• Ensure an adequate compensation package for star performers. As the adage goes, ‘If you pay peanuts, you get monkeys working for you’.
Retention Strategies •
Training programs - Organizations should design
training programs that match employee competencies with current trends. For example, PriceWaterhouse, Hewlett Packard and Ernst & Young introduced a new online training and counseling programe that significantly brought down the turnover rate. IBM set up a career centre where career development programs were emphasized. •
Work-Life equilibrium - This is essential, as it caters
to employees’ personal needs and in turn helps retain them. Steve Bigari introduced “McFamily Benefits” to tackle turnover in McDonald’s fast food restaurants in Colorado Springs. The scheme offers education, healthcare, housing and transportation facilities along with stock options to its employees. The idea was to create trust between the employee and the employer
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