A WHITE PAPER ON
EMPLOYEE RETENTION OVERVIEW
In these changing times both the employee &
amp; employer are under tremendous pressure to perform. There is fierce competition not only in the industry but also across categories. The fast pacing change across the globe has made the new employee & employer relationship irreversible. This paper attempts to unravel this paradox & study the various facets that surround this burning issue.
Framework of employee retention
5 WAYS TO RETAIN
TALENT FRAMEWORK OF EMPLOYEE RETENTION
· The present times have seen a radical change in the style of work. The basic value system of an individual has changed. In this competitive environment the corporate body must reassert itself. · The employee was once
treated merely as an asset, but today he is treated as family as a unique individual. His aspirations, goals, ambitions, are all given pivotal importance. This is the new employee arrangement that governs the market of today.
5 WAYS TO RETAIN TALENT
· EMPLOYEE RETENTION is treated like fire fighting whereas it should be like fireproofing. It all starts with the staffing. Today staffing is treated as a separate function. Organizations have to go all the way out to attract the talent & then retain it. One company had its interview room furnished with TV, DVD, laptops a fridge loaded with cool drinks & snacks. This is one way to win the employee over. A survey of top 100 companies shows that most people quit in the first 6 months of joining. So training is another area where the employer should make the employee feel welcome. A small welcome tea can be organized where the employee gets to meet his colleagues. His desk can be ready with visiting cards a family photo & other accessories. Introduction meetings by seniors emphasizing the core values & missions of the organization are a must. Discussing the pathos the company has been through also binds the employee. Clear-cut communication & appropriate delegation of work is required. The core idea is to foster a friendly work atmosphere. There is the “stickiness” factor as some term it. The environment should be so conductive that the employee just sticks to it.
· EMPLOYEE ENGAGEMENT is directly linked to productivity at work place. This is the ultimate challenge faced my
leaders today. Ensure that the goals are understandable by
employees across the organization. Furnish clear-cut instructions about the task then see that the employee is provided with the required information, training, equipment, training to complete the task. LEADERS must be available at all times to clarify, supplement the employee’s doubts. Ensure transmission of information with total transparency. Leaders must give freedom to take decisions. DISTRIBUTED-LEADERSHIP should be practiced. The employee should be given freedom to decide with in framework then they will excel. The idea of keeping talent is also to ensure they give their best to the company. Top leaders should take active participation in the company. CEO’S having lunch with the employee, doors open to any employee all these aspects have long lasting impact on the employees.
· FAIR REWARDS is a major aspect on the employee’s mind. Today’s generation works hard to create wealth for its betterment. There should be no preference given to cast creed or sex. Meritocracy should be the yardstick of measurement. Here preference is given to performance management not compensation management. The innovative pay-packages that include Flexi timings, health management, and study while u work are all part of the deal.
· DEVELOPMENT means providing sponsorship for higher education, upgrading technological skill sets. Providing a platform to hone interests in other fields like art, music & sport help to unleash true potential of the employee. The leave during that period can be treated as work experience for determining promotion. Job assured when he returns. These strategies instill pride of work place in the mindset. This fosters loyalty & dedicated sense of purpose. Some organizations even sponsor travel expenses to meet guide while ensuing a PhD program. This is the sort employee empowerment that creates vibrancy in the work culture. The employee must be made to give his very best.
· BASKET OF PROGRAMS
1. MENTORING/BUDDY/FRIENDS are those where senior employee provide guidance to younger staff. They motivate them to perform better. They also discuss ways & means to improve productivity. Friends are informal group that discuss issues like children, health problems, quality time with kids. This can be conducted online, one on one basis or telephonically.
2. GRIEVANCE CELL – an employee who is treated unfairly can challenge the manager’s decision & keep challenging the same progressively to the higher authority. The existence of this program must be made mandatory then it will be effective.
3. SERVICES like crèche, playground, and recreational facilities help the employees to unwind & kill stress.
4. IDEA –The suggestions from employees to improve productivity, change work culture are welcomed. It is made mandatory that each suggestion if not implemented must at least be acknowledged.
5. CELEBRATION – only big success calls for party no! Surprise high tea parties, small outings and sporting events keep the spirit alive. The way to maintain vibrancy at work is fueled by ones imagination.
A survey of the leading companies shows that only 59% of the employees plan to stay with their employers. It only goes to show that we can try harder to make our place GREAT WORK PALCE.