EMPLOYEE RETENTION

Presented by : KARTHIGHA S. SUBHAPRADHA K.D. PAVYAA J.K. VISHNUPRIYA J.S. NAGANADHINI A.B. NAGALAKSHMI N.E.

EMPLOYEE RETENTION

Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project. Employee retention is beneficial for the organization as well as the employee.

What is employee retention

5 THINGS INVOLVED IN EMPLOYEE RETENTION

Environment

Relationship

Support

Employee retention strategy

  Right people (Hire).

Employee empowerment.

Employee being the most valuable asset.

Believe In Your Employees.

Provide them information and knowledge.

Feedback on their performance.

Recognize and appreciate.

Keep their morale high.

Create a “Healthy environment”.

These practices can be categorized in 3 levels:

Low Level Employee Retention Strategies

Medium Level Strategies for Employee Retention

High Level Strategies

Present secanrio of employee retention strategy

Leaving of an organization for more pay.

Incentives can increase productivity.

Running away from responsibilities.

Measures to increase employee satisfaction will be expensive

This are the results Cont…

Managers’ poor supervision

Lack of growth potential.

Lack of recognition

Do not enjoy their job

Inadequate pay

Job is not challenging

Overwork

Work and life in-balance

Reasons Why Employees Leave

Retention process

And the result of good retention process is like this

FOR THAT THERE ARE SOME Retention Success Mantras

This are the key area And the result is like this

Transparent Work Culture

Quality of Work

Supporting Employees

Give empowerment

How to Manage Employee Retention

This is the three stage process And follow this process

Identify the cost of employee turnover.

Understand why employee leave.(exit interview).

Implement retention strategies.

How To retain Employee

Top talent wants to work for the top companies.

Build it and they will come.

Recognize and reward over and over again.

Don't take them for granted.

Know what their competitor does.

continuation

Top 7 Ways to Improve Employee Retention and Reduce Employee Turnover example cisco ,LG and DLF

Hire the best and avoid the rest.

Orientation program for new employees.

Provide flexible work place.

Learning new skills and advancing their career is just as important as the money they make.

Early warning detection system

Look for triggers.

Identify and weed out poor managers.

How to Create a Winning Employee Retention Strategy?

Performance.

Communication.

Loyalty

Competitive advantage.

How to reduce employee turnover

Extract DIAMONDS among the stones

Giving a finishing touch to your Diamond

Compensation package for those who make your organization worth

Why is a Good Manager Important?

A Good Manager:

Healthy Workplace

Enriches and enlivens an employee’s work

Talent management

Develops a culture of loyalty

Manager role in employee retention strategy

Creating motivating environment

Standing up for the Team

Providing coaching

Delegation

Extra Responsibility

Focus on future career

Manager’s Role in Employee Retention

Retention keeping desirable employeesAttrition loss of personnel Career Planning bottom-up view of right people in right placeSuccession Planning top-down view of right people in right place

Finally result of good retention strategy

Attrition rate in top IT firms rises substantiallyIndia’s top 4 IT companies have

seen a consistent rise in the attrition rates as compared to the data of last quarter to the same period last year.

RISING ATTRITION LEVELS            

  Q1 2010        Q1 2009

TCS       13.1                11%

Infosys  15.8              11.1%

Wipro    15.8               9.8%

HCL      15.7              13%

REASONS FOR ATTRITION

ODD WORKING HOURSHIGHER STUDIESWORK ENVIRONMENTJOB DISSATISFACTIONLOW GROWTH OF THE COMPANYBETTER OPPORTUNITIES OUTSIDE

The success or failure of an organization is

increasinglydetermined by its

ability to keep its best people.