Employee Reten

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INTRODUCTION

Success today requires a good bit more than good attendance. Yet, multiple studiesin different countries and across industries show that employees who are

passionate about their jobs and the organizations in which they work are in theminority. Some of the Survey conducted by little organization revealed thatapproximately 19% of the employees are highly engaged The Corporate ExecutiveBoard, looking at levels of retention across 50,000 employees around the world,

placed only 11 percent in what they dubbed true believer category. TowersPerrins recent Talent Report is slightly more optimistic, finding just 17 percentof the 35,000 employees surveyed to be highly engaged. 40 to 70 percent ofemployees can be classified as neutral, middle of the road, or agnostic. Worse yet,an alarming 10 to 20 percent of employees are actively disengagedjust puttingin their time or, worse yet, undermining or badmouthing their organizations and

bosses. The economic impact of low retention can be staggering. The global surveyshows that 34 per cent of the employees in India are fully engaged and 13per centdisengaged. As many as 29 per cent are almost engaged.

What makes these numbers especially discouraging is that, supposedly, we haveevolved from the dark ages of personnel management. On one hand, for the pasttwo decades we have been trying to realize the benefits of empowerment,teamwork, recognition, people development, performance management, and newleadership styles. Evidently, there is a big difference between putting in place

initiatives that have the overall goal of increasing employee retention and trulyseeing the payoffs. And, on the other hand, one might easily attribute low retentionto persistent downsizing, which leads to an erosion of loyalty and commitment.

Definition of Employee Retention

Employee retention can be defined as an employee putting forth extra discretionaryeffort, as well as the likelihood of the employee being loyal and remaining with theorganization over the long haul. Research shows that engaged employees: perform

better, put in extra efforts to help get the job done, show a strong level of

commitment to the organization, and are more motivated and optimistic about theirwork goals. Employers with engaged employees tend to experience low employeeturnover and more impressive business outcomes.

Employee retention is more than just the current HR 'buzzword'; it is essential. Inorder for organizations to meet and surpass organizational objectives, employeesmust be engaged. Research has proven that wholly engaged employees exhibit,


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Higher self-motivationConfidence to express new ideasHigher productivityHigher levels of customer approval and service qualityReliabilityOrganizational loyalty; less employee turnoverLower absenteeism

Need of Employee Retention

The general principles of employee retention have been around for decades.During the past five years, though, there has been a surge in the popularity of

employee retention.There are four primary drivers.

1. People have become the primary source of competitive advantage.The Brookings Institute (2003) examined the primary source of market valuein todays organizations and how it has changed over time. In 1982, 62

percent of an organizations market value came from tangible assets and 38 percent from intangible assets. Tangible assets include things likemachinery, products, facilities, etc. Intangible assets, on the other hand,include factors such as brand, intellectual property, and, most important, thequality of the workforce. By 2002, 20 years later, the source of value hadalmost totally flipped. Almost 80 percent of market value today comes fromthe intangible with a scant 20 percent coming from tangible assets. As we allhave heard before, products can easily be copied, a technological edge can

prove fleeting, and more facilities can be built, but the quality of anorganizations talent, its passion and commitment, is nearly impossible toreplicate. Retention is the fuel that drives the value of intangible assets.

2. Retention and the war for talent.

The landmark 1998 McKinsey study, The War for Talent, was among thefirst to talk about the potential for workforce shortages due to the aging

population. The studys authors called upon organizations to take moreseriously their efforts to attract and retain talent, to assure that they would beable to survive and thrive in the future. In the late 1990s and early 2000s, theslump in the global economy quickly took the spotlight off of the anticipatedtalent shortage. And some predict that a portion of todays aging workers


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will delay their retirements out of necessity, attenuating the expected talentshortage. Since 2003 the picture is once again changing, albeit not as quicklyas expected.

For example, the Society for Human Resources Management reported that 48percent of the employees it polled are actively seeking new jobs. Additionally, theworkforce is getting older, with many of the baby boomers hitting 60 in 2006 andready to retire. Over and above the workforce cost of increased retirements,companies are beginning to take heed of the enormous financial costs of turnoverand increasingly viewing employee retention as an imperative for keeping their keyemployees and attracting new onesas the war for talent heats up once again.

3. Popular appeal. Remember the reengineering wave? Even those who used it asmore than just a guise for massive layoffs found it painful. Six Sigmaimplementations are invaluable to business performance, but most companies are

finding them too complex to implement well.Retention is a different matter altogether. While it still takes patience toimplement, retention gets to the hard stuff by focusing on the softer stuff. Asone manager said:Its about appealing to the head and the heart. Retention is about creating

passion, its about focusing on what people do well, and its about developmentand recognition. Some have called employee retention a form of positive

psychology which, on the whole, is an easy pill for organizations and theiremployees to swallow.

4. Overwhelming impact. The human resources function has been under pressurefor decades to prove that it makes a difference. While CEOs may espouse theimportance of their workforces in their annual reports, when times get tough, HR isamong the first to get the budget axe. A lack of convincing evidence on the valueof HR initiatives. HR professionals are scrambling, according to a recentConference Board report, to prove that their activities and investments are bothefficient and positively influential to business strategy. The positive relationship

between retention and performance (documented in hundreds of studies, with theevidence mounting every day) provides a way for HR to prove its contribution. Its

a fact: The higher the level of retention, the higher the performance of the business.The research is not inconclusive, not limited to one country or industry, and notcontained to a few hundred peopleits overwhelming.

How to Employee retain in organisation

Growth and development - An exciting position, with plenty of opportunity for


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growth, learning, and advancement for employees is always helpful in retainingemployees.

Support and recognition - Giving those rewards and recognition. In manyinstances, employee retention start just as soon as an employee is hired. If acompany sees an unusual amount of potential in a new hire, management couldmake them feel appreciated right off the bat. In a way, this practice can beconsidered a combination of recruitment and retention tools.Employee Participation in decision making is also a very effective retention

activity in the organization.Aligning effort with strategyRetention begins with employees clear

understanding of what they should be doing on the job. Each employee needs asolid job description and a clear set of performance expectations.EmpowermentEmpowerment is a feeling of job ownership and commitment

brought about through the ability to make decisions, be responsible, be measured

by results, and be recognized as a thoughtful, contributing human being rather thana pair of hands doing what others say.Teamwork and Collaboration - In the context of retention, teamwork and

collaboration require good relationships both within the work group and acrosswork groups. Many organizations have strong teams with members who work wellwith each other.

