Creative Retention Strategies That Are Used by Organization Today
Creative Retention Strategies that are used by organization today[/SIZE][/B]
“Take Care of your Associates & they will make sure that our customer will keep coming back”.
Bill Marriott
(Founder Marriott Hotel)
With the fast changing economic & market conditions, companies are facing very high pressure to perform which require them to have the best people to work with, to retain their experience minds; they want to be the most preferred employer in the eyes of their prospects (future employee). To retain their best talent companies are adopting various creative strategies. According to DQ-IDC recent survey on the reasons that make people change the job, the most important reason was salary & compensation but apart from that Career Development, Location, Flexibility of office hours, Job Security, Organization Culture & Welfare policies emerged as the main reason of changing job.
There is not much change on the attrition front we have seen even after following many strategies; the biggest attrition rate is still in IT industry which is 18%, followed by banking & financial companies. The average retention rate has dropped from 82% in 2007 to 79% in 2008.
Now when we look what companies are doing to retain their employees, we can find many interesting thing. Some of the creative retention strategies/practices followed by companies are
1. Flexi timing: - Many Companies are following this technique like Aditi technologies, Sap Labs etc. It seems these companies have got the right software of flexible timing.
2. Fun @ Work:- Many companies have made fun an integral part of the working & their companies values, some of them have linked the fun with their performance appraisal system like Wipro BPO, Acclairis Business solution pvt. Ltd., VCustomer Corp. etc.
3. Training & Development opportunity: - Many companies have understood that their people are the most important assets that’s why they want a continuous up gradation of their employee through short term
“Take Care of your Associates & they will make sure that our customer will keep coming back”.
Bill Marriott
(Founder Marriott Hotel)
With the fast changing economic & market conditions, companies are facing very high pressure to perform which require them to have the best people to work with, to retain their experience minds; they want to be the most preferred employer in the eyes of their prospects (future employee). To retain their best talent companies are adopting various creative strategies. According to DQ-IDC recent survey on the reasons that make people change the job, the most important reason was salary & compensation but apart from that Career Development, Location, Flexibility of office hours, Job Security, Organization Culture & Welfare policies emerged as the main reason of changing job.
There is not much change on the attrition front we have seen even after following many strategies; the biggest attrition rate is still in IT industry which is 18%, followed by banking & financial companies. The average retention rate has dropped from 82% in 2007 to 79% in 2008.
Now when we look what companies are doing to retain their employees, we can find many interesting thing. Some of the creative retention strategies/practices followed by companies are
1. Flexi timing: - Many Companies are following this technique like Aditi technologies, Sap Labs etc. It seems these companies have got the right software of flexible timing.
2. Fun @ Work:- Many companies have made fun an integral part of the working & their companies values, some of them have linked the fun with their performance appraisal system like Wipro BPO, Acclairis Business solution pvt. Ltd., VCustomer Corp. etc.
3. Training & Development opportunity: - Many companies have understood that their people are the most important assets that’s why they want a continuous up gradation of their employee through short term