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Employee retention is one of the hottest management topics in the United States for good reason; it is impacting employers on a daily basis. The number of qualified applicants available for vacant positions is currently in decline and employers are findin

Extracts from this document...

Introduction

Employee Retention : A Challenge A Project in Human Resources Management Index 1. Introduction 2. Reasons for its Increasing Relevance 3. A Challenge 1) 10 Reasons why Employees Leave 4. Employee Retention Strategies 1) Retention Focused Recruitment 2) Retention Focused Orientation 3) Job Sculpting 4) Retention Focused Managing 5) Retention Focused Career Support 6) Work - Life Balance Measures 7) Retention Focused Reward 8) Retention Focused Communication 5. Benefits of Investing in Employee Retention 6. Benefits offered by the BPO Companies 7. Compensation and Benefits provided by IT, ITES Companies 8. Bibliography Introduction "Employee retention." Ask 10 managers what they mean by the term and you'll receive 10 (sometimes very) different answers. Answers like these: � "Employee retention? You mean stopping people from leaving this organization?" � "Employee retention is all about keeping good people." � "Getting our compensation and benefits into line with the marketplace." � "Stock options, cr�che facilities, and other perks." � "It's got to do with our culture and how we treat people." � "Staunching the high employee turnover we have in department x or job function y." Now what u all will be wondering is which one of these is the right definition or is it a combination of these or is it something that we have not yet spoken of? Well it is a combination of all of this and something that we have not yet spoken of. You may be thinking to yourself, "Oh great, employee retention. Yet another supervisory challenge." Employee retention is one of the hottest management topics in the United States for good reason; it is impacting employers on a daily basis. The number of qualified applicants available for vacant positions is currently in decline and employers are finding it difficult to hire new employees and to keep employees over the long run. Let Us see what "Employee Retention" used to mean This entails understanding just a little history. ...read more.

Middle

Select for competencies: - Talents - Knowledge - Self-management traits - Motivations � Referrals - new recruits that were referred by current employees tend to stay longer. They have the advantage of inside information and so are less likely to find the job or role contains unpleasant surprises. Current employees are unlikely to want to jeopardise their own standing by referring friends who are just not appropriate for the work involved. � Including team members in the recruitment process - For roles that a largely team based, or managerial, it is worth taking into consideration the opinions of those who will have daily contact with the post holder. It is a fact of life that many hiring failures come down to clashes of personality. When interviewing prospective managers, consider the notion of upward feedback. � Promote rather than hire - Internal promotions send a signal to employees that they too may get the chance of career advancement, if they remain with the firm. Conversely, if strong internal candidates are not selected, it may look like the best option is to leave, if you want to get ahead. - save money on recruitment - save money on signing bonuses - signal to employees - person - culture fit known 2) Retention Focused Orientation: Effective orientation plays a vital role in the longer term retention of employees, yet many orientation programs are little more than induction. The purpose of orientation is to get the new recruit settled into position as quickly as possible. � First impressions count. � The time window is very small. Common mistakes � Not having the new employee's equipment in place � Ignoring them or leaving them to read manuals � Long lectures, too much information, endless form filling � Not involving the new recruit's manager and department � Monologue rather than dialogue Instead, � Make sure equipment is in position � Show them how they can achieve � Explain what is expected of them � Explain how to add value � ...read more.

Conclusion

Junior Management). The ITES and IT companies are currently in a high-growth phase, and this supports the high salary increases. 7. Cash based components (base salary, cash emoluments and variable pay) have gone up from last year, whereas Benefits (loans, conveyance and housing) have gone down. More and more companies are now using a higher proportion of their total employee budget towards variable pay to drive business results. Benefits: Organizations in both the IT and ITES industry are consolidating benefits, with a greater focus on employee attraction and retention. Company Cars: An 18-20 percentage point reduction was reported in company car programs in the IT and ITES industry, as more companies moved towards cash-based programs. Loan Programmes: A 5 to 15 percentage point decrease was reported in the various loan schemes (housing, vehicle, and other loans) from last year. Stock Options: Stock options are losing their charm in the IT and ITES industry. A 10 percentage point drop was reported in the prevalence of stock option programs between 2002 and 2003. Non-Statutory Retirement Benefits: There was a 5 to 10 percentage point decrease in the number of companies offering non-statutory retirement benefits, such as superannuation programs. People Practices: Recruitment: A 7 - 14 percentage point reduction was reported in the allocated budget for recruitment, hiring, and orientation from 2002 to 2003. Training: Training hours in the IT industry decreased by 13 per cent, whereas the ITES industry reported a 4.3 per cent increase in training hours over last year. Career Paths: ITES organizations are focusing on more long-term orientation for employees. A 14 percentage point increase was reported in the number of organizations offering employees a formalized career path. Workforce: 41 per cent of the IT companies saw a significant workforce reduction (affecting 5 per cent or more employees). This figure for the ITES industry stood at 11.5 per cent. Rewards and Recognition: There has been a 4 percentage point increase in the number of organizations offering special recognition awards to their employees, with 95 per cent of the ITES companies having these awards in place. ...read more.

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