RETENTION

Definition
 Employee retention is the organizational goal of keeping
productive and talented workers and reducing turnover by
fostering a positive work atmosphere to promote engagement,
showing appreciation to employees, providing competitive
pay and benefits, and encouraging a work life balance.

 Employee retention is a phenomenon where employees choose

to stay on with their current company and don’t actively seek
other job prospects. The opposite of retention is turnover,
where employees leave the company for a variety of reasons..
Why Employee Retention is important

 Helps in team building and ensure trust

 Great loss for organization to loose a trustworthy
 Employee turnover can harm an organization's goodwill
 High costs of replacing departing worker
 Lower morale and prompt more employees to leave the
organization..
 Wrong signal to customer
Key cause of employee turnover
 poor compensation;
 insufficient employee benefits;
 lack of remote work and work-from-home opportunities;
 lack of career development opportunities;
 lack of work-life balance;
 Undefined work culture
 no sense of belonging with team members or the
company at large;
 lack of recognition or rewards;
Benefit to employee retention
 Better process efficiency
 Greater work productivity
 Higher morale among employee
 Reduced staffing cost
 Increased customer experience
 Increased revenue and ROI
Broad Areas of Retention

Compensation Environment
Growth
• Salary • Workspace
• Individual Career
• Bonus • Cleanliness and
• Future prospect
• Health Insurance hygiene
• Opportunities for
• After retirement • Motivation
development
benefit • Job Satisfaction
Broad Areas of Retention

Relationship Support
• Supportive work culture • Performance appraisal
• Proper roles and responsibility • Prompt feedback
• Adequate defining of duties • Efficient Grievance system
Effective employee strategies
Recognition, Performance
On-boarding
rewards and feedback and
and orientation
compensation reviews

Training, Deploying
education and Amenities Engagement
development Software

Importanc
Use of Wellness
technology Perks e of HRIS
Role of HR manager
 Intervene in the current work environment
 Promote face-to-face discussion
 Recruiting right person for right job
 Conducting Motivational Activities
 Incentive Scheme for top performer
 Performance reviews
Retention techniques at different levels

 Lower level
 Middle Level
 Top Level
Lower level Retention Strategies
 Appreciating and recognizing a done job
 Recognizing professional as well as personal
significant event
 Providing benefits
 Providing perks
 Providing Work space environment
 Fun at work Occupational stress reliever
 Employee support in tough timeor personal crisis.
Middle level Retention Strategies
 Appreciating and recognizing a well done jobs
 Benefits programs for family support
 Providing convience at workspace
 Providing training and development and personal
growth opportunities.
Top level Retention Strategies
 Promoting work life balance effectively
 Understand employee need
 Encouraging professional training and development
and or personal growth
 Provide an environment of trust
 Hire the right people from the beginning
Examples
 https://www.cnbc.com/2020/02/20/these-are-the-12
-companies-workers-dont-want-to-leave.html