The Benefits of Employee Retention

The power of employee retention is that it is closely connected to business results.When employees work in an environment in which they can focus their attentionon their work and have a drive to do their best, organizations experience higherlevels ofproductivity andprofitability. Engaged employees look for better ways todo their work, spend less time on wasted activities, and make effective use ofresources. In the end, companies deliver better products or services and have moreresources left to invest in further improvements. Although it is an importantconsideration, high financial compensation is not the only driver of increasedemployee retention. As addressed previously, employees decide to stay withorganizations for other reasons, such as growth and development opportunities,strong leadership, and meaningful work. Turnover costs organizations millions of

dollars each year, and retention has a proven relationship to employee retention.No one likes going into a store where the sales clerks are sullen, absent, oruncooperative. Its easy to see why customers notice engaged employees and aremore satisfied and willing to purchase again.Employees whistle and smile, they approach customers, and the store gives off thatelusive approachable feeling that customers appreciate. Organizations withengaged employees have moresatisfied customers,but its not just because


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employees have better interactions with customers. Engaged employees are morelikely to improve other critical factors affecting customer satisfaction, such asresponsiveness, product quality, thought leadership, innovation, etc. Finally, higherretention translates into higher and faster revenue growth.Engaged employees are more innovative and place more emphasis on meetingcustomer needs. The what can I do better or differently attitude of engagedemployees versus the its not in my job description attitude of the unengagedsimply leads to better financial performance.

ASSESSING RETENTION

Over the past eight years, The Gallup Organisation has been conducting exhaustivestudies of employee retention to try and answer these fundamental questions. Oneof a handful of retention evangelists, Gallup has promoted the value of measuringemployee retention through a series of books, seminars and programmes; it has

also taken the lead in identifying and managing the factors that impact retentionlevels. In order to rate the retention of a workforce, first Gallup assesses employeesto determine whether they are engaged, not engaged or actively disengaged.Engaged employees are the stars in a company. Passionate about what they do,they feel a strong connection to their company and perform at high levels everyday while looking for ways to improve themselves and the company as a whole.

Not engaged employees, according to Gallup, are the company zombies who showup every day and put in just enough effort to meet the basic requirements of their

jobs. Without passion or innovation, these employees neither commit to thecompanys direction, nor do they work against it.Actively disengaged employees are those who present a big problem for

businesses. Negative by nature, these people are unhappy in their work and theycompound their lack of productivity by sharing this unhappiness with those aroundthem. They are the proverbial bad apples who revel in their discontent whileundermining the accomplishments of others; as a result, not only do they achievelittle themselves, they also prevent others from being productive too.

2.2 HISTORICAL BACKGROUND OF EMPLOYEE RETENTION

Over the past decade, the way in which people are managed and developed at work

has come to be recognized as one of the primary factors in achieving improvementin organizational performance. This is reflected by popular idioms such as peopleare our most important assets.Back in the good old days of corporate world, things were pretty simple.Companies put people on career tracks straight out of college; they gaveemployees a job for life and waved them goodbye with a gold watch at retirement.The promise of the stable life as a company employee kept both morale and


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productivity high.Then things changed. Competition increased, margins shrank and shareholders gotmore demanding. Suddenly, company staff were finding the very job securitytheyd counted on was disappearing, and at speed. This upheaval meant companieshad to find new ways to motivate their employees in order to make them more

productive since, without stability, employees were looking for something elsefrom their employers. And thus, Retention was born.In itself, retention isnt really a new idea; owners and managers have been talkingabout retention, in one form or another, for centuries they just used differentwords to express it. In former times, retention focused more on productivity andachieving results through threat of punishment or by means of reward. Butcommon sense - and good communication - eventually won out and, today,organizations everywhere are spending serious money on all forms of employeeretention. Boiled down, it simply means developing a happy and loyal workforce.

Enlightened managers now realize that any company as a whole will benefit whenits employees know whats going on and they feel part of the team. The tricky partis in defining what makes a workforce happy, and in understanding how this goodwill translates into company success.From the extant literature review, it is acknowledged that successful organizationsshare a fundamental philosophy of valuing and investing in their employees. In factmany research studies have described human resource management as a means ofachieving competitive advantage. Consistent with this it is an equally importantissue for the organization to retain their critical (core) employees. Mostorganization today continues to struggle with retention because they are relying onsalary increases and bonuses to prevent turnover. Essentially more organizationsare now realizing that retention is a strategic issue and continues to be acompetitive advantage.The term retention stems from the work of Kahn (1990) who distinguished

between being engaged and disengaged at work. Putting the humanistic factorstogether, Beer, Specter, Lawrence, Quinn-Mills and Walton (1984) created theHarvard Business Schoolmodel of HRM which focused on people in anorganization to be the key resource. In light of such critical emphasis being placedon human capital, Paula Ketter has aptly noted,

Retention is all about creating a culture where people do not feel misused,overused, underused or abused.At a very basic level, employee retention draws from the tenets of the Hierarchyof Needs as conceptualized by Maslow, the highest stage of which is self-actualization; the pinnacle of an individuals fulfilment of talent and potential. Thistheory of higher order needs was largely overlooked in the heydays of scientificassembly line manufacturing.


