Effective Retention policies

The economy has rebounded and hence, it is very difficult to retain employees in an organization. The HR team has to work overtime to come up with innovative strategies to retain them.

In such a context, what are the various motivational techniques that one can come up with? Incentives (financial) is something that comes to everyone’s mind but obviously, it does not work always with everyone. Of course, it is not possible to provide everyone with financial rewards.

What would be better would be to come up with alternatives that reach out to the emotional sense of the employees. For example, the following schemes could be thought of:

  • A weekend stay in a posh hotel in the same location. The organization can tie-up with the hotel to come up with a good deal so that they can give the experience to the deserving candidates
  • A tie-up with a photography joint can help in giving a reward of a set of high-quality family photographs
  • A super-market chain can be pulled in to give a set of coupons (valid for 3 months)
  • An one-day rental of a chaffeur-driven luxury car will work wonders
  • A personally-signed letter from the Group-head to the spouse/parents of the associate praising the work done – I have noticed it personally the great sense of achievement one gets

As you notice, the cost of each of this option is not high but just imagine the binding that the employees will have – it will be phenomenal.

What is your thoughts on the HR practices that I suggested above?

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2 Responses to “Effective Retention policies”

  1. MAHADEVA S. SARMA Says:

    Your ideas are very refreshing. You could add for the likes of me
    some good professional society membership like say the IEEE, INNS etc which would be costing lots.
    On the successful repeat performance that consistently exceed one could think of offering a sabbatical for pursuing some study.
    Financial help by reimbursing total tution fee for a course which is not necessarily the company’s interest but of great interest to the person, that is if he opts for it.

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