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HRM Review Magazine:
Why Retention Strategies Fail?
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Attrition is a challenge for almost every industry in India and across the world. Employers are facing high employee turnover rate in spite of all the efforts to retain top performers. A careful observation will reveal that the retention strategies fail mostly due to lack of understanding of what people want in an organization and the inability to address their concerns. Also, an organization cannot retain people who have demands that are not feasible and do not match the core business of the company. Therefore, instead of spending time and money in an effort to satisfy those people, they should learn to let them go, in order to make space for the right people.

 
 
 

Increasing attrition in almost every industry in India and across the world has become one of the biggest challenges faced by the employers. Companies are finding it tricky to understand what their employees want. As a result, many companies are failing to keep the employees from leaving. Therefore, it is time to look into the core reasons to understand the tendency to change jobs so frequently. Following every resignation, a question naturally arises—"What made him leave?", which, in turn, raises another question in the employers' mind—"What is the rival firm offering that we could not?"

Employers are carefully formulating and frequently altering policies to create and maintain certain "feel good factors" for the employees, expecting to fulfill their people's expectations. However, while planning retention strategies, companies frequently make mistakes by generalizing the factors that are presumed to be motivating for the workers.

We all are individuals with distinguishable needs that can be called "feel good factors". During the stint in a particular company, every employee looks for motivating factors that will make them feel like coming back to work every morning. However, these factors differ from employee to employee, in exactly the way their perceptions differ about the company they are in. In the absence of the required feel good factors, employees eventually start looking for greener pastures.

 
 
 

HRM Review Magazine, Retention Strategies, Information Technology, IT, Business Process Outsourcing, BPOs, Employment Activities, Recruitment Policies, Remuneration Structure, Inter-Department Transfer, Retention Capability, Decision Making, Retention Drive.