Dear All,
I would like to share some retention initiatives taken by companies:
INCREASING THE ORGANIZATION'S LEVEL OF PROFESSIONALISM.
Employees often leave companies where intra-organizational interactions are unstructured, and decisions are ad-hoc and driven more by personal bias rather than professional considerations. By adopting systems that introduce an element of objectivity into its internal operations, a company can create a better workplace.
MOVING FROM FAMILY TO PROFESSIONAL MANAGEMENT.
In most family-managed organizations, professional managers leave because they cannot visualize themselves holding key positions, or functioning with the level of independence that their designations deserve. By inducting professionals into senior management positions, a company can decrease its attrition rate.
MAKING PERFORMANCE APPRAISALS OBJECTIVE.
Employees appreciate clarity about how, when, and by whom their performance is going to be measured. An appraisal process that lists objective and measurable criteria for performance appraisal removes the uncertainty in the minds of employees about arbitrary performance ratings.
INVOLVING EMPLOYEES IN THE DECISION-MAKING PROCESS.
People prefer to work in organizations where their opinions matter. The more an employee is involved in decision-making, the higher the organization's retention level. A participative decision-making process is good; total empowerment is even better.
ENSURING A MATCH BETWEEN AUTHORITY AND ACCOUNTABILITY.
Many companies fall into the trap of holding an employee accountable for a specific activity without empowering him or her with the authority to perform it effectively. Often, the situation is exacerbated by vesting another employee with the same authority, but without holding them accountable.
MEASURING EMPLOYEE SATISFACTION.
Companies obsessed with catering to the demands of their external customers often ignore their internal customers. Periodic employee satisfaction surveys can highlight potential issues, enabling the company to take corrective action.
ACHIEVING A MATCH BETWEEN INDIVIDUAL AND ORGANIZATIONAL GOALS.
Expecting employees to prioritize organizational objectives over their individual goals can lead to high turnover. The best companies manage to find a balance between the two.
DESIGNING A COMPETITIVE COMPENSATION PACKAGE.
While money isn't necessarily a motivator, it can certainly serve as a strong demotivator. Companies that do not offer industry-competitive salaries may find their best employees leaving.
INCREASING ORGANIZATIONAL TRANSPARENCY.
Employees prefer to work in transparent organizations where information is shared freely, rather than being rationed on a need-to-know basis.
PROMOTING EMPLOYEES FROM WITHIN.
Constantly filling vacancies by hiring from outside can lead to retention problems. Employees who realize they have little chance of promotion are likely to leave. Growing your own talent is a sound retention strategy.
HELPING EMPLOYEES ACQUIRE NEW SKILLS.
As job profiles and desired skill sets change, companies may feel the need to hire new employees or retrain their existing ones. Companies that choose to invest in upgrading their employees' skills signal that they value their contribution.
OFFERING STOCK OPTIONS.
ESOPs are a sign that the organization recognizes the role of the individual in its performance and is willing to share the benefits.
FOCUSING ON WELFARE MEASURES.
Companies that recognize their employees as individuals with families, and help them achieve a work-life balance, are likely to face fewer issues related to retention.
The most commonly used techniques to improve retention across various industries include increasing the organization's level of professionalism, instituting an objective performance appraisal system, and ensuring a match between responsibility and authority. In addition, infotech companies focus their efforts on increasing employee satisfaction, designing competitive compensation packages, and involving employees in decision-making.
Interestingly, infotech and telecom companies often exceed the desired level of performance along any of the retention techniques they adopt, unlike most manufacturing, marketing, and services companies. High potential attrition rates and the growing demand for trained infotech professionals provide enough motivation for these companies to focus on retention management.
The best companies focus on professionalization, appraisal, employee satisfaction, and participative decision-making. However, their higher-than-average retention levels can be attributed more to the way they implement these initiatives rather than the choice of initiatives themselves. Therefore, the best companies set themselves ambitious targets on each dimension and then strive to exceed them.
