16th April 2009 From India , Surat
21st April 2009 From India , Mumbai
The best way to retain the employees is to trust them. They are like ambassadors of the company and happy employees portray a company in positive light. HR people must know what the competitors are offering and what are the problems their so that the same can be conveyed to the employees.
One way to retain employee is say retention bonus, for example if an individual stays with the company for say two years, s/he would be entitled to say Rs. 10000 cash, greater the duration, greater the amount. This amount would also vary depending on designations. Higher designation means higher retention bonus. This is being used in BPOs and KPOs.
21st April 2009 From India , Gurgaon
As we all know that recession is global phenomenon & the same 'll not persist for long , therefore down sizing the strength of employees will instead of temporirly solution will difinitely have impact on employee performance. Rather employee must be strongly motivated 2 overcome this problem in developing a crisis task team.
24th April 2009 From India , Calcutta
If your company is financially stable then their is no problem of having an Appraisal,or else i suggest if your companies financial position is not so bad during the time of recession give your employees a minimum hike so that atleast their stay motivated.
25th April 2009 From India , Mumbai
27th April 2009 From India , Pune
I agree that at a time of recession, the ideal scenario would be not to give any hike in salaries but if any promotion/salary adjustment cases are due a minimal hike of 5-15% based on industry norms after studying competitors should be given. Salary adjustments and promotions need to be given so that it does not disturb internal parity of the team.
At the same time, existing employees stay in an organization for 3 primary things career growth,self growth and monetary benefits. Hence if we are not able to provide salary hike we need to provide a good platform for career platform thru training, movement to other teams, providing benefits, insurance, quarterly or semi annual incentives to motivate employees to perform better. Even though you might not be able to provide salary hike to them you could still give them incentives in several ways:
- Concierge services
- Medical room, gym, massage room
- Education support program for MBA, etc....
Hope this is helpful.
4th May 2009 From India ,
so in this way where their salaries wont b reduced the employees will even feel motivated and will try to contribute more to the company.
8th May 2009 From India , Mumbai