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2.3 EMPLOYEE RETENTION IN INDIA

The recent WorkAsia research study by Watson Wyatt Worldwide indicates thatIndia has the highest percentage of highly engaged workers at 78% in Asia ascompared to Japan, which has the lowest employee retention level at 39%.Head to head with China, the retention level of the Indian worker is 20% more thanhis Chinese counterpart.The challenges faced by organizations in India are around attrition,communication, career development and retention while trying to keep pace withthe explosive growth. Outsourcing outfits have the highest attrition rates losingstaff at a rate of between 100% and 200% a year. It is widely believed thatorganizations spend an average of 36% of their revenues on their employees but donot have a tangible way to measure its impact.A Mercer study Whats Working a series of national research on worker

insights, highlights factors that make a difference to employee retention. Thesurveys 125 questions elicit views in the areas defined by Mercers HumanCapital Strategy Model and cover training and development, work environment,leadership, performance management, work/life balance, communication,compensation, benefits, and retention.The India study throws up some fascinating directions for HR and internalcommunication professionals. Employee retention is no more just about theemployees intent to leave.The employees commitment to the organization and motivation to contribute tothe organizations success plays a significant role. The top three drivers in Indiaare trust in senior management, how the organization is perceived for customerservice and fair pay. Surprisingly, from an Indian context, the least valued factorsin the continuum were benefits, compensation and performance management.In India, having a long-term career is considered positive and stable.Frequent job changes are viewed negatively and therefore the high scores aroundthe commitment count are in line with the mindset. Internal communication andHR professionals need to take note of the employees need for giving feedback andto observe action taken from this. Employees seem to be getting very littleinformation on the organizations vision and future plans, a cause of concern.

Other areas for action include the organizations reputation in the market congruent to other research in this space which believes that organizations whichare socially responsible are considered better places to work. In the talentmanagement bracket, managers fare poorly for their involvement, understandingand support as well as for merit based appraisals.In India, with a large number of global players entering the market, the talent poolhas now a plethora of choices and even these multinationals are finding it tough to


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retain staff. The Canadian HR Reporter writes that employees want to know wheretheir careers are heading and that is a critical component of the talent retentionstrategy organizations need to focus on. Softer styles of leadership have a betterimpact in India and China leaving organizations to develop or seek leaders whocan fill this need.

THE LITERATURE REVIEW

Employee retention continues to remain a top priority at many organizations andone that companies increasingly view as a driver of business strategy. Business-critical knowledge can walk out the door when an employee leaves the company.While employee retention figures have long been used by companies as a measureof their performance in developing an effective organization, this view ofemployee retention is not only outdated, but these figures may not becomprehensive enough to truly determine the organization's effectiveness.

The concept of employee retention is more complex than simply evaluatingemployee turnover from one year to the next. These figures of employee retentioncan be somewhat misleading it isn't necessarily the number of employees anorganization loses, it's the number of top-performing employees that leave thecompany that should be of concern. For example, management is one of the keyreasons employees decide to stay or leave an organization. If there is high turnoveramong the management ranks, employees may also feel unstable in this ever-changing environment. Yet, on the other hand, it may not be the best businessstrategy to retain a manager that is disliked by employees.The business strategy of employee retention actually lies with employee retention;retention is an outcome of retention. What most organizations fail to realize is thatemployee retention is the biggest retention factor they have control over. Engagedemployees not only stay longer with the organization, they are more productive,more conscientious, make fewer errors, and take better care of customers. The

business strategy of employee retention must incorporate methods that achieve ahigh level of employee retention among the organization's top performers, notnecessarily the entire workforce.The Importance of Retaining Top Performers

Many organizations ponder the questions, "What should the goal be for retention?"and"What is an appropriate level for employee turnover?" Yet, in asking thesequestions, many organizations don't realize that there are no set answers. If, forexample, an organization loses five percent of its top performers every year, theresults from this turnover could be potentially devastating to the company. On theother hand, if the company is losing 20 percent of its least productive employees,


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this could actually be very beneficial for the organization and an opportunity toincrease the strength of its workforce each year.In other words, it's not just about retention anymore it's about retaining the very

best people at each level within the organization. The key to effective retention oftop performers is to determine the factors that currently do, and will, keep themengaged.The Starting Point an organization must first determine who the top performers andhigh potentials are within their workforce. Of the many ways this can beaccomplished, some include involving management at every level to create a list ofthose employees who are performing at levels that exceed expectations and thosewho exhibit the potential to become top performers, or utilizing the results fromemployee performance reviews to separate those who scored the highest fromthose who scored the lowest.This method of gaining a clear understanding of who the top performers are within

an organization is called employee segmentation. Once an organization hassegmented it workforce, it can then start to measure retention among its highest

potential and highest rated, or most productive, employees. By viewing eachsegment separately, organizations are creating a more appropriate benchmark tomeasure employee retention, i.e., is the organization retaining or losing a high

percentage of its best people?

Understanding Employee Retention

Employee retention can be defined as an employee putting forth extra discretionaryeffort, as well as the likelihood of the employee being loyal and remaining with theorganization over the long haul. Research shows that engaged employees: perform

better, put in extra efforts to help get the job done, show a strong level ofcommitment to the organization, and are more motivated and optimistic about theirwork goals. Employers with engaged employees tend to experience low employeeturnover and more impressive business outcomes.Employee retention is more than just the current HR 'buzzword'; it is essential. Inorder for organizations to meet and surpass organizational objectives, employeesmust be engaged.Research has proven that wholly engaged employees exhibit,

Higher self-motivation. Confidence to express new ideas. Higher productivity. Higher levels of customer approval and service quality. Reliability. Organizational loyalty; less employee turnover. Lower absenteeism.


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Current studies show that organizations are focusing on the meaning of employeeretention and how to make employees more engaged. Employees feel engagedwhen they find personal meaning and motivation in their work, receive positiveinterpersonal support, and operate in an efficient work environment. What broughtretention to the forefront and why is everyone interested in it? Most likely, the tighteconomy has refocused attention on maximizing employee output and making themost of organizational resources. When organizations focus attention on their

people, they are making an investment in their most important resource. You cancut all the costs you want, but if you neglect your people, cutting costs wont makemuch of a difference. Retention is all about getting employees to give it their all.Some of the most successful organizations are known for their unique workenvironments in which employees are motivated to do their very best. These great

places to work have been recognized in such lists as Fortunes 100 Best Companiesto Work For.

The concept of retention is a natural evolution of past research on high-involvement, empowerment, job motivation, organizational commitment, and trust.All of these research streams focus on the perceptions and attitudes of employeesabout the work environment. In some ways, there are variations on the samefundamental issue. What predicts employees giving their all? Obviously, allorganizations want their employees to be engaged in their work.

