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08/08/2013

How to retain freshers - my solution - aptitude test.. CiteHR

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I had faced the problem of retaining freshers in my company, initially we tried to get the BOND signed from them, but it really did not work. Good candidates used to back out at the very mention of word BOND. So I thought for a while & suggested my management to raise the salary package of the freshers by 30-50% than the normal standard industry level & retain 25% of the the emoluments as deposit & keep such an amount very religiously in fixed deposit of a bank & return the amount to employees after a period of one year with inetrest ( same as bank would give). The amount which is forfeited ( if employee leaves before completion of one year), is to be utilised for the welfare of the on roll employees. ( Here I must tell you that we are small company, our training to the freshers is specialised one, the trainers come from US to train them.) By this we really achieved what was expected, the advantages were as follows : 1. As we were paying more to the freshers than any other company, we could hire the best candidates 2. We saved on attrition cost in terms of money, energy, time etc. 3. As the cost of the employee is too high compared to his experience, he is not easily hired by other companies ( even though his take home is less, his CTC is very high ) 4. Any wise employee would not like to hop for a job, unless he is getting more than the present employer. The employees have a full trust on management, they know,

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.Network Regards. Knowledgebase Categories Human Resource Management Talk To Seniors Forms. Formats & Questionnaires Building A New Business Business Schools/Management Institutes Employee Compensation & Benefits Labor & Employee Relations Organizational Development HRIS & ERP Employee Training & Development Business Knowledge Management Performance Management Financial Management This way again we have seen to it. The employees are also convinced that the management is paying them more & retaining the EXTRA part of remueration. The rest of the employees are looking forward to it.my solution . even to these employees we have given 40% increment compared to our normal increment of 15-20% every year.08/08/2013 employees have a full trust on management. let me know your comments.. that the other companies will not be able to hire our employees easily.direct raise in salary 30% ..083 people like Citeman.citehr. How to retain freshers . After the successful implementation of this strategy we have started applying the same logic to confirmed employees too. Pl.. Atleast it has stopped employees from hopping jobs for few thousands...com/11598-how-retain-freshers-my-solution. so its a sort of pride for those employees who are under this scheme.. 2/8 ..to be retained & paid after six months alongwith interest ( Only initially it will be for one year) This way we will always have six months sizable amount with the company..based on monthly performance to be paid next month ( this way we can timely check on the commitments given by them) 20% .. Organizing Corporate Events & Conferences Safety & Health Of Employees The Best Case Discussions Complete List Of Categories Citeman.Network. CiteHR 5. At the same time we have also taken some measures to give all possible facilities to the employees. we had a employee satisfaction survey & all the employees are really satisfied with the culture. www. hence. the facilities & the future plans.aptitude test. the employee will think twice before putting his papers. they know. as their cost is too high.html Like 23. the 40% increment is divided in following way : 50% . Mind you. they will get their deposit back with interest once they complete one year. the formula based on increment is applicable to only to employees with outstanding performance & not to all.

Regards.my solution .citehr.Subordinate .com/11598-how-retain-freshers-my-solution. Time and Attendance.08/08/2013 How to retain freshers . Work Load.20 Lakhs To Apply Register on Shine. all Jobs jobrapido.ProjectManag… Try this Project Management Software . very innovative.15 Yrs. communication channels. Shyamali [ Vinmind ] (Contributing Member) Is the salary only was the criteria of attrition rate.in/projectmanagement Project Management Training India 35PDU Certificate. As providing higher salary without the back up in area above mentioned with out showing the Growth path may not help the employee to stay for longer years ?????.083 people like Citeman.. As mentioned by Vinod it was really an out of the box thinking. Have you done something in respect to managing the other areas such as Safety Aspects. Apply now! Jobs Human Resources Manager Us employee satisfaction survey management outstanding performance distance education work culture 3/8 PMI® PMP training course www. markets.com 5 New jobs today.aptitude test.html International Course for Trainers Become a Certified Trainer HURRY! .iactglobal.com/PMP Get 4 days PMP Classroom Training Earn 35 PDUs. I take pleasure in thanking you.99% ExamPass Rate Topic Categories >> minimum wages aptitude test work life balance 1 Search. Project Manager Software www. Performance Mgmt.com www.com/HR+Software HR. Get Free Demo Now! F acebook social plugin [ Shyamali ] (Contributing Member) Hi Kavita! A very nice solution to most common problem faced by companies.com Now Training for Trainers www. You did a great job. Peer .com/jobs Exp 5 .Boss relationship.TrainerTrainingCourse.qaiglobalinstitute.Network.for Free! HR Software MyAdrenalin. Enroll now! Submit Your Resume www. CiteHR on Follow View Testimonials° PMP Certification Rs 7865 www. Payroll.shine. Salary 5 . CiteHR KAVITA 23.

