!!! 4D BLOG !!!
“Employee Retention Strategy”
BY Dr.Nisha Singh
North Carolina,USA
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Selection training and employing man power at all level is easier that retaining the talented and useful employees. This is a great stress for Human Resource Managers across the globe. The perception of HRM is responsible for drawing a suitable retention policy. It should be noted that this perception is subject to a regular R&D and restructure. There are numerous fluctuating perceptions going round with the HRM and one of the most common of them is “people go for the gold”. This concept may be true but partially. This is a blind fold approach and has proved to be a failure in retaining employees in many cases. I feel that Maslow’s ‘hierarchy of needs’ theory is still very effective in applying retention of employees. How ever it must be framed from case to case and on the prevailing business environment both micro as well as macro level. We must keep in mind that every man is an unique entity as such require a little personalizes treatment. This becomes more important when dealing with senior employees holding strategic position and duty in the Organization.
I would like to mention few best policies which will help the Organization in employee retention.
(A). Corporate Culture: Often employee leave or change the job saying” Iam not feeling good around”. They are not coping with the culture of the Organization, to be more precise, ackward feelings in the environment. It is there fore Companies now trying to incorporate culturalmix in case of MNC or having office in various countries. Often employee prefer a particular branch or a country of the same company because of the working environment. Some of the best methods to improve working environment are Clarifying your mission, communicating positive feelings. being fair and honest, cultivating a feeling of family, promoting integrity, Insisting on workplace safety, and reducing the number of meetings.
(B) Personal Value: Sense of appreciation, is one of the weakest point of human being. If a person feels lack of self value in the eyes if his employer, he feels de4jected in spite of good remuneration, position and working environment. Sooner or later he starts looking for a change and his contribution starts reducing in the company. Therefore employee relationship strategy is of paramount importance to the company. Knowing your employees reasons for working in your company and assessing the company’s strategy how to meet their aspirations, Giving Managers and supervisors relationship trainings in order to prevail a sense of bonding, and involving their family on certain occasions.
(C) ECXEL: I am professionally secured for excellence” this statement runs into the minds of specially those who are new comers or thinking of switching their job. People want to add their job. They always look to their Boss for value additions and advancement in their present assignment or else they may look for a change. Close to this feeling is the feeling for advancement . Advancement does not always means job promotions. To an employee it commands personal as well as professional growth. We always want our tomorrow better than today. If people want to excel then they need adequate resources to get the job done. Company must provide tools , equipments and required resources . If people need moral and mental support from you and your managers, draw an effective policy and train your managers for the same. Give them necessary skill training, educational training, organize seminars, tours, and if required hire outside trainers..
(D)COMPENSATION: If the compensation is inadequate ,the person may accept the job because of his constraints but will leave you as soon as he finds a job with better compensation. Company must be aware of the prevailing compensation norms in the industry. Company should keep the compensation system at par . Though majority of the employees do not have job hopping because of monetary gain but certain percentage do follow the same. Attractive and workable employee compensation strategies stem from one fundamental principle: money alone will not retain most employees. In the old days, companies essentially paid people for their time. Today, more and more companies pay for performance – in every position, not just sales. To retain employees, your compensation plan needs to incorporate this trend. Pay-for-performance plans come in a variety of shapes and sizes, but they all involve two basic activities: defining the job and checking performance against expectations .When people exceed expectations, give them a bonus. It helps to lay the plan out ahead of time so that employees understand your expectations and know what they have to do to get the bonus. But make sure you base it on predefined profit goals, so that you don’t pay out if the company doesn’t make money. I would recommend a mix of performance linked compensation with a clear concept of performance slabs, means to achieve it and timely payment of compensation.