Talent Retention 2

TALENT RETENTION “Human Asset-A valuable Asset

Presented by: Swati Arora Neha Jain Esha Goel

CONTENTS Introduction  What is Talent Retention  Need for Talent Retention  What makes an employee to quit?  Strategies for Talent Retention  Conclusion 

Introduction Retaining talented employees is one of the top most priorities of employers today. Each and everyday good employees quit their employees for better jobs. The challenge is not only to attract the best talent but also to retain them. Rising opportunities for carrier development, lifestyle decisions, job changing, unbalanced work life, poor mentoring and stress are some factors which influence an individual's decision to continue or quit.

What is Talent Retention? Talent :Natural ability or skill of an individual . Retention: To hold back . Talent + Retention=Talent Retention Thus, talent retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project.

Employee retention is beneficial for the organization as well as the employees. Employees today are different. They are not the ones who don’t have good opportunities in hand. As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job. It is the responsibility of the employer to retain their best employees. If they don’t, they would be left with no good employees. A good employer should know how to attract and retain its employees.

Retention involves five major things :  Compensation  Environment  Growth  Relationship  Support

Compensation constitutes the largest part of the retention process. The employees always have high expectations regarding their compensation packages.

Compensation includes:  Salary and wages  Bonus  Health Insurance  After retirement benefits

ENVIRONMENT Environment is another factor which contributes to employee retention . A motivated employee wants to contribute to work areas outside of his specific job description.

GROWTH Growth is an integral part of every individual’s career. If an employee can not foresee his path of career development in his current organization, there are chances that he’ll leave the organization as soon as he gets an opportunity

RELATIONSHIP sometimes the relationship with the management and the peers becomes the reason for an employee to leave the organization. The management is often not able to provide an employee a supportive work culture and environment in terms of personal or professional relationships. There are times when an employee starts feeling bitterness towards the management or peers, which leads to less satisfaction and eventually attrition. A supportive work culture helps grow employee professionally and boosts employee satisfaction .

Support Employees today are asking for a work place that helps them balance the demands of their work and family lives, rather than forcing them to choose one over the other. Many schemes have been introduced by the organization for their employees like special schemes for their children, scholarships, medical benefits, training etc.

What makes an employee to Quit?

Lack of training programs: Organizations should plan training programs that help to improve the employee competencies with current trends.  Lack of Challenging Atmosphere: Employer must provide challenging environment, that help to improve the employees. Challenging atmosphere help the employees prove their worth and bring out their skills. 

Lack of Autonomy: Employer maintains centralization, employees feel some in convince. Giving employees responsible positions, they work in their own style. Lack of work place relationships: In case employers failed to maintain healthy relationships among the staff members that causes for all disputes. In attractive compensation : Compensation plays an important role in motivating employees .

Need for Talent Retention 

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Good people are always needed. No organization wants to loose them. “Better the staff, better the organization” is the key mantra. Continuously hiring new employees and loosing the old employees is the worst that can happen to an organization because hiring process is time consuming and expensive. The cost of replacing an employee is far more then retaining the old one. Its always good to have trustworthy old employees in the organization. It brings stability to the organization and increases the loyalty factor and thus creates a healthy work environment.

. The new hires bring in new ideas and talent. But the old employees have knowledge of the processes of the organization and their valuable experience . Last but not the least; retention helps create goodwill of the organization in the market. An organization whose attrition rate is high is never a preferred employer.

Strategies for Talent Retention 1. Hire the right people in the first place. 2. Give the employees the authority to get things done. 3. Make employees realize that they are the most valuable asset of the organization. 4. Have faith in them, trust them and respect them. 5. Provide them information and knowledge.

6. Keep providing them feedback on their performance. 7. Recognize and appreciate their achievements. 8. Keep their morale high. 9. Create an environment where the employees want to work and have fun.

CONCLUSION Employee retention is crucial for the long – term health and success of the business .Managers readily agree that retaining best employees ensures customer satisfaction , product sales , satisfied coworkers ,goodwill of the organization etc.

if you truly respect , appreciate and treat your employees wonderfully , you will never lose them ” !!!! In a nutshell , “

THANK YOU !!!