Hierarchy of Retention

Employee Retention at Each Level

In addition, employee segmentation is an important method to utilize whenevaluating employee retention at each level. For instance, the factors that engagethe most productive employees in an organization may not be the same as thefactors that engage the least productive employees. Those employees who receivethe highest rankings on their performance reviews may tend to express higherlevels of job satisfaction when they are presented with challenging opportunitiesthat allow them to grow and learn. Those that receive the lowest rankings might bemore focused on issues surrounding work/life balance and job security. Whilesome factors, such as good communication, are important among all employees,the attempt to focus on the full spectrum of factors that engage the entire

workforce may cause an organization to omit some of the factors that are the mostimportant to the company's most productive people.Employee Satisfaction Does Not Equal Retention

While organizations may be aware "through the grapevine" that employees areunsatisfied, it's the reasons for the dissatisfaction that elude them. While employeesatisfaction is important, it's not the end game it is only one piece of employeeretention. Satisfaction is imperative in that, for those individuals who are top


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performers, satisfaction may be derived from their achievement orientation, theirambition, or their sense of responsibility.On the other hand, the attempt to satisfy an under-performer who will only becontent with a lightened workload may not be a worthy cause. Again, the focus ison ensuring that those individuals who have been identified as top performers andhigh potentials are engaged in the organization.As stated, employee retention incorporates employee satisfaction, but also includesthe essential elements of pride, commitment and loyalty in the organization.Engaged employees aren't concerned with meeting the minimum requirements tocomplete a task, they are focused on what they can do to better the company.Essentially, they take ownership in the company despite whether or not theyactually own a share of stock.

Drivers of retention

A two-way relationship between the employer and employeeThe importance of the individual being able to align themselves to the products,services and values of the organisationThe ability of the organisation to communicate its vision, strategy, objectivesand values to its staff so that they are clearly understoodManagement give staff sufficient elbow room and autonomy to let them fulfil

their potentialThe employer is highly effective at engaging in two-way communication withits staff, in particular encouraging upward communicationLastly, that management from the top to the bottom of the organisation are

committed leaders and that the key role of the immediate line manager/supervisoris recognised as one of the most important conduits to achieving effectiveemployee retention.

Elements of Retention

Some researches conclude that personal impact, focused work, and interpersonalharmony comprise retention. Each of these three components has sub-componentsthat further define the meaning of retention. Personal Impact-Employees feel more

engaged when they are able to make a unique contribution, experienceempowerment, and have opportunities for personal growth. Past research concursthat issues such as the ability to impact the work environment and makingmeaningful choices in the workplace are critical components of employeeempowerment. Some research on retaining talent found that the perception ofmeaningful work is one of the most influential factors determining employeeswillingness to stay with the organization. Focused Work-Employees feel more


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engaged when they have clear direction, performance accountability, and anefficient work environment. Aside from the personal drive and motivation to makea contribution, employees need to understand where to focus their efforts.Without a clear strategy and direction from senior leadership, employees willwaste their time on the activities that do not make a difference for theorganizations success. Additionally, even when direction is in place, employeesmust receive feedback to ensure that they are on track and being held accountablefor their progress. In particular, employees need to feel that low performance is notacceptable and that there are consequences for poor performance.Finally, employees want to work in an environment that is efficient in terms of itstime, resources, and budget. Employees lose faith in the organization when theysee excessive waste. For example, employees become frustrated when they areasked to operate without the necessary resources or waste time in unnecessarymeetings.

Interpersonal Harmony-Employees feel more engaged when they work in a safeand cooperative environment. By safety, we mean that employee trust one anotherand quickly resolve conflicts when they arise. Employees want to be able to rely oneach other and focus their attention on the tasks that really matter. Conflict wastestime and energy and needs to be dealt with quickly. Some researches also find thattrust and interpersonal harmony is a fundamental underlying principle in the bestorganizations. Employees also need to cooperate to get the job done. Partnershipsacross departments and within the work group ensure that employees stay informedand get the support they need to do their jobs.

Making Use of Retention

Measurement of employee retention can have many applications in theorganization. Earlier, it is mentioned that retention could serve as a general indexof HR effectiveness in an HR scorecard. Also, retention measures serve as an easyway to benchmark the work climate against other organizations.Other uses include:

Needs Analysis-The fundamental issues measured in retention provide a quickindex of what leaders and HR need to do to make things better. In addition, itemsin retention surveys tend to be very actionable. This means that leaders or others in

the organization can take action that will affect the score on a single item.Evaluation-Many learning and performance interventions are designed to impactsome aspect of retention. When an retention measure is used as a pre-implementation baseline, the impact of the intervention can be gauged bymeasuring post-implementation changes in retention.Climate Survey-Some organizations like to use retention measures as simpleindexes of the workplace culture. While more extensive surveys are valuable,


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sometimes its easier to focus attention on a few simple and proven factors.Leader or Department Feedback-Depending on the demographic informationcollected when the retention measure is implemented, one can create breakoutreports by department or leader. This means departments and leaders can gain a

better understanding of how retention in their groups differs from the rest of theorganization. This information can be used to create development plans or plansfor larger-scale interventions.Measuring the Impact of Employee Retention

BENCHMARKING BEST PRACTICES

HSBC Global Resourcing

The companies try to make a match of it by positioning their organisations as afun workplace to engage employees. Speaking to the youth in the language theyunderstand, companies organise dress down days based on festival themes,

distribute soft sportsequipment which can be used inside the processing floor and organise regular tripsto movies as well as dining out. Acknowledging that recognising employees for a

job well done is a key retention tool, HSBC Global Resourcing has regularrewards and recognition programmes where outstanding agents get to bask in theglory of their achievements. Leadership development is taken very seriously withfirst line managers getting to hone their skills in various tools required to lead ateam successfully. Empowerment is a key ingredient in engaging employees andensuring they stay that way. On cue almost all BPO outfits organise 26 regularfocus group discussions and interaction with the senior management to ensureeveryone is heard. Internal communication channels like intranets and message

boards are liberally used to reach out and branded goodies are regularly distributedto foster a sense of belonging.

