Reinventing retention the next big thing
Until now retention strategies were based on instinct rather than any research or guiding principle. But, today, when the entire work culture has witnessed a paradigm shift, organisations are forced to think differently. Increasingly, organisations are acknowledging this change and thinking of innovative ways to retain employees.
Of the 54 per cent organisations who have tried creative ways to retain talent, 32 per cent said their retention rates improved by up to 10 per cent. About 60 per cent believe that application of innovative retention techniques will increase in times ahead, revealed the TimesJobs.com study.
One size does not fit all
While inventive retention methods are gaining acceptance across most organisations, employers need to understand that it will not appeal to every employee. According to the TimesJobs.com study, such techniques have high recognition with Gen Y (44%) and baby boomers have least acceptability for such initiatives, with only 19 per cent giving it a thumbs-up. Consequently, organisations need to tailor their retention strategies to suit different sections of employees.
No tech intervention
For over 70 per cent of the surveyed organisations such initiatives do not have any technology intervention. They have a more human-touch and are designed to connect with the employee on a more personal level, where their needs are presumed as that of the organisation’s. Interestingly, these low-tech hi-touch strategies seem to engage the IT staff more effectively, said 71 per cent of the organisations in the TimesJobs.com study.
Struggling to succeed
“Employee turnover is costly; it leads to instability, inefficiency, ineffectiveness and a negative impact on the bottom line.” explains Vivek Madhukar, COO, TimesJobs.com, “Most organisations see attrition as a significant challenge citing budget constraints and lack of support as hurdles. However, as revealed by our latest study, an increasing number of employers are finding effective yet efficient ways, to hold the interest of their employees.”