Retention has always been a key to success for every organisation. However it has remained as an area of innovation and introspection. Each organisation has tried and experimented to have improved retention, some have succeeded some are still grappling with this area.
To look at this issue more deeply it is important to get your basics right for examples whom do you wish to retain? What contribution that set of employees are making to the organisation? What factors will make them perform better?
I have seen in my professional life that the identification of must retain talent is most important step. The organisation’s find it tough to get this aspect right. However I have experienced in my last 25 years career 3-4 times where identification was done well and exhaustively resulting in better retention strategies getting executed on ground.
Some of the other key tools applied post identification were-
Career dialogue with employees
It is essential to let your employee know what’s in It for them in the company if they continue to perform, career streams, horizontal and vertical growth prospects. Defining and designing career ladders become key to this process.
Relooking at Rewards system
Reward and recognition is important aspect for retention. Individual reward framework, team reward framework need to clearly define and made aware to employees. What recognised and rewarded by organisation need to be in the DNA of the culture.
Modifying incentive system
Simplified IC (Incentive Compensation) plays a critical role in the organisation. Many organisations that have consistently succeeded in the market had stable employees by virtue of strong incentive schemes be it commercial area or manufacturing area or other support functions.
Providing development opportunities by providing Training and skill development
Individual development is key reason for employees to stay in an organisation. Consistent training and development helps organisations in becoming learning organisation from operation driven organisations. It fosters culture of learning and innovation which helps in retaining the talent you want to be stable.
Although these are some of the tried, tested tolls but I am sure there would be other methods too which larger HR / Business community must have experienced, look forward to hear from them….
Author- Varun Upadhyaya has 25 years work experience as an HR Professional. He has worked for HCL Technologies, IBM India, Dr. Reddy Laboratories and his last assignment was as President Global- Human Resources at Cadila Pharmaceuticals Limited.