Employee Retention Strategies in Biscuit Manufacturing Company
Employee Retention Strategies
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Transcript of Employee Retention Strategies
Employee Retention Strategies
A Presentation by,Mohammed Fazil Shareef
Monday, April 10, 2023 Employees Retention Strategies 2
What is Employee Retention?
• Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project.
• Employee retention is beneficial for the organization as well as the employee.
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Importance of Employee Retention
• The cost of turnover.
• Loss of company knowledge.
• .Interruption of customer services.
Monday, April 10, 2023 Employees Retention Strategies 4
Importance cont….
• A Co’s loss is a Competitors Gain
• Decline in Productivity
• Goodwill of Company.
Monday, April 10, 2023 Employees Retention Strategies 5
Top 15 Retention Drivers
8. Meaningful work, making a difference & contribution
9. Pride in organization, its mission & product
10. Great work environment / culture
11. Flexibility
12. Autonomy, creativity and a sense of control
13. Job security & stability
14. Location
15. Diverse, changing work assignments
Source: Career Systems International.
1. Exciting work & challenge
2. Career Growth, Learning & Development
3. Working with great people & relationships
4. Fair pay
5. Supportive management/great boss
6. Being recognized, valued & respected
7. Benefits
Employee Retention Strategies.
• Hire the right person in right place. • Empower the employee
(Autonomy)
Monday, April 10, 2023 6Employees Retention Strategies
• Right compensation for their work
• Have faith & trust in them.
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.Recognize & appreciate their achievements.
• Keep their morale high.
• Make them realize that they are valuable for Organization.
Monday, April 10, 2023 Employees Retention Strategies 8
Effective Mentoring
Give timely feedback.
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Conclusion
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Three Rs of RetentionRespect Recognize Reward
Implementing the right mix of three Rs result into-• Increased Productivity• Reduced Absenteeism• A Pleasant Work environment (for both employees and employer)• Improved Profits
Basically it creates a
“WIN-WIN Situation”
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Sources• “Love ‘Em or Lose ‘Em” – Kaye & Jordan-Evans• Employee Retention- Frank Girad (ehow Contributor)• Retention Strategies- Chris Joseph (Demand Media)• The wall street Journal -Asian Edition (Employee
Retention – How to Retain Employees)• Employee Retention Strategy Can Save Companies
Millions. (By: Nancy Germond , AllBusiness.com)• http://www.careersystemsintl.com
Monday, April 10, 2023 Employees Retention Strategies 12
A Presentation by,Mohammed Fazil Shareef
Monday, April 10, 2023 Employees Retention Strategies 13