Hi everyone, I have been given the task to create an employee retention policy for my company. My company is into Steel manufacturing sector and close to 4000 employees. I would really be grateful for any valuable suggestion/sample from your end.
From India, Pune
From India, Pune
Employee retention is the result of a whole series programmes making your HR policies. Without understanding the HR dynamics it would not be a very credible exercise to make suggestions. Some of the general suggestions could be a fixed time bound promotion policy, regular financial incentives linked with length of service, periodic revision of wages, non-financial incentives etc
From India, Mumbai
1422From India, Mumbai
Your existing policies have to be reviewed first fir framing retention policy. Also the trend of employees leaving fir the last few years will have to be studied. - S. K. Mittal 9319956443
From India, Faridabad
From India, Faridabad
Dear Amal,
You have not mentioned your designation, length of service, experience in the field of HR etc. Employee retention has to be handled by an experienced employee and not by a novice.
To retain your employees, you need to control the attrition. To control the attrition, you need to do the attrition analysis. Have you done that? If not done then you may refer my following reply:
https://www.citehr.com/519562-employ...ml#post2211229
By the way, you cannot have a policy on employee retention as such. The preceding learned member has rightly pointed out that there can be measures to improve employee retention.
But then attrition analysis is only one part of the retention measure. There are several other measures like conducting an employee satisfaction survey, improving employee training practices etc.
Lastly, it is not a question of employee retention. You need to especially focus on the retention of talented employees. What is the use of retaining poor performers? Therefore, identifying poor performers and giving them a chance to improve their performance or taking measures to elevate their performance is also an important activity.
The final goal of employee retention is to improve the "labour productivity" of the organisation. In order to improve productivity, you need to weed out the perennially poor performers also.
Nevertheless, all said and done, if you work in a steel manufacturing company and if your company has 4,000 employees then in such companies, generally a township is developed for the employees. These employees are not known to quit employment. The attrition rate is significantly lower compared to other industries. Even then alsowhy you have been given a task of identifying measures to retain employees is a surmise in itself.
Thanks,
Dinesh Divekar
From India, Bangalore
You have not mentioned your designation, length of service, experience in the field of HR etc. Employee retention has to be handled by an experienced employee and not by a novice.
To retain your employees, you need to control the attrition. To control the attrition, you need to do the attrition analysis. Have you done that? If not done then you may refer my following reply:
https://www.citehr.com/519562-employ...ml#post2211229
By the way, you cannot have a policy on employee retention as such. The preceding learned member has rightly pointed out that there can be measures to improve employee retention.
But then attrition analysis is only one part of the retention measure. There are several other measures like conducting an employee satisfaction survey, improving employee training practices etc.
Lastly, it is not a question of employee retention. You need to especially focus on the retention of talented employees. What is the use of retaining poor performers? Therefore, identifying poor performers and giving them a chance to improve their performance or taking measures to elevate their performance is also an important activity.
The final goal of employee retention is to improve the "labour productivity" of the organisation. In order to improve productivity, you need to weed out the perennially poor performers also.
Nevertheless, all said and done, if you work in a steel manufacturing company and if your company has 4,000 employees then in such companies, generally a township is developed for the employees. These employees are not known to quit employment. The attrition rate is significantly lower compared to other industries. Even then alsowhy you have been given a task of identifying measures to retain employees is a surmise in itself.
Thanks,
Dinesh Divekar
From India, Bangalore
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Employee-retent ion-plan_1__185 .pdf
Employee reference policy.doc