1.5 Retention Programs

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   1.5RETENTION PROGRAMS It is important to first pinpoint the root cause of the retention issue before implementing the  program to address it. Once identified, a program can be tailored to meet the unique needs of the organization. A variety of programs exist to help increase employee retention. Career Development  –    It is important for employees to understand career path within an organization to motivate them to remain in the organization to achieve their personal career goals. Through surveys, discussion and classroom instruction, employees can better understand their goals for personal development. With these development goals in mind, organization can offer tailored career development opportunities to their employees. Executive Coaching  –    Executive coaching can be used to build competencies in leaders with an organization. Coaching can be useful in times of organizational change, to increase a leader’s effectiveness or to encourage managers to implement coaching techniques with peers and direct reports. The coaching process begins with an assessment of the individuals strengths and the opportunities for improvement. Motivating Across Generation  –    Today’s workforce includes a diverse population of employees from multiple generations. As each generation holds different expectations for the workplace, it is important to understand the differences between generations regarding motivation and engagement. Managers, especially, must understand how to handle difference among their direct reports. Orientation and on Boarding  –    An employee’s perception of an organization takes shape during the first several days on the job. It is the best interest of both the employee and the organization to impart knowledge about the company quickly and effectively to integrate the new employee into the workforce. By implementing an effective on boarding process, short term turnover rates will decrease and productivity will increase. Women’s Retention Programs –   Programs such as mentoring, leadership development and networking that are geared specifically toward women can help retain top talent and decrease turnover cost. By implementing programs to improve work/life balance, employees can be more engaged and productive while at work.  Employee retention best practices in The India Cements Private Limited: By focusing on the fundamentals, organization can go a long way towards building a high-retention workplace. Organization can start by defining their culture and identifying the types of individuals that would thrive in that environment. Organization should adhere to the fundamental new hire orientation and on boarding plans. Recruitment  –    Presenting applicants with realistic job previews during the recruitment process have a positive effect on retaining new hires. Employers that are transparent about the positive and negative aspects of the job, as well as the challenges and expectations are positioning themselves to recruit and retain stronger candidate. Selection  –    There are plethora of selections tools than can help predict job performance and subsequently retention. These include both subjective and objective methods and while organization are accustomed to using more subjective tools such as interview, application and resume evaluation, objective methods are increasing in popularity. Socialization  –    Socialization practices delivered via a strategic on boarding and assimilation  programs can help new employees become embedded in the company and thus more likely to stay. Research has shown that socialization practices can help new hires become embedded in the company and thus more likely to stay. Training and development  –    Providing ample training and development opportunities can discourage turnover by keeping employees satisfied and well-positioned for future growth opportunities. In fact, dissatisfaction with potential career development is one of the top three reasons employees (35%) often feel inclined to look elsewhere. If employees are not given opportunities to continually update their skills, they are more likely to leave. Compensation and rewards  –    Pay levels and satisfaction are only modest predictors of an employe e’s decision to leave the organization; however organization can lead the market with a strong compensation and reward 53% employees often look elsewhere because of poor compensation and benefits.  Effective Leaders  –    An employee’s relationship with his/her   immediately ranking supervisor or manager is equally important to keeping to making an employee feel embedded and valued within organization. Employee Engagement    –   Employees who are satisfied with their job, enjoys their work and the organization, believe their job to be more important, take pride in the company and feel their contributions are impactful are five time less likely to quit than employees who are not engaged.  productivity and lower employee turnover. STRATEGIES OF EMPLOYEE RETENTION  1)   Offer a competitive benefits package, including health and life insurance and a retirement  plan.  2)   Provide employees financial incentives such as raises, bonuses and stock option.  3)   Consider hiring a human-resources manager if your company is nearing 100 employees. 4)   Make sure employees know what’s expected of them and how they can grow within your company.  5)   Hiring employees is just a start to creating a strong workforce. Next, you have to keep them. High employee turnover costs business owners in time and productivity. Try these tactics to retain your employees.  1)   Offer a competitive benefits package that fits your employee ’ s needs: Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees. But other perks such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.  2)   Provide some small perks: Free bagels on Fridays and dry-cleaning pickup and delivery may seem insignificant to you, but if they employees better manage their lives, they’ll appreciate it and may be more likely to stick around.  3)   Use contests and incentives to help keep workers motivated and feeling rewarded: Done right, these kinds of program can keep employees focused excited about their jobs.  4)   Conduct “stay” interviews : In addition to performing exit interview to learn why employees are leaving, consider asking longer-tenured employees why they stay. Ask  question such as: Why did you come to work here?, Why you stayed?, What would make you leave?, and What are your non-negotiable issues?.  5)   Promote from within whenever possible: And give employees a clear path of advancement. Employees will become frustrated and may stop trying if they see no clear future for themselves at your company.  6)   Foster employee development:  This could be training to learn a new job skills or tuition reimbursement to help further your employees education  7)   Create open communication between employee’s and management:  Hold regular meetings in which employees can offer ideas and ask questions. Have an open-door  policy that encourage employees to speak frankly with their managers without fear of repercussion.  8)   Get manager involved. Require your managers to spend time coaching employees helping good performers move to new positions and minimizing poor performance. 9)   Communicate your business’s mission: Feeling connected to the organization’s goals is one way to keep employees mentally and emotionally tied to your company.  10)   Offer financial rewards: Consider offering stock option or other financial awards for employees who meet performance goals and stay for a predetermined time period, say three or five years. Also, provide meaningful annual raises. Nothing dashes employee enthusiasm more than a paltry raise.  11)   Make sure employees know what you expect of them:  It may seem basic, but often in small companies, employees have a wide breath of responsibilities. If they don’t know what their jobs entail and what you need from them, they can’t perform up to standard and morale can begin to dip.  12)   Hire a human-resources professionals: if your company is nearing 100 employees, consider hiring a human resources director to oversee and streamline your employee structure and process  
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