CONTEMPORARY EMPLOYEE RETENTION PRACTICES

IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

CONTEMPORARY EMPLOYEE RETENTION PRACTICES Prof. (Dr.) Jyotsna Diwan Mehta Professor Subodh Institute of Management & Career Studies, Jaipur and

Mr. Virendra Singh Asst. Registrar Sri Balaji College of Engg. & Tech., Jaipur Employee retention is the ability of an organization to retain its employees. In these days of job hopping, reduced company loyalty, and high employee turnovers, hiring employees is just a start to creating a strong work force. It is of utmost importance that the organization works to keep them. This becomes even more important in the present scenario of an economic slowdown as high employee turnover costs business owners in terms of time and productivity. According to LBW Consulting (Leadership In Business, Worldwide), the cost of replacing an employee ranges from 29% (non-management) to 46% (management) of the person's annual salary. Then there are the sunk costs such as induction, training expenses and other administrative people costs incurred on the person. Expenses are also incurred when someone else does the person's job in the interim, leading to a domino effect on employee cost. One of the greatest challenges facing employers today starts after finding good employees: that is to find ways to keep them! But first, an even more important issue must be addressed and that is to be sure that your employee is worth retaining! An important lesson can be learnt from the financial analyst who quickly unloads a potentially useless share from his Portfolio and therefore the HR manager must thus be able to RECOGANIZE when efforts at employee retention must be suspended, an employee must NOT be RETAINED and must be allowed to leave the organizations. Thus building an employee retention strategy requires attention to be paid to several aspects reflected in the flow chart shown below. All the six steps are essential if an effective and workable strategy is to be set up. The flow chart also clearly establishes that retention strategies are an on-going continuous process and constant feedback about the state of employee International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

satisfaction and turnover as well as the effectiveness of the retention strategy will help to keep it relevant and useful. THE PROCESS OF BUILDING EMPLOYEE RETENTION STRATEGY STEP 1: IDENTIFY EMPLOYEES WHO ARE A VALUE ADDITION TO THE ORGANIZATION

STEP 2: EXAMINE THE CHALLENGES TO EMPLOYEE RETENTION AT

INDIVIDUAL LEVEL

ORGANIZATIONAL LEVEL

STEP 3: DISCUSS THE REASONS WHY EMPLOYEES USUALLY LEAVE AN ORGANIZATION AND IDENTIFY THE SPECIFIC REASONS THAT THEY HAVE LEFT THE ORGANIZATION IN THE RECENT PAST

STEP 4: OUTLINE THE BROAD ASPECTS OF A HOLISTIC APPROACH TO RETENTION THAT ESSENTIALLY INCLUDE:     

BUILDING AN APPROPRIATE WORKING ENVIRONMENT FOSTERING EMPLOYEE RELATIONSHIP STRATEGIES INSTITUTING EMPLOYEE SUPPORT STRATEGIES ORGANIZING EMPLOYEE GROWTH STRATEGIES STRUCTURING EMPLOYEE COMPENSATION STRATEGIES

STEP 5: CREATE A UNIQUE AND APPROPRIATE STRATEGY FOR THE ORGANIZATION

STEP 6: REASSESS THE IMPACT OF THE RETENTION International Research Journal of Management Sociology & Humanity ( IRJMSH ) Page 25 STRATEGY ON RETENTION RATES/ EMPLOYEE www.irjmsh.com TURNOVER

IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

CHALLENGES TO EMPLOYEE RETENTION At the individual level, the following reasons pose retention challenges: Career growth: Career growth is being increasingly seen as a variety of exposure - crossfunction, cross-industry and cross-geography. Good examples are people working in manufacturing and oil companies moving to the Middle East and Africa or expatriates from mature retail markets moving to India. Globalised work environment: Increased connectivity has led to work environments becoming more global. Shortened time horizons: Generational attitude is being redefined in terms of shortened time horizons for “staying” in an organization or organizational “loyalty.” Research suggests that employees will be changing 10 to 15 jobs in 30 years, which translates into a span of two to three years per job. Peer comparisons: Comparisons with peers are becoming a greater influence due to increased connectivity on various social platforms. Employees are constantly looking for “greener pastures.” Work-life balance: Emphasis on work-life balance is greater than ever.

