Employee Reward Program- You can make a provision of Monthly or Quarterly Award (depending upon the budget) for the best employee, Awarding 2 or 3 best workers each month. The award can be in terms of gifts or money.
Sensing the need to retain talent in a tough market, companies across sectors are tying the performance and fortunes of employees with their own, and are attracting mid to-senior-level employees with a substantial hike in variable pay in comparison to fixed pay, without taking a hit on immediate costs.
A successful reward and recognition program does not have to be complicated or expensive to be effective. Graham Weston, co-founder and CEO of Rackspace Managed Hosting, gives the keys to his BMW M3 convertible to his employees for a week. This creative way to reward employees has a bigger impact than cash. He says, “If you gave somebody a $200 bonus, it wouldn’t mean very much. When someone gets to drive my car for a week, they never forget it.”If it is money then it should be divided into two parts, first part to be given with the next month salary and the remaining after 6 months. In this way he/she can be retained for 6 more months. These rewards shall be considered at the time of appraisal.
Flexible working hours-
You have to realize the importance of having a work-life balance. You might be a workaholic who needs to work 24 hours a day, 7 days a week for you to be productive, leaving little time for your personal life. While that might work for you, you cannot expect the same from your employees. If needed, you have to let them take some time off for a well-deserved vacation or other situations which needs a little understanding on your part. Do not begrudge your best employees of the time they need for themselves. This would help solve unease and stress in the workplace.
Retaining working mothers to fight talent crunch works: Survey
A large section of women employees, especially working mothers, feel more engaged and productive in a supportive and flexible work environment says a survey conducted by TJinsite, research and knowledge arm of TimesJobs.com. In view of HR managers, it is essential to have a focused strategy to engage and retain women employees to drive better productivity for the business, particularly in high-pressure industries such as IT/ITeS, where their attrition rate is much higher.
According to Natasha Singh, Head-Recruitment of Steria India, capturing post-motherhood talent can help IT/ITeS industry to fight looming talent crunch. Referring to her company’s strategy, she mentioned, “We have created kids creche within our office complex at Noida and Pune centres, to take care of the infants, toddlers and school going kids of Steria mothers. The objective is to create a working environment where mothers can work peacefully with focus and stay stress-free relative to their kid’s physical, emotional and psychological and hygiene related needs.”
Timely Promotions:- employee promotions given within time or given in-time after gaining certain experience or given without any delay, makes employee feel belongingness towards organisation. In many cases and in many reports emphasised about in-time promotions make positive influence on retention of employees in the organisation. Employee promotions plays a key role, especially in the public sector and government organisations. As a corrective measure to stop flow of resignations and for employee retention in Defence Research and Development Organisation (DRDO) in India planned for fast track promotions through performance appraisal of its employees.
Timely increments:- Timely Increments in salary makes talented employees to stick to the organisation for long time. Many researches have found that the salary and increments were the core reasons behind leaving of employees to other organisations and competitor organisations attracts talent by showing sole monetary benefits, indeed most of the talent is getting attracted for this reason. It is universal fact and one has to accept that the monetary benefit is the core reason for an employee decision-making on retention in the organisation.
Employee Engagement -People may show up for work, but are they engaged and productive? People are more committed and engaged when they can contribute their ideas and suggestions. This gives them a sense of ownership.
Career Development Program– Every individual is worried about his/her career. You can provide them conditional assistance for certain courses which are beneficial from your business point of view. Conditional assistance means the company will bear the expenses only if he/she gets an aggregate of certain percentage of marks. And entrance to that course should be on the basis of a Test and the number of seats to be limited. For getting admitted to such program, You can propose them to sign a bond with the company, like they cannot leave the company for 2 years or something after the successful completion of the course.
Performance based Bonus– The employee always comes to know about the profit of the company which is of course based on the strategic planning of the top management and the productivity of the employee. To get more work out of the employee, You can make a provision of Bonus. By this employee will be able to relate himself with the company’s profit and hence will work hard. This bonus should be productivity based. You can make sure that this bonus is not adding extra-pressure on the budget of Your Company and you can arrange this by cutting a part of the salary hikes and presenting it to the employees in the form of bonus.
Employee Referral Plan- You can introduce Employee Referral Plan. This will reduce your cost (charges of external consultants and searching agencies) of hiring a new employee and up to an extent you can rely on this new resource. On every successful referral, employee can be given a referral bonus after 6 or 9 months of continuous working of the new employee as well as the existing employee. By this you can get a new employee at a reduced cost as well as are retaining the existing one for a longer period of time.
Loyalty Bonus- You can introduce a Loyalty Bonus Program in which you can reward your employee after a successful completion of a specified period of time. This can be in the form of Money or Position. This will encourage the fellow employees as well whether they are interested in money or position, they will feel fascinated.
Employee Recreation- You should also let your employees enjoy in a light mood. You can take your employees to a trip or for an outing every year or bi-yearly. You can make use of this trip as well. You can start this trip with an opening note about the management views and plans, strategies etc. At the same time you can involve your top management into some of the fun activities as this will make feel the employees that they are very close to the management and everybody is same.
Gifts at some Occasions-You can give some gifts at the time of one or two festivals to the employees making them feel good and understand that the management is concerned about them.
Accountability- You should make each employee accountable so that he can also feel that he is as important as his manager. If he/she will be filled with this sense, he/she will seldom think of leaving the company.
Making the management effective and easily accessible- You should make the management easily accessible so that the employee expectations can be clearly communicated to the top management, as it is impossible for the top management to reach each employee frequently.
Surveys- You should conduct regular surveys for feedbacks from employee about their superiors as well as other issues like food, development plans and other suggestions. This will make them feel of their importance and the caring nature of the company. Some of the suggestions might be of real good use for the company.
Employee referral program- according to the recent survey it is found that employees within organisation feel motivated if references of them given importance while recruitment of employees. Employee referral program surprisingly raising employee retention level of organisation, which also became a human resource strategy for employee retention.
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