employee retention strategies

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Employee Retention Strategies A Presentation by, Mohammed Fazil Shareef

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Employee Retention

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Page 1: Employee Retention Strategies

Employee Retention Strategies

A Presentation by,Mohammed Fazil Shareef

Page 2: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 2

What is Employee Retention?

• Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project.

• Employee retention is beneficial for the organization as well as the employee.

Page 3: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 3

Importance of Employee Retention

• The cost of turnover.

• Loss of company knowledge.

• .Interruption of customer services.

Page 4: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 4

Importance cont….

• A Co’s loss is a Competitors Gain

• Decline in Productivity

• Goodwill of Company.

Page 5: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 5

Top 15 Retention Drivers

8. Meaningful work, making a difference & contribution

9. Pride in organization, its mission & product

10. Great work environment / culture

11. Flexibility

12. Autonomy, creativity and a sense of control

13. Job security & stability

14. Location

15. Diverse, changing work assignments

Source: Career Systems International.

1. Exciting work & challenge

2. Career Growth, Learning & Development

3. Working with great people & relationships

4. Fair pay

5. Supportive management/great boss

6. Being recognized, valued & respected

7. Benefits

Page 6: Employee Retention Strategies

Employee Retention Strategies.

• Hire the right person in right place. • Empower the employee

(Autonomy)

Monday, April 10, 2023 6Employees Retention Strategies

Page 7: Employee Retention Strategies

• Right compensation for their work

• Have faith & trust in them.

Monday, April 10, 2023 Employees Retention Strategies 7

.Recognize & appreciate their achievements.

Page 8: Employee Retention Strategies

• Keep their morale high.

• Make them realize that they are valuable for Organization.

Monday, April 10, 2023 Employees Retention Strategies 8

Effective Mentoring

Give timely feedback.

Page 9: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 9

Conclusion

Page 10: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 10

Three Rs of RetentionRespect Recognize Reward

Implementing the right mix of three Rs result into-• Increased Productivity• Reduced Absenteeism• A Pleasant Work environment (for both employees and employer)• Improved Profits

Basically it creates a

“WIN-WIN Situation”

Page 11: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 11

Sources• “Love ‘Em or Lose ‘Em” – Kaye & Jordan-Evans• Employee Retention- Frank Girad (ehow Contributor)• Retention Strategies- Chris Joseph (Demand Media)• The wall street Journal -Asian Edition (Employee

Retention – How to Retain Employees)• Employee Retention Strategy Can Save Companies

Millions. (By: Nancy Germond , AllBusiness.com)• http://www.careersystemsintl.com

Page 12: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 12

A Presentation by,Mohammed Fazil Shareef

Page 13: Employee Retention Strategies

Monday, April 10, 2023 Employees Retention Strategies 13