References:
Mathis, Robert L. Jackson, John H (2010). Human Resource Management 13th Edition. South-Western Cengage Learning. ISBN 9780538453158
Employee Retention. Retrieved from: http://www.whatishumanresource.com/employee-retention
3. “We cant stop
employees from
leaving unless we have
a plan to make
them stay!”
4.
5. Employee Retention
A process in which the employees
are encouraged to remain with
the organization for the maximum
period of time or until completion of the
project.
Employee retention is beneficial for the
organization as well as the employee.
7. REASONS WHY EMPLOYEES LEAVE
Job is not what the employee expected
No growth opportunities
Lack of appreciation
Lack of trust and support
8. Stress from overwork
Compensation
New job offers
No personal life
Physical strains
9. IMPORTANCE OF
EMPLOYEE RETENTION
The cost of turnover.
Loss of company knowledge.
Interruption of operations.
Turnover leads to more turnovers.
Goodwill of Company.
Regaining efficiency.
11. EMPLOYEE RETENTION
STRATEGIES
Hire the right person in right place
Empower the employee
Make them realize that they are valuable
for Organization
12. Have faith in them, trust & respect them
Provide information & knowledge
Give feedback on performance.
Recognize & appreciate their
achievements.
Keep their morale high
Create healthy environment
13. Recipe of retention
Remunerate competitively
Encouragement and expectations
Training and development
Annual review cycles
Inform and involve
Nurture
14. MOST EFFECTIVE
RETENTION INITIATIVES
Competitive merit increase/salary
adjustment
Career development opportunities
Promoting qualified employee
Increasing health care benefits
Offering schedules conducive to
work life balance
Bonuses
15. GUIDELINES FOR INCREASING
JOB SATISFACTION
Extrinsic Reward
Refers to motivation that comes from
outside an individual. The motivating factors
are external, or outside, rewards such as
money or praise. These rewards provide
satisfaction and pleasure that the task itself
may not provide.
16. Extrinsic REWARDS
Reward must be meaningful and unique
Reward must match individual preferences
Link rewards to motivational behaviors
Link rewards to performance
Examples:
Salary increase, gadgets, house loan and car loan
17. Intrinsic Rewards
The personal satisfaction a person derives
from a sense of self-accomplishment related
to personal or business goals.
More powerful motivator in doing
responsibilities.
18. INTrinsic REWARDS
Assign employees to jobs that meet their
needs for work characteristics
Provide clear communication to employees
Design fair reward allocation system
Ensure supervisors provide a positive
environment
Provide programs to enhance work-life
balance