Sun Microsystems

At Sun the virtual nature is partly due to flexible working practices. While flexibleworking arrangements are a plus for many employees and reduces facility costs forthe organization, that flexibility comes with some downsides like; isolation,loneliness and an increase in personal distractions. Isolation, especially when

paired with the demands of work in an increasingly competitive environment, canwear down the sense of connection, commitment and excitement about any job.Thus a critical challenge for managers of virtual teams is how to keep remote


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employees engaged.At Sun, the concept of employee retention starts right from the top: The CEO interacts with Sun employees through WSUN, a forum on Sunsintranet. He uses this to sustain an active an ongoing dialogue on the corporategoals and direction. Through this interactive on-line resource he also solicits theirfeedback and opinions Other senior management members engages with employees on technologydirections through his personal blog Business Unit Heads and Executive Vice-presidents have a target of holding sixtown halls with employees every year across the globe At the country level, Senior Management is tasked with constantly engagingemployees through various forums, communication media and events to buildexcitement and passion including some that also reach out to the employeesfamilies.

Standard Chartered Group

They believe in the importance of building a work environment where everyemployee feels highly engaged to apply their individual talents to deliversustainable business performance.They have been measuring employee retention worldwide since 2000 with avoluntary response rate consistently over 95%. In 2007, the survey covered all 57countries with 95% of employees participating voluntarily. This is a significantachievement and a clear indication that employees are committed to improvingindividual and team performance.They have a continuous rise in both the number of engaged employees and teamssince the survey was introduced. We provide team-specific data to each manager,which they use to discuss and develop action plans with their teams to increaseretention.

Conclusion

The competition for talent means that we have to be very good at attracting,motivating and retaining talent. Our talented human capital is our biggest asset andliability and we need to measure how well its adding value. Retention is anincreasingly important human capital metric because:

Retention levels correlate with business performance

Measuring Retention tells us how well we are doing in the competition fortalent.


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Driving Retention levels higher improves our ability to attract, motivate andretain talent and so generates value from our human capital investment.

Retention is not a simple matter. Nothing is more dangerous than measuringretention without making the commitment to act on the feedback. Retention has to

be a leadership driven initiative from the most senior level all the way to the frontline. No one affects an employees retention as much as his or her immediateleader. Engaged leaders coach proactively for success, inspire loyalty and trust,and build an environment in which employees are motivated and engaged. Tofoster an environment of retention, organizations need strong systems andstrategies that promote and support retention.Hiring and selection systems that measure motivation and the propensity forretention, leadership training in certain skills (coaching, influencing others,managing change), performance management and accountability systems that

provide direction, support, and objective assessmentsall work together to

provide a foundation and environment in which retention can flourish. Ultimately,retention lies in the heart of the employee.Measuring motivational and job fit during the hiring process ensures that youselect people who can and want to find meaning in their work. Some people have

personal characteristics that correlate with higher levels of retention, and thosecharacteristics can be screened for during the hiring process. Once youve hired theright people, retention can be either fuelled or hampered by the work environmentand quality of leadership. In the end, the rewards are many. A fully engagedworkforce is a loyal workforceexpect turnover to drop. In addition, an engaged

workforce will give the extra effort your organization needs to remain competitive.Employee retention is no longer just a buzzword or a management fad. Its nolonger a fancy tool which can be taken off the shelf, dusted and pressed intoservice; rather its a strategic imperative which cant be taken for granted. Ascustomers increasingly demand enhanced levels of service and value for money,alienating the hearts and minds of the employees is no longer possible withoutorganisational demise. Thus, the onus is now on the organizations to make the firstoverture.FINDINGS

1. To engage the workforce, most of the organization surveyed periodically

recognise employees andprovides flexible working hours.

2. Nowadays employees are involved in decision making in the organizationand majority of the employees agreed on this fact.

3. Most of the organizations allow their employees to participate inperformance appraisals and to set their own Key Performance Areas.


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4. Compensation & Benefit programs are observed as the most effectiverewards scheme.

5. For team building companies generally do small team recreational activitiesand social activities.

6. Majority of the sample are loyal towards their organization and they alsorecommend their friends and relatives to join the organization.

7. Stress management, Retirement plans and Work life balance surprisinglyseem to be of least effective retention strategies according to the employees.

8. Majority of the organizations agreed that the retention strategies of their

organization help in retaining the employees in the organization.

9. Majority has observed 5-10% of reduced attrition rate due to theimplementation of retention strategies in the organizations.

RECOMMENDATIONS

1. As contrary to what managers believe that decision making is the most effective


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tool, the employees still prefer rewards and recognition. The Managers shouldfocus on the rewards and recognition schemes in their organization.2. Practically people dont give much importance to stress management programs,work life balance and retirement plans so there is scope of improvement in thisarea.3. To increase employee retention, the organizations should: -

a. Provide variety: Tedious, repetitive tasks can cause burn out and boredom overtime. If the job requires repetitive tasks, look for ways to introduce variety byrotating duties, areas of responsibility, delivery of service etc.

b. Conduct periodic meetings with employees to communicate good news,challenges and easy-to-understand company financial information. Managers andsupervisors should be comfortable communicating with their staff, and able to give

and receive constructive feedback.

c. Indulge in employee deployment if he feels he is not on the right job. Provide anopen environment.

d. Communicate openly and clearly about what's expected of employees at everylevel - your vision, priorities, success measures, etc.

e. Get to know employees' interests, goals, stressors, etc. Show an interest in theirwell-being and do what it takes enable them to feel more fulfilled and better

balanced in work and life.

f. Celebrate individual, team and organizational successes. Catch employees doingsomething right, and say "Thank you."

4. As we have got a very good response from employees so the companies shouldhave the retention strategies to retain the employees.

CONCLUSION

Employee retention continues to remain a top priority at many organizations and


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one that companies increasingly view as a driver of business strategy. Business-critical knowledge can walk out the door when an employee leaves the company.While employee retention figures have long been used by companies as a measureof their performance in developing an effective organization, this view ofemployee retention is not only outdated, but these figures may not becomprehensive enough to truly determine the organization's effectiveness.

The concept of employee retention is more complex than simply evaluatingemployee turnover from one year to the next. These figures of employee retentioncan be somewhat misleading it isn't necessarily the number of employees anorganization loses, it's the number of top-performing employees that leave thecompany that should be of concern. For example, management is one of the keyreasons employees decide to stay or leave an organization. If there is high turnoveramong the management ranks, employees may also feel unstable in this ever-

changing environment. Yet, on the other hand, it may not be the best businessstrategy to retain a manager that is disliked by employees.

