Tuesday, 21 April 2015

Employee Retention

Employee Retention

One of the most critical issues facing organizations nowadays is how to retain the employees they want to keep. Nowadays retention is become a more challenging work for organizations. Embedding your employees by building and creating the better communication, fulfill the need assessment of employees. It is very hard to track the talent from the population therefore it is indeed to maintain that talent. The most of the organizations conduct the exit interviews whereas, they asked regarding the feedback which is one of the most lucrative for getting the deficiency about the job. Exit interviews are used to collect data on why employees are leaving an organization. In a SHRM survey of HR professionals on the use of routine organizational practices related to talent management, 61% of the respondents reported that they used this type of interview. Exit interviews are popular because they generate immediate data on why an employee is leaving. They can also help an organization salvage a valued employee. Moreover, they can serve public-relations function by ending the employment relationship on a positive note.

Employee retention is one of the most crucial steps that may be uncontrollable for an organization but as long as the author concerned it can be diminish by utilizing the different strategic plans Such as Compensation & Benefits, Performance Appraisal, and Social Activities. Organizations are liable to provide the different membership programs for their employees whereas employee will get together and they can discuss readily throughout the social activities such as “BOL” has introduced all facilities for their employees and it is perfectionism that will retain employees for the long-term.

There are extensive and resourceful strategically plans to interact and give the affections to employee’s ultimately employees will retain for the long term. Organizations should play the win-win situation whereas they work as a team players and leaders. There are few steps that organization must follow:
  1. Right person should be placed to right Job
  2. Provide the recognition and responsibility
  3.  Pay for Performance 
  4.  Provide the Training in case of uncertain situation
  5. open communication between employees and management
  6.  Employee participation & Employee Engagement
  7.  Competitive advantage
  8.  Offers direct & indirect benefits & Packages
  9.   Re-evaluate your benefits package
  10.  Promotion plans for competent employees

It is primary responsibility of HR managers that they should play as a neutral role they should lead from transactional and transformational based by recognizing the valued employees such as Employee Value Proposition (EVP) the total package of extrinsic and intrinsic rewards provided to employees in exchange for joining, performing, and remaining with the organization. Furthermore leveraging on benefits through individual needs and preferences, there shouldn’t be biasness always promote on fairly based like equal employee opportunity. Supervision dominance should be diminishing ultimately employees will de-motivated and its effects on productivity.

Effectively managing retention in your organization isn’t easy. It takes extensive analysis, a thorough understanding of the many strategies and practices available, and the ability to put retention plans into action and learn from their outcomes. But given the increasing difficulty of keeping valued employees on board in the face of major shifts in the talent landscape, it is well worth the effort. Training is also necessary for each employee from supervisors to managers and creates the effective relationship with subordinates; supervisors are accountable and responsible for retention, Create the neat and clean environment which enhances the culture development.