• Employee Retention In India Is More Influenced by a Direct Manager's Skills than concern for compensation, notes Michael Haid, senior vice president and global leader for the Attract & Assess Center of Excellence for Right Management. "Most employees are seeking opportunities for growth, progress, and pride in their work, and many employers have yet to understand the triggers from managers that help provide these."
• Understanding the Variables that Lead to Greater Retention is a critical component of an effective talent management strategy, says Haid. "High attrition levels can impair an organization's ability to build relationships with clients and run its operations efficiently. What's more, multinationals may experience the ultimate irony: Due to the high cost of hiring and retraining, they may not be able to reap the cost savings that led them to India in the first place."
The Study Identified Four Key Causes of Employee Attrition:
• Gap In Management Skills. Managers play a vital role in an employee's desire to remain with the company. Study results reveal a significant deficit in the skills needed to lead their teams, mentor talent, and manage effectively, with many managers promoted before they are ready.
• Employee Engagement Is Critical. Job satisfaction, commitment to the job and organization, pride, and advocacy lead to higher levels of engagement. Results show a lack of engagement is the strongest single factor leading to intent to leave an organization.
• Compensation Is Less Important. Study results indicate a more complex array of factors play a significant role, including an employee's sense of progress, competence, influence, and opportunity to do meaningful work.
Right Management identified four human resources practices as having the greatest impact on an organization's ability to retain employees:
• Effective Performance Management. Implement a formal integrated performance management process to effectively assess, recognize, and reward employees.
• Nurture Talent. Provide developmental opportunities for all employees, along with a structured career path, including stretch assignments, additional responsibilities, coaching, and mentoring.
• Support Managers. Coach managers in fundamental leadership skills so they can effectively motivate, guide, and assess their teams.
• Promote Organizational Values. Ensure there is an organizational commitment to a larger social purpose. Encourage participation in company-supported initiatives and special interest groups. Highlight activities in your annual report.
Thanks to Training Magazine
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