The business strategy of employee retention actually lies with employee retention;retention is an outcome of retention. What most organizations fail to realize is thatemployee retention is the biggest retention factor they have control over. Engagedemployees not only stay longer with the organization, they are more productive,more conscientious, make fewer errors, and take better care of customers. The

business strategy of employee retention must incorporate methods that achieve ahigh level of employee retention among the organization's top performers, notnecessarily the entire workforce. Examples of Employee RetentionApproachesA successful employee retention strategy helps create a community at the

workplace and not just a workforce. When employees are effectively andpositively engaged with their organisation, they form an emotional connection withthe company. This affects their attitude towards both their colleagues and thecompanys clients and improves customer satisfaction and service levels.There's more than one way to improve the level of employee retention in acompany. In fact, there are many different things that companies not only can do,

but need to do.

Most organisations have a range of practices to improve the retention level of theiremployees. One of the pitfalls of any employee retention programme is a failure whether real or perceived to follow through on the initial that the company is felt


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by their employees if your organisation is to succeed you must look use as manydifferent approaches as you can. Here is a round-up of some of the bestapproaches. Employee retention approaches for new employees. Best practicerecommends starting right at the selection or recruitment stage with: The right person and giving them a realistic job preview A strong induction and orientation programme Rigorous training and development, from technical to soft skills to leadershipdevelopment programmes. Regular technical/soft-skill updates. Certification programmes to drive people towards excellent performanceEmployee retention approaches for all employees. Beyond initial recruitment andinduction, employee retention activities can be broken into a number of groups.These include: Communications activities

Reward schemes Activities to build the culture of the organisational Team building activities Leadership development activities

Communications activities

These help employees find out what is going on within the company outside oftheir immediate team. They also help to create an environment of trust andopenness within the organisation where they are able to talk openly. Employeeswho feel they are listened to are able to express dissatisfaction and work togetherto resolve their causes, without it affecting their performance. Good examples ofcommunications approaches include: Communication forums to provide regular feedback to all people, including teammeetings, conferences and away days In-house magazines On-line communications, including discussion boards and blogs by company

personnel including senior management Monthly updates on corporate goals and directions Regular employee opinion and satisfaction surveys

Active soliciting of employee feedback, including opinions and pet peevesReward schemes

Reward schemes are an important part of a company's overall employee retentionprogramme. Studies have long shown that, while money in itself is not amotivating factor, the absence of financial reward can be a significant demotivator.Thus the role of reward schemes in boosting employee retention is: to remove barriers to satisfaction in the organisation;


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to provide a framework for rewarding everyone in the organisation for theirperformance. to give those who are motivated by financial gain an opportunity to achievethis.Typical approaches include: Compensation and benefit programmes Stock ownership and profit sharing Recognition programmes Idea collection schemes linked to rewards for idea generation Long service and good performance awardsActivities to develop the culture of the

organisation

Giving employees a feeling of belonging is crucial in creating a thrivingorganisation that people feel committed to and others want to join. Commonapproaches includes:

Clear and humane HR policies Pro-social corporate objectives andCorporate Social Responsibility Equal opportunities policies and practices Initiatives to maintain the quality of worklife and a balance between

personal/professional lives Developing a safe, clean and inspiring work environment Demonstrating a commitment to employees well beingTeam building activities

Culture-building activities are great for generating a feeling of belonging, but allorganisations are build out of smaller teams who can get on and work together.Popular approaches include: Small team recreational activities, such as bowling, skating, trips to the cinema(or the pub!) Social activities, such as family gatherings and barbeques Community outreach activities such as volunteering and fund-raising.Leadership development activities

A great organisation needs not just a great leader,but people with leadership skills.This stimulates good performance, boosts creativity and eases succession planning.

Good practices include: Effective Leadership Effective Performance Management Fair evaluation of performance Empowerment through effective delegation Coaching and mentoring activities to give honest feedback by supervisors and

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An open and transparent culture to empower people and develop entrepreneursEmployee retention inaction:Sun Microsystems Employee retention becomes that much more critical in such avirtual or global environment.Employee retention is imperative for an organisationlike Sun as they operate in virtual teams across the world:At Sun the virtual nature is partly due to flexible working practises. While flexibleworking arrangements are a plus for many employees and reduces facility costs forthe organisation, that flexibility comes with some downsides like; isolation,loneliness and an increase in personal distractions Isolation, especially when pairedwith the demands of work in an increasingly competitive environment, can weardown the sense of connection, commitment and excitement about any job. Thus acritical challenge for managers of virtual teams is how to keep remote employeesengaged.At Sun, the concept of employee retention starts right from the top:

Scott McNealy, the CEO, interacts with Sun employees through WSUN, a forumon Suns intranet. He uses this to sustain an active an ongoing dialogue on thecorporate goals and direction. Through this interactive on-line resource he alsosolicits their feedback and opinions Other senior management members like Jonathan Schwartz, the COO, engageswith employees on technology directions through his personal blog Business Unit Heads and Executive Vicepresidents have a target of holding sixtown halls with employees every year across the globe At the country level, Senior Management is tasked with constantly engagingemployees through various forums, communication media and events to buildexcitement and passion including some that also reach out to the employeesfamilies.

Infosys iEngage Employee Retention Platform

As companies grow, enabling collaboration and retention among employeesbecomes increasingly difficult. Silo-ed information and inefficient methods ofcommunication lead to a slow pace of innovation and disengaged employees whomake the wrong decisions. Consequently, it affects the company where it hurts themost - the bottom line.

We live in a collaborative world. By leveraging and integrating different sources ofknowledge, companies can drive innovation and ensure differentiation, resulting ina competitive advantage.

Social media unleashes possibilities to collaborate and enhance your company'spool of knowledge, facilitate ideation and problem-solving among employees, andengage with external stakeholders.


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Infosys iEngage employee retention platform helps accelerate knowledgediscovery, improve workforce productivity, deepen employee retention and fosterinnovation. Our platform can be leveraged for employee retention initiatives suchas employee on-boarding, knowledge networks, new product development, salescollaboration, and alumni networks.

Our platform is delivered in the enterprise Software-as-a-Service (SaaS) model andoffers you the convenience of single point accountability, complete ownership ofapplications, infrastructure, professional services, Business Process Outsourcingand consulting.