Regards,
Sashmita
From India, Delhi
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8I would like to share some retention initiatives taken by companies:
INCREASING THE ORGANIZATION'S LEVEL OF PROFESSIONALISM.
Employees often leave companies where intra-organizational interactions are unstructured, and decisions are ad-hoc and driven more by personal bias rather than professional considerations. By adopting systems that introduce an element of objectivity into its internal operations, a company can create a better workplace.
MOVING FROM FAMILY TO PROFESSIONAL MANAGEMENT.
In most family-managed organizations, professional managers leave because they cannot visualize themselves holding key positions, or functioning with the level of independence that their designations deserve. By inducting professionals into senior management positions, a company can decrease its attrition rate.
MAKING PERFORMANCE APPRAISALS OBJECTIVE.
Employees appreciate clarity about how, when, and by whom their performance is going to be measured. An appraisal process that lists objective and measurable criteria for performance appraisal removes the uncertainty in the minds of employees about arbitrary performance ratings.
INVOLVING EMPLOYEES IN THE DECISION-MAKING PROCESS.
People prefer to work in organizations where their opinions matter. The more an employee is involved in decision-making, the higher the organization's retention level. A participative decision-making process is good; total empowerment is even better.
ENSURING A MATCH BETWEEN AUTHORITY AND ACCOUNTABILITY.
Many companies fall into the trap of holding an employee accountable for a specific activity without empowering him or her with the authority to perform it effectively. Often, the situation is exacerbated by vesting another employee with the same authority, but without holding them accountable.
MEASURING EMPLOYEE SATISFACTION.
Companies obsessed with catering to the demands of their external customers often ignore their internal customers. Periodic employee satisfaction surveys can highlight potential issues, enabling the company to take corrective action.
ACHIEVING A MATCH BETWEEN INDIVIDUAL AND ORGANIZATIONAL GOALS.
Expecting employees to prioritize organizational objectives over their individual goals can lead to high turnover. The best companies manage to find a balance between the two.
DESIGNING A COMPETITIVE COMPENSATION PACKAGE.
While money isn't necessarily a motivator, it can certainly serve as a strong demotivator. Companies that do not offer industry-competitive salaries may find their best employees leaving.
INCREASING ORGANIZATIONAL TRANSPARENCY.
Employees prefer to work in transparent organizations where information is shared freely, rather than being rationed on a need-to-know basis.
PROMOTING EMPLOYEES FROM WITHIN.
Constantly filling vacancies by hiring from outside can lead to retention problems. Employees who realize they have little chance of promotion are likely to leave. Growing your own talent is a sound retention strategy.
HELPING EMPLOYEES ACQUIRE NEW SKILLS.
As job profiles and desired skill sets change, companies may feel the need to hire new employees or retrain their existing ones. Companies that choose to invest in upgrading their employees' skills signal that they value their contribution.
OFFERING STOCK OPTIONS.
ESOPs are a sign that the organization recognizes the role of the individual in its performance and is willing to share the benefits.
FOCUSING ON WELFARE MEASURES.
Companies that recognize their employees as individuals with families, and help them achieve a work-life balance, are likely to face fewer issues related to retention.
The most commonly used techniques to improve retention across various industries include increasing the organization's level of professionalism, instituting an objective performance appraisal system, and ensuring a match between responsibility and authority. In addition, infotech companies focus their efforts on increasing employee satisfaction, designing competitive compensation packages, and involving employees in decision-making.
Interestingly, infotech and telecom companies often exceed the desired level of performance along any of the retention techniques they adopt, unlike most manufacturing, marketing, and services companies. High potential attrition rates and the growing demand for trained infotech professionals provide enough motivation for these companies to focus on retention management.
The best companies focus on professionalization, appraisal, employee satisfaction, and participative decision-making. However, their higher-than-average retention levels can be attributed more to the way they implement these initiatives rather than the choice of initiatives themselves. Therefore, the best companies set themselves ambitious targets on each dimension and then strive to exceed them.
