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?

Related articles by Zemanta

• Retaining Top Performers – webinar (slideshare.net)
• Canada needs more jobs data, but has no budget (financialpost.com)
• How Employers Can Survive in a Bad Economy (slideshare.net)
• New Quarterly Employment Report Tracks Hiring in Professional Occupations (newswire.ca)
• Ultimate Software Hosts Interactive Human Resources Workshop in Miami, FL (eon.businesswire.com)