Manage HR
It
is the quality and the standard of the human resource recruited
that plays a key roll in differentiating between a successful
organisations and a "run of mill" organisation . In
this section, we will discuss the issues relating to this valuable
resource through a series of articles. And yes, we are
open to contributions from masters of this Art ... Are you one?
Nightmare
no more !
High
employee turnover is every manager’s nightmare, especially
when trained manpower is hard to get. There may not be a ‘quick-fix’
to this problem, but implementing a good number of retention
strategies can definitely work for you.
Career
counselling, conflict resolution and employee welfare programmes
are some benefits being offered to employees. Companies who
are innovative where retention strategies are concerned finally
emerge as winner.
The
survey
A
survey conducted by AIMA (The All India Management Association)
on retention served to identify the most prevalent practices
in retention management. Companies that have a turnover of 25
crore with an employee strength of 50 were chosen and grouped
into 4 categories, manufacturing, marketing, services and hi-tech.
The
results
-Out
of 135 companies that participated, one in four software companies
and one in two manufacturing companies admitted to facing a
problem related to employee retention.
-Career shift is a common feature in the junior management of
every organisation. The turnover may be as high as 7% in hi-tech
firms and may figure around 7% in manufacturing companies.
-Vibrant work atmosphere, dress code and flexi timings are some
popular factors that favour employee retention.
Retention
strategies that work
•
Providing in-house training facilities, change management coaching,
and leadership skills and personal development plans for key
employees.
•
Providing performance bonuses
•
Providing memberships at health clubs, and organising social
events at regular intervals, conduct sporting events sponsored
by the company.
•
Providing subsidised food
•
Increasing organisational transparency to allow employees to
understand the importance of different roles in the organisation.
•
Granting periodical promotion and adequate salary raise to motivate
and enthuse employees.
•
Provide Employee Stock Options (ESOPS) to encourage joint ownership
in the organisation.
Human capital is the most important resource of any company
and high flyers play a big role in its success and effective
retention management is the only way to ensure you have the
best minds on working for you!
•
Archives •
Top
