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MOTIVATION & <br />RETENTION <br />STRATEGIES<br />

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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.

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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 />

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Why is Motivation Required?<br /><ul><li>Motivation helps you get started

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Motivation helps you keep moving

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Motivation makes you do more than necessary

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Motivation makes the journey fun</li></li></ul><li>WhatFactor Motivates Employees?<br /><ul><li>Appreciation or recognition for a job well done

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Being in the know about company matters

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An understanding attitude from the management</li></ul>Contd..<br />

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<ul><li>Job security

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Good wages

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Interesting work

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Career advancement opportunities

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Loyalty from management

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Good working conditions

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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

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CREATIVITY AND INNOVATION </li></ul>Contd..<br />

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<ul><li>LEARNING

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QUALITY OF LIFE

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MONETARY INCENTIVE

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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.

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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 />

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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 />

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Retentioninvolves five major things:<br /><ul><li>Compensation

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Environment

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Growth

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Relationship

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Support</li></li></ul><li>Importanceof Employee Retention: <br /><ul><li>The Cost of Turnover

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Loss of Company Knowledge

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Interruption of Customer Service

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Turnover Leads to More Turnovers

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Goodwill of the Company

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Regaining Efficiency</li></li></ul><li>Why employees leave the organization?<br /><ul><li>Job is not what the employee expected to be

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Job and person mismatch

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No growth opportunities

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Lack of appreciation</li></li></ul><li><ul><li>Lack of trust and support in co-workers, seniors and management

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Stress from overwork and work life imbalance

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Compensation

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New job offer

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For higher Salary

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For Higher education

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Misguidance by the company </li></li></ul><li>

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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 />

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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

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Recognition

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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.

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Retention processes must directly support the reasons that successful, satisfied employees stay.</li></li></ul><li>

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KEi'sEmployee Retention Wheel: EIGHT FACTORS<br /><ul><li>Attitude for Employing

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Finding Candidates

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Sorting Applicants

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Choosing Employees

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Starting Employees

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Informing Employees

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Improving Employees

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Rewarding Employees</li></li></ul><li>TechniquestoRetainEmployees:<br /><ul><li>Treatyour employees like you treat your most valuable clients

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Get your employees to "Fall in Love" with your organization

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Strong retention strategies becomestrong recruiting advantages

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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.

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An employee committee to help develop retention strategies is a very effective strategy.

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Leadership must be deeply invested in retention.

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Recognition, in various forms, is a powerful retention strategy.

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Remember, the "Fun Factor" is very important to many employees.</li></li></ul><li>

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SOME EXAMPLES OF NEW AGE HR PRACTICES:<br /><ul><li>EmployeeRetention: A Tale of Two Companies.

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Employee Retention: A Tale of Two Companies - Google &Zappos

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Wipro BPOs</li></li></ul><li>THANK YOU<br />