Or will be forced to take a job at a lesser salary (compared to what you were paying).08/08/2013 How to retain freshers . Regards. It is a good idea. This will ruin the career unless otherwise they have higher level of attitude and mindset to accept reality. which will really make an employee stick to an organization. RAJACSN HR consultant.my solution . well i should say that u r a genius! & if this strategy of yours is picked up by people across all industries. This is just for your information as well as to get a feedback from other members. you deserve royalty! good thought . Assume that employee X enjoys a very good salary at your company and opts to go out after the stipulated period for some other reason.which he/she will not get elsewhere . You can start with this way and then need to take care of other aspects.then the employee will either be jobless for some time.citehr. Location-India-Pune attrition rate On the contrary.. CiteHR International Course for Trainers Become a Certified Trainer HURRY! employee satisfaction [ RAJACSN ] (Contributing Member) Hi Kavita.html 4/8 . santy www. this will have some negative aspects. [ VeronicaVershache ] (Contributing Member) Hi Kavita.aptitude test. regards. His/her mindset will look for a similar salary package .com/11598-how-retain-freshers-my-solution. Can u plz help me understand about "retaining of 25% of the the emoluments as deposit & keep such an amount very religiously in fixed deposit of a bank Thanks Rekha Roy [ Santy1970 ] (Contributing Member) hi kavita.

aptitude test. We are allowed to pay this salary. But after One now.as a Jump..my solution . knowledge management. there are other reasons. We are having a Manpower of around 5000 employees alone in coimbatore. regards Pradeepa [ Venkatet06 ] Hello Kavitha and all others. and so the Good Flow of nearly 1500 new recruits .com/11598-how-retain-freshers-my-solution. CiteHR [ Gunadeepa ] (Contributing Member) Hai Kavita & Friends In deed I am also in the same Boat that. Before a year our Operator level of Salary wqas Rs1250/. This will surely address an issue based on Monterary Benefits and for whom money is alone important.. Friends. After one year or two you cant call them freshers. Any one if you could kindly suggest other few things / schemes which can help us in recruitment and rention.html 5/8 . good hike. Not only because of Compensation. But no doubt you need to motivate them to stick to your company. Sure this is a novel idea. then due to attrition and Flow of manpower we revised the salary to Rs2500/. That is where other aspects comes into picture. Awaiting for your valuable Suggestions. as we dont come under minimum wages..citehr. What about other aspects. recruitment and Rention can be made successful. The probable solutions that may include are paying for higher education by company (particularly through Distance Education Programs).08/08/2013 How to retain freshers . Certainly works in some organizations. making one of the primary requirement for a subsequent position elevation be based on skillwww. there are only 700 employees recruited last year. Very encouraging and praiseworthy.

.. Regards www. Any comments and suggestions and deliberations are highly appreciated please.aptitude test.my solution . find out why they are dissatisfied? there may be reasons behind it. Keep it up. this will not casue dissatisfaction among other senior personnel (remember his pay pocket is not hampering) and your so called freshers remain freshers for years to come. Also company should have enough money to pay more than industry standard. We need to consider long term retaintion for entry level bcoz we invest lot in training them.. I am just giving you example. When u include every promotion on some test and on acquiring relevant higher qualification. once you find out the reasons we can discuss on the right move. But its cool one that applied very well to your orgnisation. venkat [ C2_sharad ] (Contributing Member) Hi Kavita. I have a suggestion first find out why people are leaving and what is making them dis-satisfied about that job by exit interviews.com/11598-how-retain-freshers-my-solution.. Thats good even we had implemented such kind of strategy in Procurement Dept. in my first company bcoz there pressure was too much but they could not be retained more than one & half years as they got deposit (not having interest).08/08/2013 How to retain freshers . CiteHR knowledge/aptitude test.. [ Ajithaa ] (Contributing Member) Hi Pradeepa. Money may be a constrain but there are other constrains too like the work culture..citehr. find out what the majority of people feel before quiting the job. they ran..html AJITHAA HASAN 6/8 .

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