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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
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EMPLOYEE RETENTION
“We cant stop employees from
leaving unless we have a plan to
make them stay!”
Employee RetentionA 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.
RESIGNATIONS
Job is not what the employee
expected
No growth opportunities
Lack of appreciation
Lack of trust and support
REASONS WHY EMPLOYEES LEAVE
Stress from overwork
Compensation
New job offers
No personal life
Physical strains
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.
Employees Retention involves five major things: Compensation
Growth
Environment
Relationship
Support
EMPLOYEE RETENTION STRATEGIES
Hire the right person in right place
Empower the employee
Make them realize that they are
valuable for Organization
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
Recipe of retention
Remunerate competitively
Encouragement and expectations
Training and development
Annual review cycles
Inform and involve
Nurture
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
GUIDELINES FOR INCREASING JOB SATISFACTION
Extrinsic RewardRefers 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.
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
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.
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
Thank You