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Organisational Behaviour

TWENTY RETENTION TOOLS FOR CURBING ATTRITION

In today's scenario ATTRITION has become the most dangerous alarm to all HR employees' ears and Organization is facing troubles to fight it out. Suggested Retention Tools for curbing attrition to a great extent are submitted herewith. These need not be brainstormed and implementation strategy should be worked out immediately.

1. OFFER COMPENSATION – ATTRACTIVE AND COMPETITIVE: Fair compensation alone does not guarantee employee loyalty, but offering below-market salaries makes it much more likely that employees will look for greener pastures.

Use of Industry Surveys and other data tools to stay informed on wage trends.
To benefit both company and employees, tie increased one time performance pay to meeting specific goals aligned with business objectives.
Collect data from exit interviews to document trends from your departing employees, and then use this data to make a business case for increasing salaries across the board.
Go for Employee Engagement Surveys / ESS, to find out what perks, benefits and forms of compensation other than money will help keep them motivated.
Let employees decide their own compensation package / reimbursements once the quantum is fixed.
Pay Exception is a procedure at FedEx, which allows managers to recommend and give exceptional pay increases to their highly performing employees when it is not covered by normal policy. Extensive performance measuring scheme and incentive policies by Sasken Communications , Awards and recognition like "Best project" , "contribution", "mentorship" by Aztec Software and Formal Individual / group recognition at departmental / organization levels by Intel Technologies India Pvt Ltd are few outstanding examples. *
2. BENEFITS NEED TO BE QUANTIFIED AND QUALITATIVE. Although benefits are not a key reason why employees stick with a company, the benefits you offer can't be markedly worse...