Harmeet Singh

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RetentionManagement

• By
• Harmeet Singh

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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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• Successful organizations realize by having an
  effective employee retention plan will help them
  sustain their leadership and growth in the
  marketplace.

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5 key points of Retention mgmt.

• Compensation (Reward/Salary) In this the salary
  of the employee is increased on regular basis
  along with necessary rewards.
• Environment (Working environment in company)
  The working environment should be kept friendly
  and comfortable

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• Relationship (Employer-employee relationship)
  The relationship should be respectful and cordial
  towards each other.
• Support (Support from co-workers, Company, Senior
  Managers, Staff) Everyone should be given
  necess ary support in hour of need.

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• Growth (Growth of employee, Companys progress)
  It is very important that the company keeps
  improving and along with that the employee should
  be given opportunity to grow.

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Employee Retention Strategies

• To Hire right person for right job.
• To make realize to employee that they are key
  members in success of organization.

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• T0 Trust, respect and have faith in employee.
• To Recognize and appreciate employees work and
  achievements.
• To provide more information and knowledge and to
  create healthy environment within an
  organization.

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Factors that encourage employee to leave
organization

• Job is not what employee expected.
• Lack of appreciation.

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• Stress from overwork.
• Lack of trust and support.
• New job offers.

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Companies faced problem due to improper Retention
Management

• Microsoft faced employee retention during
  1990-1995. Many employees left Microsoft because
  of work culture.

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• In 2004, BPO (Business Processing Outsourcing)
  companies like Wipro, IBM faced employee
  retention due to cost effectiveness and not
  having right person for right job.

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Telecommunication Banking sector facing
employee retention.

• Bharti Airtel faced employee retention in 2001
  due to support from staff, co-workers.

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• Employee retention faced in HDFC bank and many
  employees had left due to lack of trust and faith
  in their employees.

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• Reliance faced employee retention between
  2002-2004 due to partition of reliance.

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• Nestle faced employee retention management due to
  lack of Growth in market.

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Why Employee Retention is important??

• Due to cost of turnover. This helps in increasing
  the turnover as tried and tested employees are
  retained
• Goodwill of Company. It enhances the reputation
  of the company in the market.

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• Regaining efficiency.
• To boost employee morale and to see employee
  performance which ultimately effects on companys
  success ratio.

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• Loss of Company knowledge.
• For better reputation of Company in competitive
  world.

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Key points

• The quality of the supervision an employee
  receives is critical to employee retention.
• People leave managers and supervisors more often
  than they leave companies or jobs.

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Thank you