t know why the organizations wait for that particular moment when the employee has made his mind to put down his/her paper? Now for instance if a person has planned a holiday and booked his tickets and is all set to go but then if someone tries to stop him from going then he will not listen to anyone because he has made up his mind. So my question is why doesn’t organization keep a close look on employees and keep reviewing from the time the employee has joined the organization. If a person has newly joined the organization the company should take the feedback as well as to those employees who has already spent 3-4 years in the organization and that is the time where starts getting lucrative offers and this is the most critical time where the company should pay attention to these kinds of employees who have been giving the maximum business to the organization because once the person has made up his mind of quitting the job, at point of time whatever the organization would offer keeping the constraints in mind the employee would not stop. So there should be a regular check or feedback or personal interview or counseling with the employees currently on the job by designing or framing questions that is not very sensitive.
Now talking about the employees who are in the process of exiting. Conducting exit of the employee is very crucial. At this point many organizations fails to capitalize as they believe it is just a formality and as it is the employee is leaving the organization why do we bother.
But at this is the time where employee can give out the exact reason as to why is he leaving the organization. This is often called exit interviews.
Many organizations do not believe in exit interviews and some do not take it seriously, but I personally believe to get into the route cause of attrition this is the best practice the organizations needs to practice and practice religiously. During conducting exit interviews employees often come up with reasons like good offers, location etc., where one cannot make out the exact reason.
Exit interviews should be taken as seriously as recruiting someone for the job. What I believe for conducting exit interviews a psychologist must be appointed. The idea behind this is to study the mind and behavior of a person the best person can be only a psychologist who can get the exact reason as to why the employee is leaving the organization. If the organizations can afford to appoint a professional psychologist then half the job is done. This practice will actually give meaning to the exit interviews and also will give the organization to continuously improve and reduce attrition. Increasing compensation or promoting an employee is just not the solution to retain him. There are a lot factors that cannot been seen. They are hidden mysteries. Employees only do not look for money but something more than that but to find out what???its the organization which are responsible. Recruitment and selection, seen as the core function of HR are redundant if a retention function is non-existence.
By:
Anjanay Srivastava
From India
After the organization have invested considerable time and money recruiting and training the employees, one must now determine how to make sure those valuable employees are productive and get them to remain loyal to your firm. Retention of employees is essential to maintain client relationships and keep recruiting and training costs in line. Losing an experienced employee almost always results in significant costs to any organization. The keys to employee satisfaction and retention are founded on strong leadership and sound management practices. If the companies can master these arts, they will have happy, loyal employees and clients, resulting in growth, profits and personal aspiration.
Well Attrition! Attrition! Attrition! The organization’s only concern. Every company wants to invent a medicine for this disease. Only talking & being concerned about would not give a solution. To be very honest today I don’t think that companies are actually serious about this concern. But then I should also justify my statement. Often employees leave stating general reason for their exit as good compensation offered, good profile, the place I wanted to be and various other generic reasons. Now when they listen to all the reason then the management tries to retain the employees with lucrative offers. Now why this happens? I don’t know why the organizations wait for that particular moment when the employee has made his mind to put down his/her paper? Now for instance if a person has planned a holiday and booked his tickets and is all set to go but then if someone tries to stop him from going then he will not listen to anyone because he has made up his mind. So my question is why doesn’t organization keep a close look on employees and keep reviewing from the time the employee has joined the organization. If a person has newly joined the organization the company should take the feedback as well as to those employees who has already spent 3-4 years in the organization and that is the time where starts getting lucrative offers and this is the most critical time where the company should pay attention to these kinds of employees who have been giving the maximum business to the organization because once the person has made up his mind of quitting the job, at point of time whatever the organization would offer keeping the constraints in mind the employee would not stop. So there should be a regular check or feedback or personal interview or counseling with the employees currently on the job by designing or framing questions that is not very sensitive.
Now talking about the employees who are in the process of exiting. Conducting exit of the employee is very crucial. At this point many organizations fails to capitalize as they believe it is just a formality and as it is the employee is leaving the organization why do we bother.
But at this is the time where employee can give out the exact reason as to why is he leaving the organization. This is often called exit interviews.
Many organizations do not believe in exit interviews and some do not take it seriously, but I personally believe to get into the route cause of attrition this is the best practice the organizations needs to practice and practice religiously. During conducting exit interviews employees often come up with reasons like good offers, location etc., where one cannot make out the exact reason.
Exit interviews should be taken as seriously as recruiting someone for the job. What I believe for conducting exit interviews a psychologist must be appointed. The idea behind this is to study the mind and behavior of a person the best person can be only a psychologist who can get the exact reason as to why the employee is leaving the organization. If the organizations can afford to appoint a professional psychologist then half the job is done. This practice will actually give meaning to the exit interviews and also will give the organization to continuously improve and reduce attrition. Increasing compensation or promoting an employee is just not the solution to retain him. There are a lot factors that cannot been seen. They are hidden mysteries. Employees only do not look for money but something more than that but to find out what???its the organization which are responsible. Recruitment and selection, seen as the core function of HR are redundant if a retention function is non-existence.
By:
Anjanay Srivastava
From India
Its a good article.
Though its a good idea to appoint a psychologist for exit interviews, but the question is how far the psychologist will help in retention of employees??????
human by nature is never satisfied. Sometimes employees even move when they are more than 100% satisfied with their job.
Regards,
Neha
Though its a good idea to appoint a psychologist for exit interviews, but the question is how far the psychologist will help in retention of employees??????
human by nature is never satisfied. Sometimes employees even move when they are more than 100% satisfied with their job.
Regards,
Neha
This is really quite informative from employee retention point of view.
However, I would suggest a "Questionnaire Method" (To be prepared by HR personnel) to get the feedback of existing employee for further improvement in the systems i.e. plan & policy to enhance the employee retention.
Rgds,
Rohit
From India, Delhi
However, I would suggest a "Questionnaire Method" (To be prepared by HR personnel) to get the feedback of existing employee for further improvement in the systems i.e. plan & policy to enhance the employee retention.
Rgds,
Rohit
From India, Delhi
well how wud u define attrition exactly,,, like employees leaving after one month of joining or employees leaving after 2-3 years... then we may conclude as to how to curb attrition...
From India, Pune
7From India, Pune
Hi all!
I am a MBA student.
can any boby let me know the other reasons responsible for attrition rate............as i m doing my thesis on this topic and i hv to submitt the same by the end of this month.
can effective training training be a reason for increase in attrition rate?
thanks
Neelima.
From India, Lucknow
I am a MBA student.
can any boby let me know the other reasons responsible for attrition rate............as i m doing my thesis on this topic and i hv to submitt the same by the end of this month.
can effective training training be a reason for increase in attrition rate?
thanks
Neelima.
From India, Lucknow
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