MOTIVATION & RETENTION STRATEGIES

Who is an employee?An individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. 

What is Motivation?Motivation is the process of boosting the morale of employees to encourage them to willingly give their best in accomplishing assigned tasks. Motivation is the key to achieving extraordinary results.

What is Employee Motivation?Without a motivated workforce, productivity, morale, profits, product and service delivery suffers.

From line managers to top executives, understanding what factors motivate the employees is key to gain the human resource advantage that leads to success in our challenging market place.

Definition of Employee Motivation:According to Burrel Lee Wilks III “Employee motivation is a reflection of the level of energy, commitment, and creativity that a company's workers bring to their jobs.”

Why is Motivation Required?Motivation helps you get started

Motivation helps you keep moving

Motivation makes you do more than necessary

Motivation makes the journey fun

What Factor Motivates Employees?Appreciation or recognition for a job well done

Being in the know about company matters

An understanding attitude from the management

Contd..

Job securityGood wagesInteresting workCareer advancement opportunities

Loyalty from management

Good working conditions

Tactful discipline

METHODS OF MOTIVATING EMPLOYEES:The best employee motivation efforts will focus on what the employees deem to be important.EMPOWERMENTCREATIVITY AND INNOVATION

Contd..

LEARNING QUALITY OF LIFEMONETARY INCENTIVE OTHER INCENTIVES

What is Retention?Retention is the process of ensuring that your members or volunteers remain active with your organization. Retention is not a particularly formal process. Instead, it focuses on maintaining a welcome environment, member morale, and organizational progress.

What is Employee 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.

Definition of Employee Retention:According to Get Les Mckeown’s employee retention is define as “ effective employee retention is a systematic effort by employers to create & foster an environment that encourages current employees to remain employed by having policies and practices in place that address their needs”.

Why Retention?If employees feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees.

R –EMUNERATE COMPETITIVELYE -NCOURAGEMENT AND EXPECTATIONST – RAINING AND DEVELOPMENTA -NNUAL REVIEW CYCLESI - NFORM AND INVOLVEN -URTURE

Retention involves five major things:CompensationEnvironmentGrowthRelationshipSupport

Importance of Employee Retention: The Cost of TurnoverLoss of Company Knowledge

Interruption of Customer Service

Turnover Leads to More Turnovers

Goodwill of the CompanyRegaining Efficiency

Why employees leave the organization?Job is not what the employee expected to beJob and person mismatchNo growth opportunitiesLack of appreciation

Lack of trust and support in co-workers, seniors and managementStress from overwork and work life imbalanceCompensationNew job offerFor higher Salary For Higher education Misguidance by the company

Retention Strategies:Work environment (location, variety, flexibility, culture)

Financial (base salary, incentive, bonuses, options, benefits, recognition)

Personal (quality of work, skills, training, self-leadership, opportunities)

Relationships (owners, managers, peers, mentors, customers) & so on.

The Three R’s of Employee Retention:To keep employees and keep satisfaction high, the management need to implement each of the three Rs of employee retention:RewardsRecognitionRespect

KEi’s Employee Retention Wheel:KEi's Employee Retention Strategy is based upon two primary beliefs:It is difficult for employers to retain good employees if they don't have a process to hire the right people in the first place.

Retention processes must directly support the reasons that successful, satisfied employees stay.

KEi's Employee Retention Wheel: EIGHT FACTORSAttitude for EmployingFinding CandidatesSorting ApplicantsChoosing EmployeesStarting EmployeesInforming EmployeesImproving EmployeesRewarding Employees

Techniques to Retain

Employees:Treat your employees like you treat your most valuable clients

Get your employees to "Fall in Love" with your organization

Strong retention strategies become strong recruiting advantages

Retention is much more effective when you put the right person into the right job. Know the job!

Money is important but it is not the only reason people stay with an organization.An employee committee to help develop retention strategies is a very effective strategy. Leadership must be deeply invested in retention.Recognition, in various forms, is a powerful retention strategy.Remember, the "Fun Factor" is very important to many employees.

SOME EXAMPLES OF NEW AGE HR PRACTICES:Employee Retention: A Tale of Two Companies.

Employee Retention: A Tale of Two Companies - Google &Zappos

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