HIGH ACHIEVERS CONSULTING EMPLOYEE RETENTION HIGH ACHIEVERS CONSULTING email@example.com
FRAMEWORK OF EMPLOYEE RETENTION Source: www.chillibreeze.com
RETENTION REALITY: WHY THEY JOIN Source:www.danfarrell.com
SURVEY 75% OF ORGANISATIONS HAVE NO STRATEGY OR BUDGET FOR EMPLOYEE RETENTION • UK organizations are struggling to retain their employees, claims a new survey which finds that 3 out of 4 have no explicit strategy or budget for employee retention and they don’t understand the real reasons why employees leave. Source: http://www.clickpress.com/releases/Detailed/59127005cp.shtml
SURVEY • Developed from a survey of HR practitioners in 316 organizations, it finds that 93% have implemented retention initiatives over the past year, yet nearly half (47%) still admit that they have a problem retaining staff and two-thirds (65%) say they want to reduce their employee turnover. • According to the survey, 44% of organizations have a staff turnover rate higher than 15% per year, with one in ten exceeding 30% per year. In organizations with over 500 employees, more than a third (36%) have a turnover rate exceeding 20%. 81% of organizations believe staff turnover has a detrimental impact on their effectiveness. Source: www.clickpress.com
RETENTION MODEL DIAGRAM Source:www.competitiveedgehr.com
EMPLOYEE RETENTION STRATEGIES Source: retention.naukrihub.com
HOW CAN I IMPROVE THE RETENTION Source: peopleindairy.businesscatalyst.com
EMPLOYEE RETENTIONINITIATIVES Source: www.nicholsonmcbride.com
7 STEPS TO BETTER EMPLOYEE RETENTION • Track retention • Hire right in the first place • Offer employees a path to greater pay and responsibility • Train first-level supervisors • Look for stressors and train leaders on how to help employees in stressful positions • Be more flexible on work conditions • Re-evaluate benefits package
IDEAS FOR EMPLOYEE RETENTION PROGRAMS • Workplace culture • Involvement • Orientation • Learning • Reward
KEEPING IS CHEAPER THAN REPLACING • Direct Costs of Replacement • Paperwork/Time Exit Interview • Recruiting Replacement • Interview/Select New Employee • On boarding New Employee • Training New Employee • Depending on the complexity of the job, this process can take at least 3-6 months in most cases.
KEEPING IS CHEAPER THAN REPLACING • Indirect Costs of Replacement • Losses in productivity. • Slips in schedule. • Loss of corporate knowledge. • Lost opportunity costs etc.
KEYS TO RETENTION • The keys to retention simply put are based on a name we called SAM; • Satisfaction - There are a number of elements to satisfaction. They include, salary, health plan, dental plan , work environment, and more. • Appreciation - Appreciation is just what it says it is, being recognized and appreciated for your work. Both publicly and privately. • Motivation - Once an employee is satisfied and appreciated, that employee can be motivated. Ways to motivate include bonuses, promotions, conferences and training and more. • That's it! Employee retention is as simple as SAM
TOP 10 LOW & NO CO$T EMPLOYEE RETENTION TIP$ • Hire the Right Person • Open & Effective Communication • Clear Expectations • Outstanding Feedback & Recognition • Treat People with Respect • Share Training Responsibility • Have Fun • Promote Work/Life Balance • Demonstrate Corporate Social Responsibility • Utilize Connection & Exit interviews
We at High Achievers believe that it is people who build organization and create wealth. It is people who form the essence of who we are and what we do. THE NEED IS TO HAVE RIGHT PEOPLE AT RIGHT PLACE We at High Achievers provide recruitment solutions that enable efficient hiring of human resources of appropriate capabilities and qualities. We provide one stop customized solution to all our clientele needs through a candidate centric approach. WHO WE ARE HIGH ACHIEVERS CONSULTING Information@highachievers.in Contact – 0120 - 4265375