retention strategies
DESCRIPTION
shrmTRANSCRIPT
![Page 1: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/1.jpg)
RETENTION STRATEGIES
BY
CHITRA SINGARAJU(06)
RASHMI VAISHYA(14)
![Page 2: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/2.jpg)
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
![Page 3: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/3.jpg)
WHY RETENTION
• Employee retention is one of the primary measures of health of an organization
• Loss of a senior executive is even more costly
• For long term health and success of business
• Retaining best employees ensures
customer satisfaction
Product sales
Profit
![Page 4: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/4.jpg)
WHY IS IT IMPORTANT
IS IT JUST TO REDUCE THE TURNOVER COST?
• ANS: NO
• Its not only the reduction of cost incurred by company .But also the need to retain talented employees from getting poached.
![Page 5: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/5.jpg)
WHAT MAKES EMPLOYEES TO LEAVE
Job is not what the employee expected to be.
Job and person mismatch
No growth opportunities
Lack of appreciation
Lack of trust and support in coworkers ,seniors and management
Stress from overwork and work life imbalance
Compensation
New job offer
![Page 6: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/6.jpg)
HOW TO INCREASE RETENTION
![Page 7: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/7.jpg)
HOW TO INCREASE RETENTION
• Open communication
• Employee reward program
• Career development program
• Performance based bonus
• Recreation facilities
• Gifts at some occasions
![Page 8: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/8.jpg)
MANAGING EMPLOYEE RETENTION
• Indentify the cost of employee turnover
• Understanding why employees leave
• Implement retention strategies
![Page 9: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/9.jpg)
RETENTION STRATEGIES
NURTURING“Have faith in them, trust them ,respect them”
![Page 10: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/10.jpg)
FEEDBACK“Keep providing them feedback on their performance”
![Page 11: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/11.jpg)
DEVELOPMENT“Provide them information and knowledge”
![Page 12: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/12.jpg)
COACHING AND MENTORING
![Page 13: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/13.jpg)
REWARDS AND RECOGNITION“Recognize and appreciate their achievements”
![Page 14: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/14.jpg)
RETENTION STRATEGIES FOR AN EMPLOYEE
Hire the right people in the first place
Empower the employees
Make employees realize that they are the most valuable assets of the
organization
Keep their morale value high
Create an environment where the employees want to work and have fun
![Page 15: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/15.jpg)
MANAGER ROLE
Creating a motivating environment
![Page 16: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/16.jpg)
Providing Coaching
![Page 17: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/17.jpg)
Standing up for team
![Page 18: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/18.jpg)
Delegation
![Page 19: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/19.jpg)
Extra responsibility
![Page 20: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/20.jpg)
• Focus on future career
![Page 21: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/21.jpg)
BENEFITS FOR AN ORGANIZATION
The cost turnover
Loss of company knowledge
Interruption of customer service
Turnover leads to more turnover
Goodwill of company
Regaining efficiency
![Page 22: Retention Strategies](https://reader035.vdocument.in/reader035/viewer/2022070412/55cf917d550346f57b8ddf2c/html5/thumbnails/22.jpg)
“We cant stop employees from
leaving unless we have a plan to
make them stay!”