Reasons for challenges at the ‘Organizational’ and ‘Industry’ level are: Poor people management skills: Accelerated growth of people managers to senior management due to exponential development in some sectors has led to a growing pool of managers with questionable people management skills. Employees tend to leave their managers, hence adding to attrition. Paucity of talent: Organizations in the same domain are scrambling for the same talent with no perceptible differentiation.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

Unsound hiring practices: Dilution of ethical hiring practices due to the great need to “make the numbers.” The first step is to find out why employees leave. The second is to implement employee retention strategies to get them to stay. Five main reasons why employees leave: 1. "I don’t enjoy coming to work." This can include a number of issues usually related to the corporate culture and the physical working environment. Here a mention of Fredrick Herzberg‟s Motivator-Hygiene theory can be used to understand what brings the employee to the workplace and what keeps him motivated to stay. Herzberg‟s findings indicate that factors garnering job satisfaction are separate from factors leading to poor job satisfaction and employee turnover. Herzberg‟s system of needs is segmented into motivators and hygiene factors. Motivators are often unexpected bonuses that foster the desire to excel. Hygiene factors include expected conditions that if missing will create dissatisfaction. Examples of hygiene factors include bathrooms, lighting, and the appropriate tools for a given job. Employers must utilize positive reinforcement methods while maintaining expected hygiene factors to maximize employee satisfaction and minimize retention. 2. "No one will miss me if I were gone." Many employees resent not being personally valued. Many employers make the mistake of not verbalizing or exhibiting appreciation where due. When people don't feel engaged or appreciated, all the money in the world can't hold them. 3. "I don't get the resources/support I need to get my job done." Many employers still prescribe to Douglas McGregor‟s theory X and use the carrot and stick approach to get people to work- luring them with the promise of reward or threatening them with punishment if they fail to perform. However McGregor‟s theory Y, which is far more relevant to the 21st century milieu, tells us that people want to do a good job; they want to excel….but they can only do so if they are given a positive environment that is free of fear of failure and supports creativity. If the employee feels that they are constrained and not allowed to exercise their creativity and judgment even within their own jurisdiction, when employees feel as though their boss won't let them do a good job, when they feel that they have to fight for their share of resources which are essential to get the work done, they cannot give their best. When frustrations exceed the International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

employee's threshold, they leave. Interestingly the more capable an employee is the more likely he or she is to leave the organization at the earliest. 4. Lack of opportunity for advancement. Advancement doesn't necessarily mean promotion. More often, it means personal and professional growth. People want to be better tomorrow than they are today. Personal growth constitutes a very strong driver in today's workforce, particularly with the younger generation. People coming out of college often identify training as the primary criterion for choosing their first company. Companies that gutted their training departments have a lot of catching up to do in order to attract good people. 5. Inadequate employee compensation. People want fair compensation, but – contrary to most managers' beliefs – money rarely comes first when deciding whether to stay or go. A certain percentage of people will always chase more income, money does make the world go round, but a surprisingly large number of workers look at non-monetary reasons first. It is important to mention the Equity Theory of J. Stacy Adams which points out that an individual always compares his own input/ output ratio to that of a significant other and on perceiving inequity is likely to leave the field. This is true not only in those cases where the individual feels that his efforts are not being adequately rewarded but also when the individual feels that rewards far outstrip his contributions. Thus to retain a worker an organization must ensure that he or she feels equity. Many executives still cling to the outdated notion that people "go for the gold", that salary dictates all their employment decisions. But for the most part, people want opportunities to grow and learn, to advance in their careers and to work on challenging and interesting projects. They want to be recognized and appreciated for their efforts. They want to feel a part of something that adds value to their community. Having understood why people are likely to leave let us examine the broad strategies for employee retention: 1. Working environment International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

The primary employee retention strategies have to do with creating and maintaining a workplace that attracts, retains and nourishes good people. This refers to several issues, ranging from developing a corporate mission, culture and value system to insisting on a safe working environment and creating clear, logical and consistent operating policies and procedures. Environmental employee retention strategies address three fundamental aspects of the workplace: 

The ethics and values foundation upon which the organization rests;



The policies that interpret those values and translate them into day-to-day actions,



The physical environment in which people work.

The goal is to make your company a place where people want to come to work. Environmental employee retention strategies include: 

Clarify your mission.



Create a values statement.



Communicate positive feelings.

