Process of Retention

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Information about Process of Retention

Published on October 7, 2008

Author: meghak


PROCESS OF RETENTION : PROCESS OF RETENTION By- Megha Kapil LOVE OR LOOSE : LOVE OR LOOSE EMPLOYEE RETENTION : EMPLOYEE RETENTION “SUCCESSFUL MARRIAGE” : “SUCCESSFUL MARRIAGE” Employer-Employee Relation Is Like A Marriage. Retention Process Is Related To “Successful Marriage” BEGINNING ……. : BEGINNING ……. Retention doesn't start from the day person join your organization. Retention starts from the "Interview Process”. “ WOOING THE GIRL” : “ WOOING THE GIRL” You need to convince your partner, how you are different from other boys or girls? What type of future that person will get if he/she decides to marry you. You need to convince the person as what your company is having that others are not having? What is your competitive edge? What type of future or growth that person will get if he decides to join your company? Sourcing & Selecting The Candidate : Sourcing & Selecting The Candidate The way you carry the interview The practices and processes you use to interview candidates The communication process that you adapt to interact with the candidate The steps involved in the selection process Number of hours you made this person to wait Time you take to issue the offer letter Hassles and problems you create to give the offer and appointment letter The credibility of the information that you have provided to this person at the time of interview about the company and about the job YOUR ENGAGEMENT : YOUR ENGAGEMENT The Girl Has Said YES to You, Is Interested in You & Now You Are Engaged ORIENTATION & INDUCTION : ORIENTATION & INDUCTION This is Orientation Process It generally continues for 30 days Remember, you are still in courtship EXPECTATION MANAGEMENT : EXPECTATION MANAGEMENT The way you welcome your new employee. The way his team members treat him. The information you provide to him. Which senior managers interact with him? SETTING CLEAR EXPECTATIONS : SETTING CLEAR EXPECTATIONS Criteria To Measure The Performance. In Brief, Job Description, KRA's; Performance Criteria; Performance Management System; Performance Evaluation; Reward System; Career Planning In total, the comfort level that you extend to this person. MARRIED : MARRIED NOW YOU ARE ON THE JOB RETENTION TARGET GROUP : RETENTION TARGET GROUP MAJOR TURNOVER & RETENTION DRIVER : MAJOR TURNOVER & RETENTION DRIVER Perceived Benefits of Staying With Current Employer (Eg. Salary, Professional Networks) Perceived Benefits of Working at Other Employer (Eg. Salary, Learning Opportunities) Situational Factors (Eg. Health, Family & Friends, Infrastructure, Local Investments) Cost of Changing Career (Eg. Risk of Unforeseen Pitfalls, Probation Periods, Relocation Costs) JOB REQUIREMENT : JOB REQUIREMENT COMPENSATION ENVIRONMENT GROWTH RELATIONSHIP SUPPORT COMPENSATION : COMPENSATION Bonus Economic Benefits Long-term Incentives Health Insurance After Retirement Miscellaneous Compensation Remind your Employees the Benefits they get ENVIRONMENT : ENVIRONMENT LEARNING ENVIRONMENT Certifications & Provision for higher studies SUPPORTIVE ENVIRONMENT Flexible hours Telecommuting Dependent care Alternate work schedules Vacations Wellness WORK ENVIRONMENT Efficient Managers, Supportive Co-workers, Challenging Work, Involvement In Decision making, Clarity Of Work & Responsibilities & Recognition SUPPORT : SUPPORT Providing Feedback Recognition & Rewards Counseling Providing Emotional Support GROWTH : GROWTH Work Profile Personal Growth and Dreams Training and Development RELATIONSHIP : RELATIONSHIP Relationship With the Immediate Manager Relationship With Colleagues Promote an Employee Based Culture Induce Loyalty MANAGER ROLE IN RETENTION : MANAGER ROLE IN RETENTION Creating a Motivating Environment Standing up for the Team Providing Coaching Delegation Extra Responsibility Focus on Future Career YOUR IN-LAWS : YOUR IN-LAWS Your in-laws take care of your house, your kids, when you go out to work? They help you, in preparing the dinner. They ensure that you get respect and care in the family. They ensure that you are heard for your ideas and opinion. Get appreciation for your work. HR DEPARTMENT : HR DEPARTMENT HR Department can give you infrastructure, facilities to ensure that you give you best. They can make employee friendly policies, processes and procedures to ensure that you grow in the a person, as a professional. They can appreciate your work. They can ensure proper communication process; make sure that you are heard. They can give regular feedback, appreciation and recognition. They can give training to your boss; if his management style is not good. DIVORCE : DIVORCE RESIGNATION WHY EMPLOYEES LEAVE : WHY EMPLOYEES LEAVE Job Is Not What the Employee Expected to Be Job and Person Mismatch No Growth Opportunities Lack of Appreciation Lack of Trust and Support Stress and Work Life Imbalance Compensation New Job Offer SEPERATION : SEPERATION Employee has already decided to leave the organization Exit Interview- Attempt to save the Relation. Major Retention Factors for High Potentials : Major Retention Factors for High Potentials Retention Is An Organisation Level Activity & Leads To The Success Of The Organisation As A Whole : Retention Is An Organisation Level Activity & Leads To The Success Of The Organisation As A Whole

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