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HR - The Human Touch

By Sudhir Dhar 25-Jan-2011 | 12:50

One of the biggest challenges for a company is to retain its workforce, especially considering the growing competition, surviving businesses, having the best talent, the amount of time and cost involved in recruiting and training a new hire, etc. Enormous efforts are put by companies to retain the hired people, sometimes even enormous costs but they are not always successful. 

There are a few basic components of a retention strategy that must be addressed in order to infuse confidence among employees:-

  • Career development opportunities

  • Effective performance management

  • Work-Life balance

  • Compensation and recognition

Lifelong employment with one company is no longer a desired or necessary option to many employees and they are continuously scouting for the best benefits, culture and work environment. With turnover costs running very high, companies must make retention of top employees a priority and address the retention issues of employees in order to remain competitive in the business.

One of the important things to remember if you have not been successful in retaining an employee is to stay connected to him. This is the next best thing companies can do and convert him as your external PRO. This is one way of turning a threat into an opportunity. It is worthwhile to communicate to them that they are welcome back. The more you stay in touch with them, the more are chances that they will refer more people to you or even consider returning