These employee retention strategies all relate in one way or another to corporate culture. However, one environmental issue that tends to stand out above the rest is to create a culture of openness and shared information. They want to know where the company is going and what it will look like in the future. How is the company doing financially? Where does it stand in the marketplace? All this helps an individual reduce his own uncertainty and help him conceptualize his future. Employees who understand how their specific jobs fit into the grand scheme of things and what they can do to help the organization get to where it wants to go are less likely to leave the organization. A proactive retention strategy is to take the pulse of your people on a regular basis. From time to time, bring in an outside third party, perhaps an Organization Development specialist, to get a more objective view of how your people really feel. Find out if they really know the vision, mission and values. At the same time, give employees plenty of information about how the company is performing and where it is going. When people believe in the clearly stated corporate values and have the information they need to get the job done, they tend to stick around. International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

2. Employee relationship strategies Employee relationship strategies refer to how you treat your people and how they treat each other. Developing effective employee relationship strategies begins with three basic steps: 

Invest in giving managers and supervisors relationship training. Recognize that people work for their immediate boss, not the company. Their pay cheque may say "XYZ company", but their primary work relationship is with their immediate boss. If your supervisors have the knowledge, training and sensitivity to work effectively with people on an individual level, you'll probably get the bonding you need to retain employees.



Ask employees why they work for you. When you do, two things happen. One, employees reinforce to themselves why they work for you. Two, you gain a better understanding of what attracts people to your company. You can then use that information to recruit new employees, saying: "Here's why people work for us. If you value these things, perhaps you ought to work for us, too."



Once you have the information about why people work for you, ask: "What can we do to make things even better around here?" Do it in a positive way so that it doesn't become a gripe session, then listen closely to what your employees say. Out of these conversations will come many good ideas, not only for improving conditions for your employees but for all facets of your business.

Some top employee relationship strategies that work include: 

Help employees to set life goals and get focused on where they want to go. Then help them to see how their goals match up with company goals and that they can achieve their goals by staying with the company. If people believe they can achieve their goals and objectives by working in your organization, they will think twice before going somewhere else to work.



Whenever possible, get the family involved: o

Write a letter of commendation and send a copy to the family.

o

Write a letter to the family thanking them for supporting your employee.

o

Give recognition strategically and deliberately.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

Employee relationship strategies help to build a sense of family. In families, people have conflict and disagreements but they learn how to work them out. They stick together through good times and bad and support each other's growth. It's a lot harder to leave a family than to leave somewhere where you just go to work. 3. Employee support strategies Employee support strategies involve giving people the tools and equipment to get the job done. When people feel they have what they need to perform, job satisfaction increases dramatically. David McClelland‟s Needs for Achievement, Affiliation, Power and Competence are constantly at play at the workplace. The expectancy theory can also be used to understand how employees can get organizational support.the degree to which the rewards offered by an organization align with the needs employees seek to fulfill. High valence indicates that the needs of employees are aligned well with the rewards system an organization offers. Conversely, low valence is a poor alignment of needs with rewards and can lead to low job satisfaction and thereby increase turnover and decrease retention. Expectancy theory details has several factors that can lead to high job satisfaction and high retention rates for organizations. Increasing expectancy in an organization can be done by training employees and thereby making them more confident in their abilities. Increasing instrumentality within an organization will be part of implementing an effective rewards system for attainment of specific goals and accomplishments. However, while these theories may be valid they provide little practical assistance for business managers or human resource practitioners. More modern studies relating to employee engagement demonstrate that by developing a range of strategies that address various drivers of engagement, many positive outcomes can be achieved. These outcomes include higher profitability, improved customer satisfaction, lower absenteeism and lower accident rates as well as higher employee retention.

Equity theory All employee support strategies stem from three basic principles: 

People want to excel.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)



People need adequate resources and easy access to those resources, to get the job done.



People need moral and mental support from their boss and managers.

Employee support strategies start with the managers' attitudes. Are employees seen merely as cogs in a wheel, or as valuable resources that make the company go? Are they expected to perform at highest levels or is mediocrity tolerated? Believing that people want to excel (they do!) rather than perform at minimum levels will lead to far more positive attitudes.. Information is another key area in employee support strategies. Let people know what is going on. Give them sales figures and some of the financials. Let them see performance measurements, particularly as they affect their jobs. 4. Employee growth strategies Employee growth strategies deal with personal and professional growth. Good employees want to develop new knowledge and skills in order to improve their value in the marketplace and enhance their own self-esteem. Organize and structure your training so that it makes sense for the company and the individuals who work for you. Explore your employees' different needs and the best way to meet those needs. There are many ways to help your people with personal growth that not only make a difference in their lives, but bond them more closely to the organization. Training and education can include: 

in-house curriculum for skills training and development



outside seminars and workshops



paying for college and continuing education



CD/DVD, podcast and online learning



cross-training



having employees present workshops in their areas of expertise



Bringing in outside experts to educate employees about subjects that affect their personal lives.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

