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Employee Retention Scheme
Human Resources » Attrition and Retention


Chrm Message From: sunil madan Total Posts: 20 Join Date: 05/01/2008
Rank: Executive Post Date: 20/01/2008 09:33:58 Points: 100 Location: United States

Many organisations have various retention schemes. I would like you to share some of the ideas with me.

Would also like to know if any of you is practising "person specific" retention scheme. It means identifing the critical people across the organisation that you would like to retain and offering them some kind of a 'retention bonus' if they stay with the organisation. Since the scheme is limited to "critical" people the number can not exceed say 10 to 15% of the total population.

Those who have practised this, may also share the psychological implications of such a scheme on other employees.

Regards

Sunil Madan

Chrm Message From: jitendramahato Total Posts: 12 Join Date: 05/01/2008  
Rank: Executive Post Date: 20/01/2008 09:35:32 Points: 60 Location: United States

If your company's budget is limited to the 15% of the cream, then maybe the "Bell Curve Method" can be an effective tool for you. You can provide good benefits and incentives to employees whose Performance Rating falls "within the top 15 %" of all the employees
that were "forced fit" into the curve.

But you may need a good Performance Appraisal System (or PMS) to create a credible profile of the true 15% performers. Without a good tool, your company can be accused of subjectivism and favoritism. When this happens, you have created a problem that you never wanted to happen in your company.

If you need a good PMS, my company has one. It is a complete system that was benchmarked with the best practices in variouos industries, and applicable to any type of company in any part of the world.... But we sell it.

 
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