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  1. 1. MOTIVATION & <br />RETENTION <br />STRATEGIES<br />
  2. 2. Who is an employee?<br /><ul><li>An individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. </li></li></ul><li>What is Motivation?<br /><ul><li>Motivation is the process of boosting the morale of employees to encourage them to willingly give their best in accomplishing assigned tasks. Motivation is the key to achieving extraordinary results.</li></li></ul><li>What is Employee Motivation?<br /><ul><li>Without a motivated workforce, productivity, morale, profits, product and service delivery suffers.
  3. 3. From line managers to top executives, understanding what factors motivate the employees is key to gain the human resource advantage that leads to success in our challenging market place.</li></li></ul><li>Definition of Employee Motivation:<br />According to Burrel Lee Wilks III “Employee motivation is a reflection of the level of energy, commitment, and creativity that a company's workers bring to their jobs.”<br />
  4. 4. Why is Motivation Required?<br /><ul><li>Motivation helps you get started
  5. 5. Motivation helps you keep moving
  6. 6. Motivation makes you do more than necessary
  7. 7. Motivation makes the journey fun</li></li></ul><li>WhatFactor Motivates Employees?<br /><ul><li>Appreciation or recognition for a job well done
  8. 8. Being in the know about company matters
  9. 9. An understanding attitude from the management</li></ul>Contd..<br />
  10. 10. <ul><li>Job security
  11. 11. Good wages
  12. 12. Interesting work
  13. 13. Career advancement opportunities
  14. 14. Loyalty from management
  15. 15. Good working conditions
  16. 16. Tactful discipline</li></li></ul><li>METHODS OF MOTIVATING EMPLOYEES:<br />The best employee motivation efforts will focus on what the employees deem to be important.<br /><ul><li>EMPOWERMENT
  17. 17. CREATIVITY AND INNOVATION </li></ul>Contd..<br />
  18. 18. <ul><li>LEARNING
  21. 21. OTHER INCENTIVES</li></li></ul><li>What is Retention?<br /><ul><li>Retention is the process of ensuring that your members or volunteers remain active with your organization.
  22. 22. Retention is not a particularly formal process. Instead, it focuses on maintaining a welcome environment, member morale, and organizational progress.</li></li></ul><li>What is Employee Retention?<br /><ul><li>Employee 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.</li></li></ul><li>Definition of Employee Retention:<br />According to Get Les Mckeown’semployee retention is define as “ effective employee retention is a systematic effort by employers to create & foster an environment that encourages current employees to remain employed by having policies and practices in place that address their needs”.<br />
  23. 23. WhyRetention?<br /><ul><li>If employees 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.</li></li></ul><li>R –EMUNERATE COMPETITIVELY<br />E -NCOURAGEMENT AND EXPECTATIONS<br />T – RAINING AND DEVELOPMENT<br />A -NNUAL REVIEW CYCLES<br />I - NFORM AND INVOLVE<br />N -URTURE<br />
  24. 24. Retentioninvolves five major things:<br /><ul><li>Compensation
  25. 25. Environment
  26. 26. Growth
  27. 27. Relationship
  28. 28. Support</li></li></ul><li>Importanceof Employee Retention: <br /><ul><li>The Cost of Turnover
  29. 29. Loss of Company Knowledge
  30. 30. Interruption of Customer Service
  31. 31. Turnover Leads to More Turnovers
  32. 32. Goodwill of the Company
  33. 33. Regaining Efficiency</li></li></ul><li>Why employees leave the organization?<br /><ul><li>Job is not what the employee expected to be
  34. 34. Job and person mismatch
  35. 35. No growth opportunities
  36. 36. Lack of appreciation</li></li></ul><li><ul><li>Lack of trust and support in co-workers, seniors and management
  37. 37. Stress from overwork and work life imbalance
  38. 38. Compensation
  39. 39. New job offer
  40. 40. For higher Salary
  41. 41. For Higher education
  42. 42. Misguidance by the company </li></li></ul><li>
  43. 43. RetentionStrategies:<br />Work environment (location, variety, flexibility, culture) <br />Financial(base salary, incentive, bonuses, options, benefits, recognition) <br />Personal (quality of work, skills, training, self-leadership, opportunities) <br />Relationships(owners, managers, peers, mentors, customers) & so on.<br />
  44. 44. The Three R’s of Employee Retention:<br />To keep employees and keep satisfaction high, the management need to implement each of the three Rs of employee retention:<br /><ul><li>Rewards
  45. 45. Recognition
  46. 46. Respect</li></li></ul><li>KEi’s Employee Retention Wheel:<br />KEi's Employee Retention Strategy is based upon two primary beliefs:<br /><ul><li>It is difficult for employers to retain good employees if they don't have a process to hire the right people in the first place.
  47. 47. Retention processes must directly support the reasons that successful, satisfied employees stay.</li></li></ul><li>
  48. 48. KEi'sEmployee Retention Wheel: EIGHT FACTORS<br /><ul><li>Attitude for Employing
  49. 49. Finding Candidates
  50. 50. Sorting Applicants
  51. 51. Choosing Employees
  52. 52. Starting Employees
  53. 53. Informing Employees
  54. 54. Improving Employees
  55. 55. Rewarding Employees</li></li></ul><li>TechniquestoRetainEmployees:<br /><ul><li>Treatyour employees like you treat your most valuable clients
  56. 56. Get your employees to "Fall in Love" with your organization
  57. 57. Strong retention strategies becomestrong recruiting advantages
  58. 58. Retention is much more effective when you put the right person into the right job. Know the job! </li></li></ul><li><ul><li>Money is important but it is not the only reason people stay with an organization.
  59. 59. An employee committee to help develop retention strategies is a very effective strategy.
  60. 60. Leadership must be deeply invested in retention.
  61. 61. Recognition, in various forms, is a powerful retention strategy.
  62. 62. Remember, the "Fun Factor" is very important to many employees.</li></li></ul><li>
  63. 63. SOME EXAMPLES OF NEW AGE HR PRACTICES:<br /><ul><li>EmployeeRetention: A Tale of Two Companies.
  64. 64. Employee Retention: A Tale of Two Companies - Google &Zappos
  65. 65. Wipro BPOs</li></li></ul><li>THANK YOU<br />