Benefits

Accelerates knowledge discoveryOur employee retention platform accelerates the discovery of intellectual capitalhidden across organization silos. Employees can take better decisions by locatingand discovering knowledge faster.

Improves workforce productivityOur platform captures and shares information in new ways, enhances team workand productivity. Employees across geographic boundaries can quickly formgroups to solve problems and meet goals.

Deepens employee retentionIt helps employees engage in a more integrated way. Relationships are enhancedthrough better access to corporate information, employee self-help, peer-to-peer

collaboration and multi-channel interaction.

Enables faster innovation

It helps introduce products faster to the market through social media, co-creationand testing of innovations with employees, customers and partners globally.

Networked companyOur platform helps you build a networked organization. It can be made available toall employees and can be extended to external business partners, alumni andcustomers.

Origins

Employee Retention is the extent to which workforce commitment, both emotional

and intellectual, exists relative to accomplishing the work, mission, and vision of

the organization. Retention can be seen as a heightened level of ownership where

each employee wants to do whatever they can for the benefit of their internal and


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external customers, and for the success of the organization as a whole.

Employee retention was described in the academic literature by Schmidt et al.

(1993). A modernized version of job satisfaction, Schmidt et al.'s influential

definition of retention was "an employee's involvement with, commitment to, andsatisfaction with work." This integrates the classic constructs of job satisfaction

(Smith et al., 1969), and organizational commitment (Meyer & Allen, 1991).

Harter and Schmidt's (2003) most recent meta-analysis can be useful for

understanding the impact of retention.

Linkage research (e.g., Treacy) received significant attention in the business

community because of correlations between employee retention and desirable

business outcomes such as retention of talent, customer service, individual

performance, team performance, business unit productivity, and even enterprise-level financial performance (e.g., Rucci at al, 1998 using data from Sears). Some

of this work has been published in a diversity context (e.g., McKay, Avery, Morris

et al., 2007). Directions of causality were discussed by Schneider and colleagues in

2003.

Employee retention is derived from studies of morale or a group's willingness to

accomplish organizational objectives which began in the 1920s. The value of

morale to organizations was matured by US Army researchers during WWII to

predict unity of effort and attitudinal battle-readiness before combat. In the postwarmass production society that required unity of effort in execution, (group) morale

scores were used as predictors of speed, quality and militancy. With the advent of

the knowledge worker and emphasis on individual talent management (stars), a

term was needed to describe an individual's emotional attachment to the

organization, fellow associates and the job. Thus the birth of the term "employee

retention" which is an individual emotional phenomenon whereas morale is a

group emotional phenomenon of similar characteristics. In other words, employee

retention is the raw material of morale composed of 15 attitudinal drivers.

Studies by Consultants

Engaged employees care about the future of the company and are willing to invest

the discretionary effort.Engaged employees feel a strong emotional bond to the

organization that employs them. (Robinson)
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less likely to leave the organization, which indicates that retention is linked to

organizational performance. For example, at the beverage company of

MolsonCoors, it was found that engaged employees were five times less likely than

non-engaged employees to have a safety incident and seven times less likely to

have a lost-time safety incident. In fact, the average cost of a safety incident for anengaged employee was $63, compared with an average of $392 for a non-engaged

employee. Consequently, through strengthening employee retention, the company

saved $1,721,760 in safety costs in 2002. In addition, savings were found in sales

performance teams through retention. In 2005, for example, low-retention teams

were seen falling behind engaged teams, with a difference in performance-related

costs of low- versus high-retention teams totaling $2,104,823.3 (Lockwood).

[edit] Life insurance industry

Two studies of employees in the life insurance industry examined the impact of

employee perceptions that they had the power to make decisions, sufficient

knowledge and information to do the job effectively, and rewards for high

performance. Both studies included large samples of employees (3,570 employees

in 49 organizations and 4,828 employees in 92 organizations). In both studies,

high-involvement management practices were positively associated with employee

morale, employee retention, and firm financial performance. Watson Wyatt found

that high-commitment organizations (one with loyal and dedicated employees) out-

performed those with low commitment by 47% in the 2000 study and by 200% inthe 2002 study.

Productivity

In a study of professional service firms, the Hay Group found that offices with

engaged employees were up to 43% more productive.

The most striking findingis the almost 52% gaps in operating incomes between

companies with highly engaged employees and companies whose employees have

low-retention scores. High-retention companies improved 19.2% while low-

retention companies declined 32.7% in operating income during the study period.

For example,New Century Financial Corporation, a U.S. specialty mortgage

banking company, found that account executives in the wholesale division who

were actively disengaged produced 28% less revenue than their colleagues who

were engaged. Furthermore, those not engaged generated 23% less revenue than

their engaged counterparts. Engaged employees also outperformed the not engaged
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and actively disengaged employees in other divisions.[1] It comes as no surprise,

then, that engaged employees have been statistically linked with innovation events

and better problem solving.

Generating retention

Recent research has focused on developing a better understanding of how variables

such as quality of work relationships and values of the organization interact and

their link to important work outcomes.84% of highly engaged employees believe

they can positively impact the quality of their organization's products, compared

with only 31 percent of the disengaged. From the perspective of the employee,

"outcomes" range from strong commitment to the isolation of oneself from the

organization. The study done by the Gallup Management Journal has shown that

only 29% of employees are actively engaged in their jobs. Those "engaged"employees work with passion and feel a strong connection to their company. About

of the business units scoring above the median on employee retention also

scored above the median on performance. Moreover, 54% of employees are not

engaged meaning that they go through each workday putting time but no passion

into their work. Only about of companies below the median on employee

retention scored above the median on performance.

Access to a reliable model enables organizations to conduct validation studies to

establish the relationship of employee retention to productivity/performance andother measures linked to effectiveness.It is an important principle ofindustrial and

organizational psychology (i.e. the application of psychological theories, research

methods, and intervention strategies involving workplace issues) that validation

studies should be anchored in reliable scales (i.e. organized and related groups of

items) and not simply focus on individual elements in isolation. To understand how

high levels of employee retention affect organizational performance/productivity it

is important to have an a priori model that demonstrates how the scales interact.

