In the Knowledge economy, Human Resources differentiate the successful organisations from the "run of mill". 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 ... You.

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!

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