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Co-ordinate hiring, retention, and avoid attrition
Talent engagement is no doubt a major problem for every organisation. Employers are trying every thing from time-tested methods to the latest trends in people management to contain the talent exodus. Reasons for high turnover could be many, and some of them originate from the hiring process itself. An analysis of the hiring procedures used can give us deeper insights into the retention problems currently faced.
Certain factors such as sources of recruits, motivators used to attract candidates and on boarding practices have a bearing on the retention of employees. In most organisations different departments of HR with little or no coordination between them look after hiring and retention efforts. Viewing retention problems as a function of the hiring process can enhance their visibility. Consequently, arriving at the right solutions becomes easier. Understanding that hiring practices and retention policies go hand in hand can result in formulating and implementing better people management strategies.
The 4 Ms- Money, Mentoring, Matching expectations and Maintenance, hint if a person is likely to leave the job early.
Money: Money is an important offer component, which greatly influences a person’s decision to join a firm. However, if hiring managers focus exclusively on money to lure potential candidates it can result in future retention problems. A person who has accepted a job solely on monetary considerations is more likely to quit when a bigger offer comes his way. Yet, some hiring managers try to hire people as cheaply as possible. This might result in a short- term gain for the company but in the long run, there can be a break down of loyalty. A person who accepts a low salary offer will do so only as a stop gap arrangement and quit when he gets a good offer elsewhere.
Solutions to money related retention problems would be to keep salaries close to the industry average and focus on job branding. Offering a challenging work environment, scope for creativity, training opportunities, faster growth rate and better work life balance help attract people who look beyond money while accepting an offer.
Mentoring: Strong mentoring support from peers and superiors instills loyalty among new recruits. It is always better to recruit candidates from employee referrals than other sources. This is because those making a referral have a personal interest in the success of individuals referred. They offer guidance to the new recruits and help them adjust well to the organisational culture. An analysis of turnover rates from each source of recruits can throw light on factors contributing to the turnover. A well conceived on boarding and orientation programme that helps new employees to build good interpersonal relationships within the organisation can greatly contribute towards reducing attrition rates due to lack of proper mentoring and guidance.
Matching expectations: New hires become frustrated when their initial expectations are not met. When the tall promises made at the time of hiring about work, technology or environment does not get reflected in the actual job, the new recruits are likely to get disillusioned. This is a potential factor that can contribute to early departure of the new hires. The hiring managers must not think that their responsibility ends once the recruitment process is complete. They should coordinate with other HR departments to see that the new recruits do not suffer on account of bad initial placement. They should advice reporting managers on ways to assign roles that match the expectations of new reports.
Maintenance: Human resources are an important asset to any organisation and they require a personalised maintenance schedule just like any other asset.
Performance appraisals, rewards, awards, incentives, and pay hikes are directed at maintaining the employee morale. But the department that focuses on the retention efforts will succeed in its endeavours provided it works closely with the hiring department and tailors its employee benefit programmes to suit the specific needs of employees. Gathering information on the average tenure of employees at their previous employers from the hiring department can help in estimating their likely tenure in the present job.
Before the employees start looking for a new job, the organisation can bring necessary changes in their job roles, titles and perks to keep their engagement levels intact.
Attrition levels can be lowered to a large extent if the recruitment and retention functions are integrated.
N. PURNIMA SRIKRISHNA
faqs@cnkonline.com
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