Emerging Trends in Retention of Employees

8/2/2019 Emerging Trends in Retention of Employees

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Presented by:-Namrata singhPGDM 2 nd year


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What retention is all about???????

Traditional Retention Techniques:-

promotionsIncrement in salary


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Cost reduction in Recruitment and training of new employees.

Goodwill of company will increaseBuilding up of loyalty amongst employeesFeeling of job security in employeesNo need to bear the loss of professionalknowledge


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Organization culture-Interpersonal valuesEffective selection proceduresCompensation benefits

Job satisfactionPractices providing work life balanceTraining and opportunities for future growth


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Career growth- In a hyper- growth environment, growth is the mantra for business success.From an organization's perspective, career advancement is important for retention

and also for attracting talented employees to the workplace

For the job-seeker, below are the thirteen top parameters against which they base

their decision to work with a certain employer and to retain with them, as perMercers Whats Working survey: \

1) Career advancement;2) Base pay;3) Training opportunities;

4) Type of work;5) Working for a respectable organization;


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6.)Bonus or other incentives;7) Retirement savings plan;8) Flexible work schedule;

9) Good medical insurance coverage;10) Wellness programmes ;11) Paid time-off;12) Tuition reimbursement;13) Longer term leave.


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It is vital not only to fill the pockets of your

employees, but also stimulate their minds,nurture their talent and create an environmentthey would hate to leave.


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ESOPs are being increasingly used as a compensationtool by both, multinationals and Indian companies forreservoir of talent in the organization .A recent KPMG ESOP survey report titled Employee

Stock Options/Equity Incentives-Industry Insights revealsthat ESOPs are being increasingly used as acompensation tool.ESOPs continue to be predominantly concentrated in theInformation , Communication and Entertainment (ICE) sectorand companies in the financial services and private equitysectors and the manufacturing and consumer goods sectorarent lagging behind


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The management has to ensure that employees getwhat they want. Its not always about money. It hasto be a good blend of fun and a stress-free work environment.CHD developers introduced HQTF (HappinessQuotient Task Force), which charts out a plan for employee bonding and encourages strong internalcommunication between them. The HQTF has anevent calendar, which includes celebration of variousfestivals, employee birthdays, sports day, healthcamps and CSR events Accenture India has a women s networkinggroup called Vaahini, which supports networkingon efforts and initiatives related to mentoring,communication and counselingAviva Life Insurance has created a fun@workcalendar for the employees wherein theyorganize several activities

throughout the year


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With the advent of contemporary

technology, a lot of workingprofessionals are now opting to workfrom third places such as businesscenters , clubs, libraries and evencoffee shops Sameer Wadhawan, VP HR, Coca-ColaIndia expresses , We follow this model

since a lot of our discussions andexecution are done at the franchisepremise. While this is convenient, italso perks up productivity and worksin favour of the right balance betweenwork and life beyond work. Pay palthe buses that employees use fortransport are WiFi-enabled in order tocatch up on their work as theycommute


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When employees dont trust leadership,organizations pay the price in the form of lowengagement , high turnover , and lost creativityand innovation .little reasons for which your people might nottrust you? Here are five common ones :

1. You withhold trust in others;2. You ask much, yet fail to acknowledge effort;3. You behave badly;4. You dont admit your mistakes; 5.You spin the truth;

Finally, a common mistake leaders make is toassume that their position alone makes themworthy of others trust


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The authors, Dennis Reina, PhD and MichelleReina, PhD are co-founders of the Reina TrustBuilding Institute , which specializes inpromoting workplace trust spoke on this in

World s HRD congress 2012 in mumbai.

Dennis and Michelle Reina


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Flexible working is taking on the important role of talent retention,thus providing businesses with a valuable way of rewarding andattracting resources.Employees feel more energized and motivated, thanks to flexible

workinge.g- HSBC India have introduce the Flexible Work Arrangements (FWA) program in 2008. Since the programs inception, an estimated 10 percent of HSBC Indias employees have used FWA, and the bank has succeeded inretaining approximately four percent of the employees who had resigned orexpressed intention to resign by offering them the option to participate inthe FWA program.Source- http://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangements
http://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangementshttp://www.catalyst.org/publication/474/hsbc-indiaflexible-work-arrangements


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New-age demands such as social

media access, device flexibility andhave surfaced in the Indian businessscenario as the millennial today , asper a recent survey conducted byCisco , are prioritizing such socialelasticity's over salary in acceptingand retaining in a job . The advantage of permitting social

media usages are myriad , says RaviShankar , senior VP -HR,HCLTechnologies Says, Such networkingliberties help employees incollaborating and creative ideation.


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Companies that invest in trainingreport improved recruiting, higherretention and better outputE-Learning- Today, e-learning isgaining momentum as an effectiveemployee training tool with boringclassroom sessions making their way

out.The scalability/standardization e-learning offers is difficult to obtainfrom any other form of trainingMadhu Murty Ronanki , president,Talent Sprint says Our trainingprocess is standardized and we havemade investments to train ourtrainers, both through classrooms aswell as e-learning modules.


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Documents

Emerging Trends in Retention of Employees