All organizations face employee retention issues, whether they are big or small, successful or not successful. Organizations often wonder why some employees still left although they have been treated well and were even earmarked for enhancement. Employees leave for a variety of reasons and there is also a War of Talent out there in the marketplace. Although a 100% employee retention is impossible, a high employee turnover rate or an outflow of top talents will be of grave concern and an Employee Retention Management program need to be developed and appropriate strategies implemented to retain employees, especially top performers, those with high potential and critical to the operations of the organization. Here are some Employee Retention Strategies which may be of interest to you if your organization is facing employee retention issues or to keep employees happy enough not to be tempted to leave. Wong Yew Yip

1. MAXIMIZING EMPLOYEE RETENTION
Wong Yew Yip yewyip@gmail.com

2. Employee Retention is a systematic effort to create and foster an environment that encourages employees to remain with the organization by having policies and practices that address their diverse professional and personal needs
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What is Employee Retention?

3. 3 Why Employee Retention?
Employee retention will benefit an organization as follows:
Reduce cost of staff turnover
Reduce loss of company knowledge base
Reduce customer service interruptions
Improve branding as employer of choice
Maintain efficiency of operations
Enhance employee loyalty

4. 4 10 Reasons why employees leave their jobs
Employer-employee expectations not matched
Job responsibilities and employee mismatch
Does not fit in with company culture
Does not feel appreciated and/or recognized
Lack of growth and advancement opportunities

5. 5
10 Reasons why employees leave their jobs
Lack of trust and/or support
Unable to work with supervisor, colleagues
Stress from unfavorable work environment
Lack of confidence in company or leadership
Better job offer

6. 6 Workforce Study on Employee Retention
The Towers Watson Global Workforce Study 2012 covers more than 32,000 employees selected from research panels that represent the populations of full-time employees working in large and mid-size organizations across a range of industries in 29 markets around the world.

7. 7
Managing Employee Retention
Identify cost of employee turnover
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Understand why employees leave
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Implement retention strategies
3 A 3-Step Approach :

8. 8 Role of Manager/Leader in Employee Retention
Create motivating work environment
Stand up for and support employees
Provide mentoring and/or coaching
Delegate extra responsibilities
Ensure honesty, fairness and equality in employee dealings
Provide opportunities for employee learning, development and advancement

9. 9 10 Good Employee Retention Strategies
Hiring the right people - do it right the first time
This is one of the most important retention strategies. Someone can be amazingly capable but if expectations are not in sync and does not fit the company’s culture, the person is just not right

10. 10
Provide an attractive compensation package
“If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don't have to manage them” ~ Jack Welch 10 Good Employee Retention Strategies

11. 11
Empower employees to get work done with minimal bureaucracy “Organizations that empower folks further down the chain or try to get rid of the big hierarchal chains and allow decision making to happen on a more local level end up being more adaptive and resilient because there are more minds involved in the problem” ~ Steven Johnson 10 Good Employee Retention Strategies

12. 12
Foster close relationship at all levels and promote teamwork within teams and cross functionally
A pleasant working relationship with supervisors, peers and colleagues, and working in harmony are strong deterrents for employees to be lured away
10 Good Employee Retention Strategies

13. 13
Build a culture of trust, respect and support
Build a culture where employees demonstrate a high level of trust for each other, willingness to respect the views of others and support each other in times of need. One key reason people stay is because they have formed multiple connections with others in the company. 10 Good Employee Retention Strategies

14. 14
Communicate and keep them updated with information about the organization Keep employees motivated and engaged by communicating the organization’s goals, strategies and performance, and allow information to flow freely to make them feel as part of the team 10 Good Employee Retention Strategies

15. 15
Provide career path with opportunities for growth, development and advancement
In addition to an attractive compensation package, offer more in the way of career development as employees care as much about potential advancement as they do about financial compensation
10 Good Employee Retention Strategies

16. 16
Value employees with recognition and appreciation for their efforts and achievements
“Employees who believe that management is concerned about them as a whole person - not just an employee - are more productive, more satisfied, more fulfilled” ~ Anne M. Mulcahy 10 Good Employee Retention Strategies

17. 17
Help employees to maintain a healthy work-life balance
“The challenge of work-life balance is without question one of the most significant struggles faced by modern man” ~ Stephen Covey 10 Good Employee Retention Strategies

18. 18
Create an environment that is friendly and fun to work
When employees are having fun in what they are doing at work and with friendly people, do you think they want to leave the organization?
10 Good Employee Retention Strategies

19. 19 Becoming an Employer of Choice
An Employer of Choice is one with:
ability to attract and retain quality talent
enhanced reputation or branding in the marketplace
ability to impress customers, clients, employees and industry
increased employee morale

20. World’s No. 1 Employer of Choice?
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Lend a helping hand
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Life is beautiful
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Appreciation is the best motivation
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Work and play are not mutually exclusive
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We love our employees, and we want them to know it
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Innovation is our bloodline
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Good company everywhere you look
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Uniting the world, one user at a time
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Boldly go where no one has gone before
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There is such a thing as a free lunch after all
20 Top 10 reasons to work at Which of these can your organization adopt as part of your Employee Retention Strategies?

21. Thank You
yewyip@gmail.com