Training must offers a real opportunity for employers to differentiate themselves as this can have a big impact on employee retention. When you offer these kinds of learning opportunities, it sets you apart from other employers and shows that you truly care about your employees. They don't expect that. It shows that you care about them as people, not just as workers who can make money for you. 5. Employee compensation strategies Effective employee compensation strategies stem from one fundamental principle: money alone will not retain most employees. In the old days, companies essentially paid people for their time. Today, more and more companies pay for performance – in every position, not just sales. To retain employees, your compensation plan needs to incorporate this trend. Pay-for-performance plans come in a variety of shapes and sizes, but they all involve two basic activities: defining the job and checking performance against expectations. When people exceed expectations, give them a bonus. It helps to lay the plan out ahead of time so that employees understand your expectations and know what they have to do to get the bonus. But make sure you base it on predefined profit goals, so that you don't pay out if the company doesn't make money. Smart employers use a variety of hard (monetary) and soft (non-monetary) employee compensation strategies to make it difficult for other companies to steal their people away. Keep in mind that employee compensation constitutes only one piece of the puzzle. If all the other pieces – the environmental, relationship, support and growth strategies – don't fit together into one interlocking whole, you won't be able to pay people enough to work for you. In today's market, the attitude of employees has changed. They believe, "You're lucky to have me working for you." If you don't agree to that and treat them accordingly, they will quickly find another employer who will. Some specific and effective employee retention strategies that will help to retain good staff and develop a stable workforce that various modern day organizations are discussed below along with an analysis of what can be done to make these strategies more effective. Some of the strategies discussed are already in practice in the mentioned form or in some modified manner; others need to be integrated into the HR strategy of the organization: International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

Companies do for instance offer a competitive benefits package that fits the employees‟ needs. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees. But other perks, such as flextime can go a long way to show employees you are willing to accommodate their outside lives.



An innovation that some companies are using is to provide some small perks. The quality of these incentives can be enhanced by adapting them to employee needs.



Many companies use contests and incentives to help keep workers motivated and feeling rewarded. Done right, these kinds of programs can keep employees focused and excited about their jobs.



Conducting “stay” interviews is also a new and innovative trend. In addition to performing exit interviews to learn why employees are leaving



Internal promotion policies are a great motivator and give employees a clear path of advancement. Employees will become frustrated and may stop trying if they see no clear future for themselves in the company.



Foster employee development. This could be training to learn a new job skill or tuition reimbursement to help further your employee‟s education.



Create open communication between employees and management. Hold regular meetings in which employees can offer ideas and ask questions. Have an open-door policy that encourages employees to speak frankly with their managers without fear of repercussion.



Get managers involved. Require your managers to spend time coaching employees, helping good performers move to new positions and minimizing poor performance.

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Communicate your business‟s mission. Feeling connected to the organization‟s goals is one way to keep employees mentally and emotionally tied to your company.



Offer financial rewards. Consider offering stock options or other financial awards for employees who meet performance goals and stay for a predetermined time period, say, three or five years. Also, provide meaningful annual raises. Nothing dashes employee enthusiasm more than a paltry raise. If you can afford it, give more to your top performers. Or, if you don‟t want to be stuck with large permanent increases, create a bonus structure where employees can earn an annual bonus if they meet pre-specified performance goals.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH 

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

Make sure employees know what you expect of them. It may seem basic, but often in small companies, employees have a wide breadth of responsibilities. If they don‟t know exactly what their jobs entail and what you need from them, they can‟t perform up to standard, and morale can begin to dip.



Hire a human-resources professional. If your company is nearing 100 employees, consider hiring a human-resources director to oversee and streamline your employee structure and processes. Putting one person in charge of managing employee benefits, perks, reviews and related tasks takes a huge load off of you and makes sure employees are treated fairly. HR managers are also more up to date on employment laws and trends. They can set up various programs and perks you may not have known existed.



There are several online tools available now that can help in developing better and more efficient strategies for employee retention. These include: o

Return on Engagement Calculator -- A tool that figures the annual savings of having employees put in extra effort, stay with a company and other behaviors associated with commitment and motivation, from HR Solutions, a consulting firm.

o

Bad Hire Calculator -- A tool that figures the cost of hiring an employee who doesn't work out, factoring in training, advertising and related expenses, from HR World, a human-resources trade publication.

o

Cost Per Hire Calculator -- A tool that figures the cost of hiring a job applicant, factoring in advertising, recruiter, travel, relocation and related expenses, from HR World, a human-resources trade publication.



