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Change Your Retention Stategy

One of the primary issues for companies, amongst various others is employee retention. They are ready to pay up enormous amounts to ensure higher retention. However, the results in most cases have been less favourable than desired.

In a recent survey conducted in the US, more than 50 percent of the participants stated that the retention methods adopted by them had proved to be either unsuccessful or less than satisfactory. This is not surprising keeping in mind what they have been concentrating and what they have neglected. In most cases, the decision to continue in their current employment or quit depends on the following reasons:

• the recognition given to individuals for their contribution in the company,
• the level of responsibilities to be handled by the individuals and the scope of performance,
• the level of transparency in the organization, and
• the bonding between the individuals and their superiors or colleagues.

However, these were not even close to the list of priorities prepared by companies to enhance employee retention. The steps taken by companies involved providing higher salaries, flexibility in working hours, relaxed dress codes, extra-curricular activities, etc. Contrary to the belief of many companies, these steps failed to have an impact on the retention programme prepared by them.

The methods adopted by companies are temporary in nature and have only short term benefits. Steps which would be of a long term in nature definitely require more time to plan, implement, assess and requires a lot of monitoring and follow-ups to ensure their success.

In short, pay careful attention to the words and actions of the employees. Do they feel like an integral part of the company, are they proud to be an employee of the organisation? If not, then as a company, it's to time to wake up and do something different to change the situation, before it is too late.




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