GlobalHunt India asked:
One of the most pressing challenges facing todayâ€™s executives is keeping their best people. In todayâ€™s knowledge and service based economy, companies differentiate themselves by their talentâ€”the people with specialized skills and knowledge who walk through their doors every morning, and walk out every night. Given that new products and innovative strategies can be quickly copied by competitors, an organizationâ€™s only source of sustainable competitive advantage is its human capital. Though GLOBALHUNT proudly says about its retention policy where attrition rate is close to 8%. To maintain this figure GLOBALHUNT is up to the challenge and doing proactive planning & practice.
So what could be the ways by which employee retention rate can be improved.
1. Getting the right People at The Right Time
It sounds obvious, but in reality, many companies neglect this crucial first step. One way to cut turnover is to hire the right people the first time around. Start with a thorough and realistic analysis of what the different roles in your organization truly require with regard to knowledge, skills and abilities (KSAâ€™s). After completing the job analysis, rigorously assess your prospective employees to find out whether the job, team and corporate culture you are offering are likely to meet their needs and tap into their strengths.
2. Giving attention to every Employee
Recent research in the area of transformational leadership indicates that effective leaders provide their employees with â€œindividualized considerationâ€, eschewing a â€œone-size-fits-allâ€ approach to employee motivation and instead providing each employee with unique guidance. Schedule frequent check-ins with each employee, keep the lines of communication open, give plenty of personal feedback, and make sure that their original positions are still energizing them. Behavioral assessments that yield insights into an employeeâ€™s natural strengths, needs and drives can be very valuable tools. Top performers are less likely to flee if they feel that they are truly valued as individuals.
3.Training & Coaching – There is a direct link between training and employee retention. Employees involved in ongoing training feel that their employer is interested in them doing a better job, and the employer cares enough about them to make an investment in their development. Training can also be the means for positive change in any organization; however, training is not enough to create lasting change without a vital link that will help your employees transfer what they learned into real-life application. That vital link is a strong coaching program.
Coaching comprises of the following features which needs to be articulated in the best manner in order to get more than 100% from the employees.
4. Frequent Data Analysis – Examine both â€œinternalâ€ and â€œexternalâ€ drivers of turnover. Internal drivers refer to characteristics of employees themselves, such as their personality, intelligence, educational background, experience, job performance and promotion history. External drivers refer to conditions that reside outside of the person, such as the job market in a given city or the quality of oneâ€™s immediate manager. Mining your companyâ€™s data may reveal that what you thought was driving turnover actually isnâ€™tâ€”and that you can quickly intervene in â€œhigh-leverageâ€ areas, often without significant financial expenditures.
â€œA new relationship between employers and employees requires a different approach to employee retentionâ€ says Sunil Goel, GlobalHunt. Bring in individuals who will thrive in the environment you offer, check in with them often, work with them individually, and use targeted metrics regularly to evaluate your success.
All of the above methodologies are in place at GlobalHunt and successfully integrated into process so as to maximum from existing manpower.