Creative Retention Strategies That Are Used by Organization Today

With the fasting changing economic & market conditions, companies ar facing very heights pressure to perform which require them to have the best people to devise with, to take their experience minds they want to be the most preferred employer in the eyes of their prospects (future employee). To retain their best talent companies atomic number 18 adopting various fictive strategies. According to DQ-IDC recent survey on the reasons that make people modification the job, the most important reason was salary & compensation but asunder from that Career Development, Location, Flexibility of office hours, Job Security, Organization Culture & welfare policies emerged as the main reason of changing job.There is not ofttimes change on the attrition front we have seen even aft(prenominal) following m both strategies the biggest attrition rate is still in IT fabrication which is 18%, followed by banking & financial companies. The average storage rate has dropped from 82% in 2007 to 79% in 2008. Now when we look what companies are doing to retain their employees, we can find many interesting thing. Some of the creative holding strategies/practices followed by companies are1. Flexi timing more Companies are following this proficiency like Aditi technologies, Sap Labs etc. It seems these companies have got the right software of tensile timing. 2. Fun Work- Many companies have made fun an inbuilt part of the working & their companies values, some of them have linked the fun with their procedure appraisal transcription like Wipro BPO, Acclairis Business solution pvt. Ltd., VCustomer Corp. etc. 3. facts of life & Development opportunity Many companies have understood that their people are the most important assets thats why they want a day-and-night up gradation of their employee through short term training & maturement programmes.4. Respect Your Employee When we look at the recent survey on Employee retention we can find respect & recognition at the wo rk spatial relation has emerged as the one of the main reason of changing job. Almost each company is trying hard to pay due respect to their employee by many programme. On the spot award, Self Appraisal, Foreign trips, Get tumefy soon Flower bouquets for ill employee or family members are such programmes to memorialize the respect towards the employees.5. Empower Your employee It is not a matter of surprise that Marriott Hotel India all(prenominal) employee is called Associates and the Sir culture is absent there, Associates are empowered enough to take decision, the aforesaid(prenominal) way RMSI who have freed his employee to calculate their own performance bonus, at any time on the internet. 6. Bridge the Gap- Programmes such as java with GM in Marriott Hotel, Good Morning Qualcomm in Qualcomm, Breakfast impact by CEO etc Are tool to improve the communication & take in the communication gap between Manager & their subordinate & also to vex fairness in the system. 7. W ork with Friends Many companies like Perot System hires 40% of the employee through employee referral channel to create a friendly college like environment & to bring a sense of belongingness among the employee.8. Best Reward System- Many organization started self chosen reward system in which an employee could locate his/her own target & reward, organization are adopting 3600 performance appraisal system to bring the fairness in appraisal system. Apart from above usage I have seen many interesting example like oral sex Tree consultings Babys Day Out programmes, Antakshri programme, departmental Day Outs, Annual Spring party, Sabbatical for social services, Cadbury day, Dhoom machale etc. are some example followed in different organization to control the attrition. after(prenominal) looking all the above aspects in nut shell companies should hold up in mind the most widely accepted HR commentary which is the best mantra to retain the employee & that is- The genuine concern o f people.