Additional Resources are also available : o

Conservative salary estimates for employees -- Base salary calculations by position and location, from SalaryExpert.com, a Web site from Economic Research Institute Inc., a provider of compensation and performance-metric information.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

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Free Human Resource Training -- Training at no charge on employer-sponsored benefit plans from Economic Research Institute Inc., a provider of compensation and performance-metric information.

Employee Stock Option Plans Overview -- Information on creating an employee stock option plan, from the Securities and Exchange Commission.

Some best and next practices in Employee Retention Organizations need to realize that they need to improvise retention strategies according to their specific needs and circumstances. Money alone will not retain employees. While at the middle management level, „career development‟ is a key retention driver, „culture‟ in addition to compensation keeps people engaged at the lower levels. The retention strategy, therefore, has to be different for different levels. It is found that at an individual level in any organisation where Rewards and Non-reward programs drive retention, culture is the key retention tool, in addition to organizational policies, procedures and long-term interventions. Companies such as Google, Facebook, some of the traditional FMCG giants and companies in the Banking and Financial industry have been able to retain their employees because of their excellent culture. Therefore, culture can be defined as aspects of decision making, autonomy, learning practices, enabling employees to add value both, to the organisation and themselves, respect given to the employees as individuals, leadership vision and goals and a growth plan for the organization. Another unique concept that can be introduced in the organization is to have a Confession Room concept in an organization. The concept originated in Churches to confess one‟s sins and apologize to God for the things one has done wrong -either deliberately or unknowingly, and for the good things that you have failed to do. The principle behind this concept is to not only realize your mistake but to repent for it so that one shall not repeat it again. This concept may be applied to employees in an organization to convey their problems and difficulties in workplace, ideas for work improvement, and their requirements and their frustrations if any. This concept will help the management to get directly in touch with the employees and have the direct feedback from the employees while providing them with anonymity. International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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IRJMSH

Vol 5 Issue 5 [Year 2014]

ISSN 2277 – 9809 (0nliine)

2348–9359 (Print)

It has also been found that organizations conduct employee engagement initiatives but only use the data for publishing the findings. More often than not, no action is undertaken in response to the findings. This area, if addressed properly, can become a key differentiator for organizations. From the perspective of long-term interventions, creating a flatter organizational structure helps retain employees. It has been found that employees tend to stay back even if their satisfaction level is low but engagement with the senior management is high. Flat organizational structure facilitates this. The following examples of retention practices adopted at an organizational level show how organizations can create their own unique practice ...one that encourages retention: Accenture: Introduced a new global women‟s theme - Defining success. Your way Deloitte: Customized career options for employees based on their career stages FedEx: Pay Exception- Allowing manager to give pay increases beyond normal policies Adobe: Now follows a continuous process of appraisal rather than a yearly process Acuity:

Unlimited

tuition

reimbursements

for

job

related

educational

expense

Proctor and Gamble: Every employee to be moved to a different role/function/ geography every two to three years. NTPC: Social Security systems for all its employees. The

Aditya

Birla

Group:

Deferred

Compensation

program

for

young

leaders

MindTree: Active contribution to community – social responsibility is one of their core values. Godrej Group: CEO has lunch with his employees on most days

Having identified that the employee is worth retaining the aim of an employer must work towards decreasing employee turnover, thereby decreasing training costs, recruitment costs and loss of talent and organizational knowledge. By implementing effective retention strategies and learning from key organizational behavior concepts, employers can improve retention rates and decrease the associated costs of high turnover. Thus, in order to retain employees and reduce turnover managers must meet the goals of employees without losing sight of the organization's goals, thereby creating a "win-win" situation.

International Research Journal of Management Sociology & Humanity ( IRJMSH ) www.irjmsh.com

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References: 1. Vroom, V.H. & Yago. A.G., “On the validity of the Vroom-Yetton model”. Journal of Applied Psychology, (1978). 2. American Journal of Community Psychology, Mar. 2011. 3. Breaugh, James A., and Mary Starke. "Research on Employee Recruitment: So Many Studies, So Many Remaining Questions", Journal of Management, March 2011. 4. Rothwell William J., “Motivating for Retention”, HRM REVIEW, May 2008. 5. Greer Charles R., “Strategic Human Resource Management”, Pearson Education, Inc., New Delhi, 2009. 6. Walker, James W., “Human Resource Strategy”, McGraw-Hill, New York, 1992

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