Retention Strategies in Mindtree

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Transcript of Retention Strategies in Mindtree

  • 1. RETENTION STRATEGIES Presentation By:- Group 5
  • 2. Employee retention refers to the variouspolicies and practices which let theemployees stick to an organization for alonger period of time.
  • 3. MindTree Limited, formerly known as MindTree Consulting Limited is a mid-sized international information technology (IT) consulting and implementation company. It operates in two units: production engineering services and IT services. MindTree was started in 1999 by ten industry professionals from Cambridge Technology Partners, Lucent Technologies, and Wipro
  • 4. "Always Give Value To The Employees"
  • 5. 1nd strategy:- Offer compensation 2nd strategy:- Train your front- line, managers and administrators. 3rd strategy:- Offer retention bonus 4th strategy:-Teamwork and cross functional team 5th strategy:- Fun is must
  • 6. 1st Strategy:- OFFER COMPENSATION "Attractive and competitive: faircompensation alone does not guaranteeemployee loyalty, but offering bellow-market salaries making it much morelikely that employees will look forgreener pastures"
  • 7. 2rd Strategy:- TRAINING YOUR FRONT-LINE,MANAGERS AND ADMINISTRATORS. It cant be said repeatedly that people stay or leave because of their bosses and not the companies. Create a safe environment and process for employees to bring up
  • 8. Improve managers leadership, communication and interpersonal skills through coaching, training and feedback
  • 9. 3th Strategy:- OFFER RETENTION BONUS Mandatory vacation time after three, five or ten years. A paid membership to a local club after two years, and full repayment for the cost of the employees formal dress Give employees a choice of reward Increase the longevity of their reward
  • 10. 4th Strategy:- TEAMWORK AND CROSSFUNCTIONAL TEAM Make sure everyone understand the departments purpose, mission on goal Rotate leadership responsibility depending on their employees ability and need of the team Involve employees in decision making They encourage team members to show appreciation to their colleagues for superior performance or achievement
  • 11. 5th Strategy:- FUN IS MUST Celebrate successes and recognition of employees Lunch, birthday parties, employee picnics and creative contests will help remind people that an organization is a great place to work
  • 12. The company organize culture programs as and when possible but most of the time, once in a quarter, in which all the employees are given an opportunity to display their talent in skits, singing, acting, dancing, and sports programs such as cricket, football, etc.