There is also overlap between this concept and those relating to well-being at workand thepsychological contract.http://en.wikipedia.org/wiki/Employee_retention - cite_note-konrad-3

As employeeproductivity is clearly connected with employee retention, creating

an environment that encourages employee retention is considered to be essential in

the effective management ofhuman capital.
http://en.wikipedia.org/wiki/Employee_engagement#cite_note-seijts-0http://en.wikipedia.org/wiki/Validationhttp://en.wikipedia.org/wiki/Industrial_and_organizational_psychologyhttp://en.wikipedia.org/wiki/Industrial_and_organizational_psychologyhttp://en.wikipedia.org/wiki/A_priori_and_a_posteriorihttp://en.wikipedia.org/w/index.php?title=Well-being_at_work&action=edit&redlink=1http://en.wikipedia.org/wiki/Psychological_contracthttp://en.wikipedia.org/wiki/Employee_engagement#cite_note-konrad-3http://en.wikipedia.org/wiki/Productivityhttp://en.wikipedia.org/wiki/Human_capitalhttp://en.wikipedia.org/wiki/Employee_engagement#cite_note-seijts-0http://en.wikipedia.org/wiki/Validationhttp://en.wikipedia.org/wiki/Industrial_and_organizational_psychologyhttp://en.wikipedia.org/wiki/Industrial_and_organizational_psychologyhttp://en.wikipedia.org/wiki/A_priori_and_a_posteriorihttp://en.wikipedia.org/w/index.php?title=Well-being_at_work&action=edit&redlink=1http://en.wikipedia.org/wiki/Psychological_contracthttp://en.wikipedia.org/wiki/Employee_engagement#cite_note-konrad-3http://en.wikipedia.org/wiki/Productivityhttp://en.wikipedia.org/wiki/Human_capital


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Influences

* Employer retention - A company's "commitment to improving the partnership

between employees and...employer." Employers can stay engaged with their

employees by actively seeking to understand and act on behalf of the expectations

and preferences of their employees.

* Employee perceptions of job importance - According to a 2006 study by

Gerard Seijts and Dan Crim, "...an employees attitude toward the job['s

importance] and the company had the greatest impact on loyalty and customer

service then all other employee factors combined."

* Employee clarity of job expectations - "If expectations are not clear and basic

materials and equipment not provided, negative emotions such as boredom or

resentment may result, and the employee may then become focused on survivingmore than thinking about how he can help the organization succeed."

Career advancement/improvement opportunities - "Plant supervisors and

managers indicated that many plant improvements were being made outside the

suggestion system, where employees initiated changes in order to reap the bonuses

generated by the subsequent cost savings."

* Regular feedback and dialogue with superiors - "Feedback is the key to giving

employees a sense of where theyre going, but many organizations are remarkablybad at giving it."What I really wanted to hear was 'Thanks. You did a good job.'

But all my boss did was hand me a check.

* Quality of working relationships with peers, superiors, and subordinates -

"...if employees' relationship with their managers is fractured, then no amount of

perks will persuade the employees to perform at top levels. Employee retention is a

direct reflection of how employees feel about their relationship with the boss.

* Perceptions of the ethos and values of the organization - "'Inspiration and

values' is the most important of the six drivers in our Engaged Performance model.

Inspirational leadership is the ultimate perk. In its absence, [it] is unlikely to

engage employees."

* Effective Internal Employee Communications - which convey a clear

description of "what's going on". "'If you accept that employees want to be
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involved in what they are doing then this trend is clear (from small businesses to

large global organisations). The effect of poor internal communications is seen as

its most destructive in global organisations which suffer from employee annexation

- where the head office in one country is buoyant (since they are closest to the

action, know what is going on, and are heavily engaged) but its annexes (who arefurthest away from the action and know little about what is happening) are dis-

engaged. In the worst case, employee annexation can be very destructive when the

head office attributes the annex's low retention to its poor performance when its

poor performance is really due to its poor communications.

* Reward to engage - Look at employee benefits and acknowledge the role of

incentives. "An incentive to reward good work is a tried and test way of boosting

staff morale and enhancing retention." There are a range of tactics you can employ

to ensure your incentive scheme hits the mark with your workforce such as: Settingrealistic targets, selecting the right rewards for your incentive programme,

communicating the scheme effectively and frequently, have lots of winners and

reward all achievers, encouraging sustained effort, present awards publicly and

evaluate the incentive scheme regularly.[16]

Potential red flags

Inappropriate use of Benchmark Data - some of the more well established

Employee Retention survey companies will state that the most importantpart of post survey follow up is related to comparison of internal survey data

to numerous external benchmarks. This seems to have rubbed off onto

internal sponsors who demand very specific benchmarks. Whilst some

research analysts claim that the standard comparisons by industry sector are

flawed others disagree. Is it right to compare a Bentley employee to one

from Vauxhall (GM) because they are in the same automotive sector? The

alternative argument is that both organisations would likely draw from

similar worker pools and would as such wish to better understand

expectations of workers in that industry and how they compare to competing

employers.

A focus on data gathering rather than taking action may also damage

retention efforts. Organizations that survey their workforce without acting

on the feedback appear to negatively impact retention scores.[2
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Employee Retention, Employee Retention & Talent Management Strategies

The issue of employee retention is once again becoming a major issue for manybusinesses. The talent shortage that plagued employers at the height of theeconomic boom has not vanished. It may be off the radar now, but it is returning

strong as ever.

What are you doing to improve employee retention?

Successful organizations realize by having an effective employee retention planwill help them sustain their leadership and growth in the marketplace. Goodorganizations make employee retention a core element of their talent managementstrategy and organizational development process. Those that fail to make employeeretention a priority are at risk of losing their top talented people to the competition.

Chart Your Course International helps organizations design employee retention

programs to recruit, manage, retain and engage the best workforce available byproviding cutting-edge talent management strategies, hiring assessments,consulting, employee retention training and talent management programs.

Wehelp organizations design employee retention programs to reduce employeeturnover and improve productivity. Greg Smith is a leading authority on employeeretention and a former Examiner for the Malcolm Baldrige National QualityAward--America's highest award for organizational excellence.
http://www.highretention.com/Workshops.htmhttp://www.highretention.com/Workshops.htmhttp://www.highretention.com/Workshops.htmhttp://www.highretention.com/Workshops.htm

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