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Retention by Kamran Latif

Free essay example:

Kamran Latif

Retention

Retention in business means keeping staff. In this part of the unit I will discuss ways in which businesses in general keep staff and how Halesowen College keep staff.

How Businesses keep staff.

Flexible Working

Flexible working includes part-time work, job-sharing, working from home, term-time working and any other flexible hours which enable employees to combine looking after children or adults in need of care with work. This will help the employee as they know that this usually means that they can work when it suits them.

Pension Scheme

A pension is a steady income given to a person (usually after retirement). Pensions are typically payments made in the form of a guaranteed annuity to a retired or disabled employee. An annuity is an agreement for one person or organization to pay another a series of payments. This helps the employees because they know when they have retired they will still have a source of income.

Promotion

A promotion is the advancement of rank or position in an organizational hierarchy system. A promotion can involve advancement in terms of salary and nature of the job or what the job can be described as. This will motivate the employee because they will know a higher position will usually mean a higher income.

Bonuses

A payment in addition to the amount contracted for a supplemental payment not considered a regular part of an employee's salary. A bonus may be given to employees who reach a specified production goal. This may motivate the employee to become more efficient in the field they are in, for example a sales rep will try harder to sell more items if he knows that he will get a little extra.

Company Car

A company car is a vehicle given to an individual so that they can do their day to day work without having to worry about transport. Generally a company car is given to employees in a large firm or to an individual who is high ranking in the company hierarchy table.

Fair Treatment and Equal opportunities

This includes making sure that all employees are getting equal treatment in the business; this could be on disciplinary action or even on a pay rise. Equal opportunities is giving everyone a chance to excel within the business this may be through a promotion or a training course to improve their knowledge.

Wage Increase and Good/Competitive pay

This may help keep staff because the employee will feel as if he/she does not have to move to get a higher pay. A wage increase will normally occur when an employee is promoted or when they are thinking of leaving, a pay rise may convince them to stay.

Holidays

Giving an employee holidays will allow them to have a break from work, this will motivate the employee to work harder as they know they can look forward to something special this could sometimes be classed as a bonus because of the time they have off work.

Allocated Parking Spaces

This will also motivate employees because they will not have to park their car far away from premises in which they are working, this may be especially convincing for an employee to stay if they are working in a busy town centre.

Healthy and safe working environment

This is important because employees will want to feel safe where they are working, away from any threats that may be of a concern to them. This could be a secure car park for their cars, they must also feel at ease with other employees if someone thinks that they are in threat they will not continue work there. A healthy environment may be a clean office or desk and a place away from noise and pollution.

How Halesowen College keep staff

Email and other online services

This will help keep staff because they will always be able to communicate with other staff and students, they will also be able to provide students resources without having to go into college

Staff discounts in training restaurants and beauty salons

This will help because staff can have a beauty treatment by trainees for a fraction of the normal costs. They will also be able to eat in the restaurant and get a discount this will be cheaper then most places.

Free courses for staff and immediate family

This will keep staff because they know that if they need to expand on their knowledge or understanding they will be able to do so. If staff feel that a job may also benefit their family they may also decide to stay on so that their family can receive the best support.

Nursery

This may help keep a employee on at the college because if they have small children they know that they don’t have to worry about getting a babysitter while they are at work, this will be at a low rate which is also a plus on staying in a job.

Car parking

This will motivate staff to stay because they know their car is safe in the car park and they will always have safe parking.

Staff lounge, shop and refectory

This will help retain staff because they will have somewhere to go when they are not teaching. The refectory will also influence this decision as employees know they will not have to travel far to get food. The college shop is always available during the day this will help retain staff because they know that refreshments and snacks are always available along with other essential supplies for example, note books and pens.

Fitness studio and sports hall

This will help to retain staff as they know that they will be able to use the available fitness resources which means they may be able to get a workout during a break, this is also available for hire for functions or lessons and staff will generally get a discount.

Working from home scheme

This will help to keep staff by them knowing that they can work from home to do essential work; this will be helpful because they don’t have to come to work if they are not teaching on the day.

Paternity/maternity leave

This will be extremely influential on the decision for a female employee to leave, this assures the staff that they can take the time off that they need but they will still have a job when the period has passed.

Final salary pension scheme

Final salary schemes are sometimes called "defined benefit" schemes. The amount of income you receive from your pension is based on a proportion of your salary on retirement and the length of time you have worked for the company. This will influence  the decision to stay because the employee knows that they will get a good income after they have finished work.

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