BY HARMEET SINGH Retention Management

What is 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.

Successful organizations realize by having an effective employee retention plan will help them sustain their leadership and growth in the marketplace.

5 key points of Retention mgmt. Compensation (Reward/Salary) – In this the salary of the employee is increased on regular basis along with necessary rewards. Environment (Working environment in company) – The working environment should be kept friendly and comfortable

Relationship (Employer-employee relationship) – The relationship should be respectful and cordial towards each other. Support (Support from co-workers, Company, Senior Managers, Staff) – Everyone should be given necess ary support in hour of need.

Growth (Growth of employee, Company’s progress) – It is very important that the company keeps improving and along with that the employee should be given opportunity to grow.

Employee Retention Strategies To Hire right person for right job. To make realize to employee that they are key members in success of organization.

T0 Trust, respect and have faith in employee. To Recognize and appreciate employees work and achievements. To provide more information and knowledge and to create healthy environment within an organization.

Factors that encourage employee to leave organization Job is not what employee expected. Lack of appreciation.

Stress from overwork. Lack of trust and support. New job offers.

Microsoft faced employee retention during Many employees left Microsoft because of work culture. Companies faced problem due to improper Retention Management

In 2004, BPO (Business Processing Outsourcing) companies like Wipro, IBM faced employee retention due to cost effectiveness and not having right person for right job.

Bharti Airtel faced employee retention in 2001 due to support from staff, co-workers. Telecommunication & Banking sector facing employee retention.

Employee retention faced in HDFC bank and many employees had left due to lack of trust and faith in their employees.

Reliance faced employee retention between due to partition of reliance.

Nestle faced employee retention management due to lack of Growth in market.

Why Employee Retention is important?? Due to cost of turnover. This helps in increasing the turnover as tried and tested employees are retained Goodwill of Company. It enhances the reputation of the company in the market.

Regaining efficiency. To boost employee morale and to see employee performance which ultimately effects on company’s success ratio.

Loss of Company knowledge. For better reputation of Company in competitive world.

Key points The quality of the supervision an employee receives is critical to employee retention. People leave managers and supervisors more often than they leave companies or jobs.