Retention Strategies

Intelligent employers know the value of retaining the talented.  Retaining the talented has never been so important in the past.  However, in recent days, employers are beginning to realize the importance of retention strategies.  Retention of key employees is critical to the success of any organization.  This is experienced very much in BPO organizations where fresh recruitment is done and intensive training is given for induction into the job and when middle management employees quit it is a loss for the organization cost wise and also loss of valuable time.  Since fresh employees need to be given training again and then inducted into the job.

Why do people leave?  There are various causes like – monotonous work, minimal opportunity for growth, problems with superiors and in BPO night shifts are reasons why people leave.

What can be done?  Though it is impossible to scrap problems totally, the human resource department can play an important role by conducting surveys among employees at various levels time to time.  By having open door discussions among employees and by getting to know employees problems in an indirect way this should be solved immediately and amicably.

At the time of recruitment:  The following steps could be taken.

• Select the right people through various screening
• Offer good remuneration and attractive benefits
• BPOs can open offices in smaller towns where opportunities are fewer

The basic strategies that should be kept in mind for employee retention are: 

• Higher right people
• Employer employees : Give authority to employees to get things done
• Make employees aware that they are the most important assets to the company
• Have faith in employees, respect and trust them
• Give employees time to time feed back on the company
• Recognize and appreciate their achievements
• Create a friendly atmosphere where employees like to work

Review Questions:

• What is Retention Strategies?
• Explain the various methods of retention strategies.