Essay title: Organisational Behaviour
TWENTY RETENTION TOOLS FOR CURBING ATTRITION
In todays scenario ATTRITION has become the most dangerous alarm to all HR employees ears and Organization is facing troubles to fight it out. 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 вЂ“ 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.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Use of Industry Surveys and other data tools to stay informed on wage trends.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ To benefit both company and employees, tie increased one time performance pay to meeting specific goals aligned with business objectives.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ 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.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Go for Employee Engagement Surveys / ESS, to find out what perks, benefits and forms of compensation other than money will help keep them motivated.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ 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 cant be markedly worse than those offered by your competitors and like minded industries.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Group Medi-claim Insurance Scheme and Personal Health Care (Regular medical check-ups)
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Corporate Credit Cards and Discount Coupons
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Cellular Phone / Laptop and other latest technology on-board
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ I nterest free loans for higher educations
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Performance based quarterly incentives
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Flexi-time and Flexible Salary Benefits
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ 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 cant be said repeatedly that people stay or leave because of their bosses and not the companies. Make sure your managers arent driving technologists away. Harp upon the competencies and substantially invest in human capital irrespective of ROI.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ Improve managers leadership, communication and interpersonal skills through coaching, training and feedback. Rate these key skills in their evaluations, and tie compensation to performance.
пЃЉпЂ п‚ п‚ п‚ п‚ п‚ п‚ пЂ 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