subject: Retention Management- For Reduced Staff Turnover Rates [print this page] Due to the over-flooding of companies and new businesses, employees these days, enjoy the freedom of migrating from one firm to another in search of better opportunities; but from the point of view of the companies, this staff turnover can cost them handsomely. Human resource is the most powerful and essential assets for every organization. Huge sums of capital are employed right from the recruitment to the training of new employees; hence, retention of those trained employees matters a lot. And this is where the need for Retention Management glides in.
Retention Management especially the Employee Retention is one of the primary measures for the healthy and smooth functioning of an organization. Loosing well-trained staff members can prove to be critical for any company's efficiency. In this light, retaining employees is an intrinsic requirement of a company's management. However, this process is not as simple as it sounds. Employee satisfaction has to be made an inherent feature of every organization from the very beginning as a part of the Retention Management program.
In-depth understanding of the fundamental motivators of employees is a crucial part of Employee Retention. In this context, the organizations need to follow certain basic parameters to establish a perfect balance between the company's requirements and the employees' expectations. As a beginning step, conducting exit interviews with departing employees can be greatly helpful in providing valuable information that can be used later to draft appropriate techniques for the Employee Retention.
There is no denying the fact that monetary aspects are big players in driving and retaining the employees. Retention bonuses which are also known as pay-to-stay bonuses have become a common practice in this regard. But competitive salaries alone cannot help in reducing the staff turnover ratio. A positive and promising attitude towards employees is one of the foundation stones for companies in motivating and retaining the efficient employees.
Following some simple retention strategies can create wonders in improving an organization's staff retention gradually. First of all, it is important to get the 'right people' in an organization i.e. hiring employees who are truly fit to succeed in the long term. Transparency and free flow of the communication channels is also an essential step for maintaining strong employer-employee relationships. Further, delegating the power of decision-making to the employees can also work as a positive motivation for the employees. Providing ample opportunities for the growth and development of employees is also an important practice in the Employee Retention Management. Besides these factors, there is a whole range of other steps that need to be included in the management of the organization in order to provide for reduced staff turnover rates.
Keeping in view this increased importance of the staff retention these days, most companies and organizations are hiring HR Services' professionals who manage all such tasks on the behalf of the company. PeopleStrong is one such leading Recruitment Outsourcing company which specialises in HRO, RPO, Payroll Outsourcing and various HR Shared Services including Retention Management.
Manage all your employee-related issues and improve your staff turnover ratio by simply hiring or outsourcing your Retention-Management to some specialized service vendors.
Retention Management- For Reduced Staff Turnover Rates
