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Employee Retention : A

Challenge

A Project in Human Resources


Management

Semester V
T. Y. B. M. S.
Sydenham College of Commerce
and Economics
Employee Retention :
It 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.
R –EMUNERATE COMPETITIVELY
E -NCOURAGEMENT AND EXPECTATIONS
T – RAINING AND DEVELOPMENT
A -NNUAL REVIEW CYCLES
I - NFORM AND INVOLVE
N -URTURE
 Attrition:

The gradual reduction of the size of a


work force that occurs when personnel
lost through retirement or resignation
are not replaced.
Basically means Loss of personnel.
 Job is not what the employee
expected to be.
 Job and person mismatch.
 No growth opportunities.
 Lack of appreciation.
 Lack of trust and support in
coworkers, seniors and management.
 Stress from overwork and work life
imbalance.
 Compensation.
 New job offer.
HR Connect conducted a survey of the HR heads of 22 IT companies, in an
effort to determine what these practitioners thought about attrition in their
companies.

Top 3 reasons why talent says “I quit”

 Dissatisfaction with superiors

 Inadequate compensation and benefits

 Lack of career development opportunities


While managers predicted the most important motivational aspect of work for people
would be money, personal time and attention from the manager was cited by employees
as most rewarding for them at work.
American Psychological Association Survey
About.Com Poll

Good coaching from and interaction with my boss 36%


Good compensation and benefits package 18%         
Opportunity to learn new skills 8%                   
Just can't seem to get motivated enough to leave ... 8%
Recognition for a job well done 7%        
Like my coworkers 6%       
Respectful treatment 5%      
Challenging, rewarding, interesting work 3%    
Mission of the company 3%    
Talent and vision of company management team 2%   
 Officeteam, a leading staff service, surveyed 567 men and women employed full time
in professional environments, when asked what is your number—one concern about
your career in 2002? Respondents put work-life balance first

Source: Officeteam, 2002


 Who is going to do the work?
 What knowledge are we about to lose?
 What skills will we lose?
 What traditions will change? Is this good?
 The market place for good talent will be
competitive
 The good people will be able to pick and
choose their working environment
 How do we create an organization in where
people want to stick around?
The Old Way
 HR is responsible for people management
 We provide good pay and benefits
 Recruiting is like purchasing
 Development happens in training programs
 We treat everyone the same

Source: article “War for Talent”


The New Way
 All managers are accountable for
strengthening their talent pools
 We shape our workplace, jobs, and strategy
to appeal to talented people
 Recruiting is like marketing
 We fuel development through stretch jobs,
mentoring and coaching
 We affirm our people, but invest differently
in A, B, and C players
Source: article “War for Talent”
Implementation of MIS in Human
resource management.

Talent mgmt
not to be
included
instead of
TM MIS in
HRM
Specific – Detailed and clear.
Measurable – Quantity and unit of
measure stated.
Attainable – Can be performed by the
team member.
Results-Oriented – An output is
produced, not an activity.
Time-Framed – Completed by a definite
time.
Hire the Right People
 Take the time to do it right (plan!)
 Determine desired competencies, job skills
and characteristics
 Utilize behavior based interviewing
techniques
 Train staff in hiring procedures
 Assess new employees during probation
period
Retention factors
Rank Retention Items

1 Career growth, learning and development

2 Exciting work and challenge

3 Meaningful work, making a difference and a contribution

4 Great people

5 Being part of a team

6 Good boss

7 Recognition for work well done

8 Fun on the job

9 Autonomy, sense of control over work

10 Flexibility—for example, in work hours and dress code

11 Fair pay and benefits

12 Inspiring leadership

13 Pride in organization, its mission and quality of product

14 Great work environment

15 Location

Source: Love ‘Em or Lose ‘Em, 1999


Key management positions being given to younger people has given rise
to inexperienced people managers

Don’t look at attrition merely as a statistic. Read the story behind the
numbers

Identify the underlying issues contributing to attrition

Attrition is not only an HR issue … Sensitize line managers towards


people issues

Equip front line and first time managers to manage talent related issues

“There is a strong correlation between employee attrition and front


line management. A good manager can reduce attrition with in
his/her team to near-zero levels if he/she keeps sight of the touch
points”