CREATIVE RETENTION STRATEGIES: TREADING THE UNBEATEN TRACKS

With globalisation taking the entire globe into its ambit, competition in every segment has reached its climax. Whichever sector of our economy you take, there are innumerable employers and so are employment opportunities. Employees tend to make the most of it by switching from one company to the other and from one job to another in search of better avenues, perspective, work culture or promotion. But this leads to a great loss of human resources for employers.

Picture it! An employee, who joins as a fresher and gradually becomes more skilled by dint of his experience, ultimately switches to another job to justify his experience. All investments made by the employer turns futile.

As this culture swiftly gained momentum and would have acquired malignant form, employers apprehending the potential threat that this ‘aaya ram, gaya ram’ cult possed to the employers in particular and whole economy in general, came up with plethora of creative retention strategies. Maintaining a stable, seasoned staff is an investment that can pay rich dividends in the long run. Initially employees resorted to legal measures by making written agreements with employees, which made it compulsory for employees to serve respective companies for a certain period. But this was no solution, it was yet another problem. It is not only important to ensure that employees hold on, but it is equally important that they work towards productive welfare companies.

Of all the creative retention strategies that are used by the organisations today, the major one is to identify the reasons or factors which tempts employees to migrate. Employers have a continuous evaluation system in place, which ensures that every employee gets his due share. A short term, performance based bonus and compensation system that rewards continued employment at three months, six months, a year and so on has been put in place,which ensures that as an employee grows in his skills and experience, so does his perks and avenues. So that he is not lured into another job.

Several employers allow employees to dedicate some part of their working hours to their work related interests like research works which not only boosts productivity but also spurs a sense of oneness in employees and makes working a playful experience.

Establishing employee ownership program that rewards longevity with profit sharing bonuses or shares in the company has really boosted the employee retention rates. The best way to retain top quality employees is to make them a part of employer themselves by including them in board of directors or providing them shares in the company. A sense of ownership in employees greatly spurs the cause of employers.

Though there are scores of employee retention policies around, still each one of them can be made more effective. The gap between employers and employees can never be bridged. Both can have their own perspective over the same issue. So any unilateral policy drafted and decided by employers alone can never satisfy one and all. All retention policies must be bilateral,i.e,employers and employees should equally be involved in all retention strategies. Many employers conduct polls to find what employers actually want and this leads to many unconventional innovations like permitting employees choose their own shift which actually works wonders.

So,in nutshell, organisations already have a lot of creative retention strategies today. But still it needs to be taken to the next level with few new innovative ideas. Every employee retention policy has some room for improvement. Employers must keep themselves open to suggestions and global developments. These retention strategies will go a long way in strengthening the relation between employers and employee sand generating a conducive work culture.

POSTED  BY : PALLAVI SINGH
                         PGDM III SEM, 'B'