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Retaining Talented Employees!!!
How to retain talented employees?
Dev Arora is a shining star of a reputed MNC in which he has been working for the last 6 years. Going by his records, the company has given him everything in these years, be it regular increments or a position in higher hierarchy. But to the nightmare of his bosses, he submits his resignation just after one month of being given a senior position. On being asked the reason for his quitting, he states that although the organization has given him everything from money, name and fame, it has deprived him of his personal life. There is no work life balance in the company as they work 7 days a week most of time and the work hours stretch to more than 18 hours a day. To add to it is the strenuous touring schedule. At the end of the day, there is no time left for personal life and leisure. The reason might have seemed bizarre to the higher officials, but he had a point which can’t be overlooked. Why do the organizations feel that once they have hired a person, his personal life ceases to exist?
In a time when jobs are available anywhere, the time-honored retention techniques of quarterly bonuses, social perks, even stock options are simply inadequate to the task of tying a good worker to a specific company. Good executives need to learn that hearts and minds can be won, but never simply be purchased.
The edge in holding onto top talent must go beyond compensation, special dinners and public pats-on-the-back. Today’s top managers must be able to draw the distinction between gratuity and appreciation. Gratuity is thanking and rewarding an individual for results. Rewards, such as a weekend getaway or night-on-the-town, must fit the desires and value structure and standard of the employee rather than the budget of the company. Rewards should not involve an extra effort for the employee. If you are gifting a holiday package, make sure everything is delivered rather than making him pick and arrange for the picks and drops. The idea is to dazzle. Gifts bring surprises but extra add on’s dazzle.
Bonus, perks and public acknowledgment for jobs done well, all come under gratuity, not appreciation. Appreciation is not a thank you. It is the sensitivity to another’s suffering. Appreciation is telling someone that you understand what it took for them to produce a result. Although people need to be compensated for their results, but more than that, they want their work, their efforts to be known. They want to know that their commitment, their time and their energy makes a difference to the company and people they work for.
There has been a critical need for appreciation along with the space to pursue ones goals in life. Don’t forget that at the end of the day, an employee toils for his family and loved ones. If he can’t devote his time for them there is no charm in earning millions for his future which no one has seen.