Regards,
Sashmita
From India, Delhi
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Dear Sashmitha,
You have analyzed the factors in a very good manner. But involving employees in decision-making processes for a profit-making organization! Will it result in good outcomes? How effective will it be in the long run?
Thanks,
Regards,
Tribikram
From India, Delhi
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You have analyzed the factors in a very good manner. But involving employees in decision-making processes for a profit-making organization! Will it result in good outcomes? How effective will it be in the long run?
Thanks,
Regards,
Tribikram
From India, Delhi
Acknowledge(0)Amend(0)
The general principles of effective management can be applied in every field, with the differences being more in application than in principle. The Manager's functions can be summed up as:
- Forming a vision
- Planning the strategy to realize the vision
- Cultivating the art of leadership
- Establishing institutional excellence
- Building an innovative organization
- Developing human resources
- Building teams and teamwork
- Delegation, motivation, and communication
- Reviewing performance and taking corrective steps when necessary
Thus, management is a process of aligning people and getting them committed to work towards a common goal for the maximum social benefit - in search of excellence. Major functions of a manager include planning, organizing, leading, and coordinating activities -- each emphasizing and suggesting different natures of activities within these four major functions.
From India, Kochi
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- Forming a vision
- Planning the strategy to realize the vision
- Cultivating the art of leadership
- Establishing institutional excellence
- Building an innovative organization
- Developing human resources
- Building teams and teamwork
- Delegation, motivation, and communication
- Reviewing performance and taking corrective steps when necessary
Thus, management is a process of aligning people and getting them committed to work towards a common goal for the maximum social benefit - in search of excellence. Major functions of a manager include planning, organizing, leading, and coordinating activities -- each emphasizing and suggesting different natures of activities within these four major functions.
From India, Kochi
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Dear Tribikram,
I believe you are aware of quality circles. Good companies follow these concepts to overcome problems that arise from the root level. If a profit-making organization does not involve its employees in decision-making, then the company's future is at stake. Many organizations have started implementing these measures. Today, attrition is a major challenge that HR departments have to face.
Based on your organizational needs, any of the mentioned measures can be applied to bring down or control the high attrition rate.
What do you say, folks?
Sashmita
From India, Delhi
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I believe you are aware of quality circles. Good companies follow these concepts to overcome problems that arise from the root level. If a profit-making organization does not involve its employees in decision-making, then the company's future is at stake. Many organizations have started implementing these measures. Today, attrition is a major challenge that HR departments have to face.
Based on your organizational needs, any of the mentioned measures can be applied to bring down or control the high attrition rate.
What do you say, folks?
Sashmita
From India, Delhi
Acknowledge(0)Amend(0)
Dear Sashmita,
I agree with you. Today, whether in manufacturing, services, or hi-tech industries, participative/consultative decision-making is the key to success. As we shift from labor-oriented/machine-oriented approaches to the hi-technology sector, it is crucial to communicate the organization's priorities and visions to every employee, regardless of their position in the hierarchy. Involvement at all levels is essential, not only for profitability but also for driving factors like innovation and employee engagement. It undoubtedly makes good business sense to cultivate a participative culture.
Regards,
Srivathsa
From India, Bangalore
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I agree with you. Today, whether in manufacturing, services, or hi-tech industries, participative/consultative decision-making is the key to success. As we shift from labor-oriented/machine-oriented approaches to the hi-technology sector, it is crucial to communicate the organization's priorities and visions to every employee, regardless of their position in the hierarchy. Involvement at all levels is essential, not only for profitability but also for driving factors like innovation and employee engagement. It undoubtedly makes good business sense to cultivate a participative culture.
Regards,
Srivathsa
From India, Bangalore
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Effective employee retention strategies-BPO. doc
Employee-retent ion-plan_1__185 .pdf