Creative Retention Strategies That Are Used by Organization Today
With the fast changing economic & market conditions, companies are facing very high pressure to perform which require them to have the best people to work with, to retain their experience minds; they want to be the most preferred employer in the eyes of their prospects (future employee). To retain their best talent companies are adopting various creative strategies. According to DQ-IDC recent survey on the reasons that make people change the job, the most important reason was salary & compensation but apart from that Career Development, Location, Flexibility of office hours, Job Security, Organization Culture & Welfare policies emerged as the main reason of changing job.
There is not much change on the attrition front we have seen even after following many strategies; the biggest attrition rate is still in IT industry which is 18%, followed by banking & financial companies. The average retention rate has dropped from 82% in 2007 to 79% in 2008. Now when we look what companies are doing to retain their employees, we can find many interesting thing. Some of the creative retention strategies/practices followed by companies are
1. Flexi timing: – Many Companies are following this technique like Aditi technologies, Sap Labs etc. It seems these companies have got the right software of flexible timing. 2. Fun @ Work:- Many companies have made fun an integral part of the working & their companies values, some of them have linked the fun with their performance appraisal system like Wipro BPO, Acclairis Business solution pvt. Ltd., VCustomer Corp. etc. 3. Training & Development opportunity: – Many companies have understood that their people are the most important assets that’s why they want a continuous up gradation of their employee through short term training & development programmes.
4. Respect Your Employee: – When we look at the recent survey on “Employee retention” we can find respect & recognition at the work place has emerged as the one of the main reason of changing job. Almost every company is trying hard to pay due respect to their employee by many programme. On the spot award, Self Appraisal, Foreign trips, “Get well soon” Flower bouquets for ill employee or family members are such programmes to show the respect towards the employees.
5. Empower Your employee: – It is not a matter of surprise that Marriott Hotel India every employee is called “Associates” and the “Sir” culture is absent there, Associates are empowered enough to take decision, the same way RMSI who have freed his employee to calculate their own performance bonus, at any time on the internet. 6. Bridge the Gap:- Programmes such as “Coffee with GM” in Marriott Hotel, “Good Morning Qualcomm” in Qualcomm, Breakfast meeting by CEO etc Are tool to improve the communication & fill the communication gap between Manager & their subordinate & also to bring fairness in the system. 7. Work with Friends: – Many companies like Perot System hires 40% of the employee through employee referral channel to create a friendly college like environment & to bring a sense of belongingness among the employee.
8. Best Reward System:- Many organization started self chosen reward system in which an employee could decide his/her own target & reward, organization are adopting 3600 performance appraisal system to bring the fairness in appraisal system. Apart from above example I have seen many interesting example like Mind Tree consulting’s “Baby’s Day Out” programmes, Antakshri programme, Departmental Day Outs, Annual Spring party, Sabbatical for social services, Cadbury day, Dhoom machale etc. are some example followed in different organization to control the attrition. After looking all the above aspects in nut shell companies should keep in mind the most widely accepted HR definition which is the best mantra to retain the employee & that is—- “The genuine concern of people”.