RETENTION TOOLS FOR CURBING ATTRITION

by Jyoti M on Tuesday 21 September 2010, 4:05 PM | Category: Human Resources| View: 1157 views
 
 
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Suggested Retention Tools for curbing attrition to a great extent are submitted herewith. These need not be brainstormed and implementation strategy should be worked out immediately.

 

1.      OFFER COMPENSATION – ATTRACTIVE AND COMPETITIVE: Fair compensation alone does not guarantee employee loyalty, but offering below-market salaries makes it much more likely that employees will look for greener pastures.

 

J        Use of Industry Surveys and other data tools to stay informed on wage trends.

J        To benefit both company and employees, tie increased one time performance pay to meeting specific goals aligned with business objectives.

J        Collect data from exit interviews to document trends from your departing employees, and then use this data to make a business case for increasing salaries across the board.

J        Go for Employee Engagement Surveys / ESS, to find out what perks, benefits and forms of compensation other than money will help keep them motivated.

J        Let employees decide their own compensation package / reimbursements once the quantum is fixed.

Pay Exception is a procedure at FedEx, which allows managers to recommend and give exceptional pay increases to their highly performing employees when it is not covered by normal policy. Extensive performance measuring scheme and incentive policies by Sasken Communications , Awards and recognition like "Best project" , "contribution", "mentorship" by Aztec Software and Formal Individual / group recognition at departmental / organization levels by Intel Technologies India Pvt Ltd are few outstanding examples. *

2.      BENEFITS NEED TO BE QUANTIFIED AND QUALITATIVE. Although benefits are not a key reason why employees stick with a company, the benefits you offer can't be markedly worse than those offered by your competitors and like minded industries.

 

J        Group Medi-claim Insurance Scheme and Personal Health Care (Regular medical check-ups)

J        Corporate Credit Cards and Discount Coupons

J        Cellular Phone / Laptop and other latest technology on-board

J        I nterest free loans for higher educations

J        Performance based quarterly incentives

J        Flexi-time and Flexible Salary Benefits

J        Wedding Day and Birthday Gift

 

NTPC Limited has social security systems for their employees with high level of commitments and a unique culture of celebrating all their achievements. *

 

3.      TRAIN YOUR FRONT-LINE, MANAGERS AND ADMINISTRATORS. It can't be said repeatedly that people stay or leave because of their bosses and not the companies. Make sure your managers aren't driving technologists away. Harp upon the competencies and substantially invest in human capital irrespective of ROI.

 

J        Improve managers' leadership, communication and interpersonal skills through coaching, training and feedback. Rate these key skills in their evaluations, and tie compensation to performance.

J        Create a safe environment and process for employees to bring up concerns with their managers.

 

In Whirlpool Appliances , there are highly selective leadership development mentor programs. Managers selected to participate as mentors go through a rigorous selection process and are then monitored closely to ensure that only managers who consistently produce results remain in the program. *

 

4.      ROLES AND RESPONSIBILITIES NEEDS TO BE DOVETAILED. Make sure your employees know what is expected of them every day, every month and every year, what types of decisions they are allowed to make on their own, and to whom they are supposed to report.

 

J        Provide clear vision, brawny and consistent communication, teamwork and respect for human capital' efforts.

J        Share the company vision/mission clearly and regularly.

J        Collaborate, communicate and listen. Contented employees achieve amazing things.

Eli Lilly & Co.(India) Pvt. Ltd has a Red Book on Code of Business Conduct which provides standards for conducting business consistent with the company's legal obligations, global policies and core values. Employees are taken through the Corporate values, vision and mission and Red Book. There is a structured training program on the Red Book and the employees are required to sign the Responsibility Statement of the Red Book to certify that they agree to comply with the principles and values. *

5.      ENHANCEMENT, ADVANCEMENT AND PROGRESSION OPPORTUNITIES. To foster employee loyalty, implement a career ladder and make sure employees know what they must do to earn and go in for progression. A clear professional development plan gives employees an incentive to stick around. Do away with you Performance Management System if it has turned to NOVA (Non Value Added Activity) and go in for instant performance rewards. Think! Think out of the box!

 

J        Assess employee's performance against the focus area's set in their performance agreement for the appraisal year and improves their proficiency.

J        Provide an opportunity to the employees to express their views or to seek further clarification on their performance.

J        Identify potential of employees and to develop them for future roles.

J        Reward them appropriately.

J        Generate data for career planning and succession planning.

 
Computer Sciences Corporation India (P) Ltd in the sabbatical policy, not only does the Company pays for the fees of higher qualifications being acquired by any employee, any break in service for acquiring higher qualifications is treated as work experience for the purpose of determining seniority within the Organisation, and there is an assured job for the employees after completion of his/her course. *

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