Employee Retention, Needs a Proper Strategy


By

Dr. Saurabh Gupta
Faculty
Amity Business School, Amity University
Noida
 



The cost of employee turnover is from 40--100% of an employee's annual salary, when we consider lost productivity, recruiting costs, training costs, reduced efficiency in transition and time. Worker shortages continue to escalate. Each and every day good employees quit their employers for better jobs elsewhere.

Today's labor force is different. Supervisors must take responsibility for their own employee retention. If they don't, they could be left without enough good employees. A wise employer will learn how to attract and keep good employees, because in the long run, this workforce will make or break a company's reputation. What's Different?

New supervisors must be trained prepared to be collaborative, supportive, and nurturing of their people and make them understand what it really takes to retain employees. Employee retention involves being sensitive to people's needs and demonstrating the various strategies in the five families detailed in Roger Herman's classic book on employee retention, Keeping Good People.

Employee attrition is running wild in today's tight labor market; however, the companies that keep their employees have found that what matters most is not the pay, benefits, or perks, but the quality of the relationship between employees and their direct supervisors. The bottom line is that people leave managers, not companies.

Control and Ownership

An approach of being an advisor is necessary to maintain effective and satisfactory control over employees'.

The Value of Recognition 

Successful organizations realize employee retention and talent management are integral to sustaining their leadership and growth in the marketplace. Becoming an Employer of Choice by retaining high-caliber employees in today's labor market should be the highest priority.

BETTER MATCHING           BETTER MANAGERS           BETTER INTEGRATION
BETTER CONNECTIONS
      BETTER CULTURE 

Employee Retention Tips


Fortunately, there are many ways to keep your prized employees happily on board. Here are some tips to help improve employee relations and ensure that your company keeps the best of the best:

1. Accept attrition
2. Compensate fairly.
3. Be open to their ideas.
4. Treat people as equals. 
5. Provide growth opportunities.
6. Say thanks.
7. Spend Individual time with employee
8. Be flexible.
9. Encourage creativity.
10. Keep them healthy and happy.
11. Lead with the heart.
12. Respect the diversity of your talent pool
13. Recognize talent in ways that build loyalty
14. Invest in top performers
15. Build an attractive culture through open communication
 


Dr. Saurabh Gupta
Faculty
Amity Business School, Amity University
Noida
 

Source: E-mail January 2, 2007

     

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