Retrospect Employees In The Organisation
For a company retaining the talent in the firm is important and should be done in such a way that it doesn’t seem awkward for the organization. Hence there are few of the tips that if a firm follows can achieve what they have thought of.
Treat the talent in your company as you would like to be treated, this will develop mutual relations. This will also enhance your leadership style and culture of the firm.
Whatever you expect from employees should be rational and logical and so that the situation becomes like it is far better to under promise and over deliver rather than over promise and under deliver. Setting and having right expectations from them is the answer for the same.
Developing a culture wherein learning new things does create a feeling of shame. Each and everyone in the firm should be a learner and learn whatever good comes in way.
Money is not important but pay for the performance and the pay should be fair enough. People won’t give their best if they feel they are paid less. And on the other side if we go to see they don’t even expect highest pay either.
Involve the talent in the firm in the decision making process; it is myth that decision making is restricted to top management.
The best ideas come from the guy who is doing the job. Encourage the sharing of ideas however radical they may seem at first. Let people know that ideas are welcomed.
The purpose of retaining the talent
Difficult to find quality replacements
Benchmark retention rates, costs, and outcomes.
Identify the reasons that employees leave.
Determine which practices for improving retention are most effective.
Understand how retention affects organizational outcomes
Almost one-third of all employees surveyed expect to leave for another job within the next year. About 20 percent estimate their chances of leaving to be greater than 50 percent.
One employee represents $239,888 of an organization’s revenue during a one-year period.
Voluntary turnover rates are almost twice as high for non-management positions (19.3%) as for management positions (10.3%)
Turnover rates have increased in the past year and will continue to increase next year.
Turnover is greatest for IS/technology and sales positions.
The cost of replacing an employee ranges from 29 to 46 percent of the person’s annual salary. Turnover costs the average organization more than $27 million per year.
Retention is a top business priority for more than one-third of the respondent organizations.
Almost half of the participating organizations (49%) have no formal strategy for addressing retention.
Here is a Case Study that provides you insights regard redeployment the challenge faced by the company was as follows.
CPI’s dilemma
The division that had provided international IT support would be subject to several rounds of layoffs of long-term employees over a several-year period. The costs associated with lost talent and severance bene?ts, reduced morale and productivity, and the negative impact on talent acquisition and retention all weighed heavily on Human Resources. To ease the process and control costs, the company asked Career Partners International for assistance.
Things done by CPI
A two-day seminar with additional follow-up counseling to help employees face job loss
Identi?cation of skills that was readily transferable to other divisions
Resume development and practice interviews
Onsite candidate services that maximized the potential for internal placement
Finally the Results
Two major accomplishments were the positive morale among transitioning and remaining employees and substantially reduced severance costs.
The initiative is equally valuable in talent acquisition as candidates see the high value the company places on its employees."
For a company retaining the talent in the firm is important and should be done in such a way that it doesn’t seem awkward for the organization. Hence there are few of the tips that if a firm follows can achieve what they have thought of.
Treat the talent in your company as you would like to be treated, this will develop mutual relations. This will also enhance your leadership style and culture of the firm.
Whatever you expect from employees should be rational and logical and so that the situation becomes like it is far better to under promise and over deliver rather than over promise and under deliver. Setting and having right expectations from them is the answer for the same.
Developing a culture wherein learning new things does create a feeling of shame. Each and everyone in the firm should be a learner and learn whatever good comes in way.
Money is not important but pay for the performance and the pay should be fair enough. People won’t give their best if they feel they are paid less. And on the other side if we go to see they don’t even expect highest pay either.
Involve the talent in the firm in the decision making process; it is myth that decision making is restricted to top management.
The best ideas come from the guy who is doing the job. Encourage the sharing of ideas however radical they may seem at first. Let people know that ideas are welcomed.
The purpose of retaining the talent
Difficult to find quality replacements
Benchmark retention rates, costs, and outcomes.
Identify the reasons that employees leave.
Determine which practices for improving retention are most effective.
Understand how retention affects organizational outcomes
Almost one-third of all employees surveyed expect to leave for another job within the next year. About 20 percent estimate their chances of leaving to be greater than 50 percent.
One employee represents $239,888 of an organization’s revenue during a one-year period.
Voluntary turnover rates are almost twice as high for non-management positions (19.3%) as for management positions (10.3%)
Turnover rates have increased in the past year and will continue to increase next year.
Turnover is greatest for IS/technology and sales positions.
The cost of replacing an employee ranges from 29 to 46 percent of the person’s annual salary. Turnover costs the average organization more than $27 million per year.
Retention is a top business priority for more than one-third of the respondent organizations.
Almost half of the participating organizations (49%) have no formal strategy for addressing retention.
Here is a Case Study that provides you insights regard redeployment the challenge faced by the company was as follows.
CPI’s dilemma
The division that had provided international IT support would be subject to several rounds of layoffs of long-term employees over a several-year period. The costs associated with lost talent and severance bene?ts, reduced morale and productivity, and the negative impact on talent acquisition and retention all weighed heavily on Human Resources. To ease the process and control costs, the company asked Career Partners International for assistance.
Things done by CPI
A two-day seminar with additional follow-up counseling to help employees face job loss
Identi?cation of skills that was readily transferable to other divisions
Resume development and practice interviews
Onsite candidate services that maximized the potential for internal placement
Finally the Results
Two major accomplishments were the positive morale among transitioning and remaining employees and substantially reduced severance costs.
The initiative is equally valuable in talent acquisition as candidates see the high value the company places on its employees."