Employee Retention
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Transcript of Employee Retention
Employee Retention
Monisha Syamalanathan
What do we understand by Retention
In simple terms, employee retention are all the policies and practices of the organization which motivate the employees to stick to the organization for a longer period of time.
The Fact
Employees leave badManagers
Employees leave for
other benefits
Why do employees leave?
A positive organizational culture
A good manager
Planned career growth
Sense of trust and security
Pay package at par with industry
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What keeps employees stick on to the organization
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What keeps employees stick on to the organization
A good manager
Planned career growth
Sense of trust and security
Pay package at par with industry
A positive organization
al culture
Employee Loyalty Factors
Bad Managers
Uncertainty about career
Growth
Lack of Recognition
And motivation
Lack of Open
Communication
Lack of utilization of talents and skills
Why do we need Good Managers
To maintain the best talent within the
organization
Avoid time and cost of
recruitment of new
candidates
Avoid the investment on initial training
Overcome insecurity of
other co -workers
Why emphasize on employee retention
To maintain the culture
of the organization
Reduce overwork
of employees due to lack of
resource
Prevent loss of knowledge and skill set
Loss of talent would also indireclty result in loss of
client/customer
Steps to retain employees
• Employee retention strategy should start from the day the employee joins the organization
– Positive culture of the organization from day one– Joining formalities easily done, – a warm welcome and a proper Induction which puts the new
comer at ease– Proper on the job training
• Set clear expectations and career options• Proper appraisal system and frequent feedbacks• An open communication system and transparency• Role of boss as nurturer and mentor.• Managers should be accountable for nurturing their own talent
pool
• Ensuring job security and stability• Providing flexibility• Proper recognition and reward/appreciation system• Out of the box assignments and projects apart from their
regular job