But how do you retain them?
Money is enough, or is it?
You give time/effort to train people. And they started leaving after 1-2 years.
To make sure you do not have to repeat the hard work, you try to retain the good candidates – offering promotions/higher packages/good incentives, right?
But is that the right or only solution? Is money the only reason employees leave?
You see, loyalty can’t be bought, it needs to be earned. The ones looking for money will ultimately go, but the ones who want to be around, need the right reason.
Uncover the Surprising Secrets for Success:
Shifting from Bond to Bonus – Candidates were leaving us either after training (6 months) or after completing a bond of 2 years. The trainees didn’t want to get stuck in a job for 2 years that they might not like – sounds fair. And employees leaving after 2 years might have left early but couldn’t due to bond.
Now, note that they were being offered good packages, but they still wanted to go. Meanwhile, we kept on training them.
Once we figured out what was happening, we didn’t go for the obvious solution – increasing packages. We nullified the bond contract and gave everyone a fair chance. Trainees had an option to explore the kind of job we’re offering and depending on their likability, they could make a choice. People leaving didn’t matter now, we were now familiar with the next course of action.
Appreciating Loyalty – We wanted to appreciate the people working with us for a longer time. So, we started giving loyalty bonuses to those who continued with us for 2 years. The former ‘compulsion’ changed to ‘a perk’.
Ever wondered if you are asking for more?
Another reason people leave is because the job is demanding. You might not accept it or try to compensate for it with money. And we know from the above chapter – that’ll not work every time.
It could be the late sittings, or night shifts, or late night calls, or working over weekends, etc. that can trigger frustration and detachment.
But well, of course – the type of industry you are in, these commitments are needed. Even if you want to, you can’t avoid occasional pressure from clients, projects that need extra attention, or working nights. Are you failing in making your team understand your situation? We did too.
Contd….
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