‘RETAINING’- A CHALLENGE THE ‘KEEPING COMPETENT EMPLOYEE’ IS

A MAJOR CHALLENGE BECAUSE :

ISSUES IN RETENTION

RENDEZVOUS WITH DATA OF ETO % - 2003

DEMYSTIFYING THE CAUSES OF TURNOVER

SMALL TIPS TO RETAIN

THE FACTORS OF MOTIVATING AND RETAINING EMPLOYEES

SHARING SOME PRACTICES

‘RETAINING’- A CHALLENGE

Companies attract, develop and retain talented young people,

while it is relatively easy to attract these people,

long term success depends on Satisfying them.

So the key Issue is Retention & not recruitment.

• Employee turnover is Costly.• Causing workforce instability.• Reduction in Efficiency.• Lower effectiveness.• Negative impact on the bottom line up.

THE ‘KEEPING COMPETENT EMPLOYEE’ IS A MAJOR CHALLENGE BECAUSE :

ISSUES IN RETENTION

• What % of our talented people are leaving.• What can we do to control this figure.• What can we do to create an environment

in which our Talented People are Constantly Stimulated.

• Have we development career plan for young people.

• What is our preparedness to combat the Sudden vacuum. (succession)

RENDEZVOUS WITH DATA OF ETO % - 2003

Total Left during 2003 - 65

Average Strength - 1002

% turn over - 6.48 %Strength Total left % ETO

Staff 389 39 10

Worker 613 26 4.24

Total 1002 65 6.48

ETO DATA DEPARTMENT WISE

Department Total strength Total left %

Service 186 19 10.22Project & P I 110 22 20.00Production 500 9 1.80QA 35 2 5.71HRD & Admin 70 3 4.29Marketing 12 2 16.67A/C & Casting 30 4 13.33R & D 6 1 16.67I T 15 3 20.00TOTAL 964 65 6.74

SEPERATION OF MANPOWER DEPARTMENT WISEJANUARY '2003

I T5%

R & D 2% Service

29%

Project & P I 33%

Production 14%

QA 3%

A/C & Casting 6%

Marketing 3%

HRD & Admin 5%

DEMYSTIFYING THE CAUSES OF TURNOVER

• Most of the orgn/dept blame turnover on wages & benefits, but this does not play the big role in people leaving.

• The over- whelming majority of people leave due to the treatment given to them everyday.

• Survey shows that 40% of people Quit because they feel that they were not appreciated for their Contribution.

- Lack of appreciation.- Lack of team work.- Perception that org/dept. does not care.

(Highest rated reason for low job satisfaction and turnover)

- Negative reinforcement.- Unequal Positive pat at the back or by pay to

Performers.- Tolerating poor performer Favoritism.

DEMYSTIFYING THE CAUSES OF TURNOVER

Important things if done can go a long way toward keeping morale high even when you do not use the cash:-

1. Listen to them :-

- take some time Talk to them daily.

- give them the opportunity to tell what they did.

- how Hard it was.

- how they went about solving the problem or achieving a result.

SMALL TIPS TO RETAIN

2. Tell them :-

- Tell employees their work is appreciated.

- Tell them clearly and tell them often.

3. Show them :-

Take the initiative to do things that are Unexpected

- take them out For lunch

- bring food for them

- let them leave early.

“These little things means a lot.”

SMALL TIPS TO RETAIN

THE FACTORS OF MOTIVATING AND RETAINING EMPLOYEES

- Operating systems- Employment agreement- Training- Tools to do the job- Office - Support

- Compensation- Benefits- Recognition - Communication- Empowerment- Leadership- Having Fun

THE FACTORS OF MOTIVATING AND RETAINING EMPLOYEES

SHARING SOME PRACTICES

1. Many company in world Spend extra 3% on top of the payroll cost in Rewards, Awards, Celebrations and Gifts.

2. Recognition :- If the employees are recognized when they do good things, then the company will have to pay less time for worrying about the bad things.

SHARING SOME PRACTICES

3. All important milestones and accomplishment in the life of business should be marked and party can be arranged.

SHARING SOME PRACTICES

4. Praise and recognize the Star performer.

SHARING SOME PRACTICES

5. Some of the recognition budget should certainly go toward spot light, role model/performance of employees.

SHARING SOME PRACTICES

6. Recognize the good effort, not just results, give them personal thanks you card to each employee may be different design for each employee.

SHARING SOME PRACTICES

7. Reward Gifts for the long Service of

3 years,

5 years,

8 years,

10 years.

SHARING SOME PRACTICES

• Everyone want to succeed they want their work to be appreciated and their efforts to be recognized.

EXCERPTS :-

• Recognizing effort has a bigger impact than a prize of the race.

EXCERPTS :-

EXCERPTS :-

• Specifically, High fliers need to come into Regular contact with top Management. They should be able to speak their minds and whatever Ideas they come up with, should be Given serious consideration. They should Receive Regular feedback on their Performance and if Excellent should be significantly rewarded.

• Encourage the marathon runner the most by offering encouragement and nourishment along the track and not just at the finishing line with a trophy.

EXCERPTS :-