The HR department is always happy to retain the cream of the crop and leaves no stone unturned to provide incentives to long-term employees. Employee retention is a very complex phenomenon and is impacted by many diverse factors. There are five important factors which, by and large, decide whether a high potential or high performance employee is going to stay or not. They are: business strategy , plan and model of organisation; leadership of the organisation; focus of the organisation on employee engagement and development; communication flow within the organisation; and overall working environment of the organisation. These five are also the factors which together create the culture of the organisation, which further ignites an atmosphere where any employee will work with passion and will have a strong intent to stay.
A great culture and attractive incentives are necessary if you wish to retain employees over the span of decades. Transparency is the hallmark of any organisation and the openness of the leadership helps in providing a direction to the employees. Interpersonal connect rather than bureaucratic hierarchy should be the ideal policy for any company. It should follow a flat structure and, irrespective of levels, employees should be heard across the organisation by the leaders. A company should also focus on rewarding its staff and a comprehensive and encouraging pay process should be followed to ensure that all employees have a stake in the company’s performance.
Initiatives such as flexi hours, four days in a month work-from-home policy , flexible leave policy, etc., are a few interventions to ensure work-life balance for the employees.
Though career anchors vary with employee, gender, ethnicity , age and level, three commonly accepted foundations of retentions are meaningful work, equity and voice.
A company should endeavour constantly to allow employees to express their life interests in the job. When we saw a newcomer having his heart and soul in technology , we sculpted a role that is married to disruptive technology and innovation a rarity in our industry . Matching employees to jobs that allow intensely rooted life interests to be expressed is tough.
On what should be the policy of an HR department vis-à-vis the employees to retain them. Employees should be allowed to choose their own development path and get trained in firm-specific skills, managerial capabilities as well as functional expertise. The policy should be on developing oneself at one’s own will and leisure.
Containing inequality, being non-discriminatory and being inclusive are the most important dimensions of distributive justice. Work-related and administrative entitlements are same for all employees.
An employee’s voice and participation in organisational matters are brand promises for any company .