Employee Retention
A STUDY ON EMPLOYEE RETENTION TECHNIQUE
ADOPTED BY VEE TECHNOLOGIES PVT LTD
S.K.DURGA II MBA
BHARATHIAR SCHOOL OF MANAGEMENT AND ENTREPRENEURIAL DEVELOPMENT
CHAPTER 1
1. INTRODUCTION
1.1EXECUTIVE SUMMARY
I endeavoured to bring to light one of the critical ills that inhibit most of the BPOs now. The issue of retention is stressful for most managers. Managing high-performing employees can also be stressful at times. Combine the two and consider the issue of retaining employees and have a recipe for mega-stress.
There is no single definition of employee retention that fits all circumstances.
“Excellence results from dedication to daily progress. Making something a little better every day.” – Robert Hall
“It is commitment, not authority that produces results.” – William I Gore
The concept of employee retention developed as a response to increasing voluntary employee turnover. Initially, employee retention dealt mostly with employee “hygiene factors”, primarily compensation and benefits. It soon became clear that sustained employee retention called for a more holistic approach that dealt with employees’ “higher needs” such as acceptance, esteem, and self-fulfilment.
After visualizing the shot, a golfer rejects all but the appropriate club to achieve the result visualized: a driver for a tee shot, a putter for the green, a sand wedge for getting out of bunkers, and so on. Likewise, to retain employees, you must choose the right tools to achieve your goals. The possibilities are numerous – compensation schemes, crèches, pension plans, cars, bonuses, fresh paint, coaching, 360-degree assessments, barbecues, to name just a few.
Each day, the competition is out to steal your most talented employees. The best defence is to create a total work experience so attractive that your brightest star would never consider leaving.
The best managers understand that the contributions of excellent employees are what make the difference between success and failure and they
ADOPTED BY VEE TECHNOLOGIES PVT LTD
S.K.DURGA II MBA
BHARATHIAR SCHOOL OF MANAGEMENT AND ENTREPRENEURIAL DEVELOPMENT
CHAPTER 1
1. INTRODUCTION
1.1EXECUTIVE SUMMARY
I endeavoured to bring to light one of the critical ills that inhibit most of the BPOs now. The issue of retention is stressful for most managers. Managing high-performing employees can also be stressful at times. Combine the two and consider the issue of retaining employees and have a recipe for mega-stress.
There is no single definition of employee retention that fits all circumstances.
“Excellence results from dedication to daily progress. Making something a little better every day.” – Robert Hall
“It is commitment, not authority that produces results.” – William I Gore
The concept of employee retention developed as a response to increasing voluntary employee turnover. Initially, employee retention dealt mostly with employee “hygiene factors”, primarily compensation and benefits. It soon became clear that sustained employee retention called for a more holistic approach that dealt with employees’ “higher needs” such as acceptance, esteem, and self-fulfilment.
After visualizing the shot, a golfer rejects all but the appropriate club to achieve the result visualized: a driver for a tee shot, a putter for the green, a sand wedge for getting out of bunkers, and so on. Likewise, to retain employees, you must choose the right tools to achieve your goals. The possibilities are numerous – compensation schemes, crèches, pension plans, cars, bonuses, fresh paint, coaching, 360-degree assessments, barbecues, to name just a few.
Each day, the competition is out to steal your most talented employees. The best defence is to create a total work experience so attractive that your brightest star would never consider leaving.
The best managers understand that the contributions of excellent employees are what make the difference between success and failure and they
References: 2. Clowney, C. (2005, October) Best practices in recruiting and retaining a diverse faculty. Clowney and Associates: Web Conference. 3 4. DiversityInc. (2005, November). Diversity training. DiversityInc Webinar. 5. Employee retention toolkit. Retrieved December 20, 2005, from Society for Human Resource Management Website: www.shrm.org 6