Recently, I came across this issue in my consulting engagement with one of the mid-size family run companies in India that had been in business for over 20 years.
The company specialized in the production of high-quality consumer goods and had established itself as a trusted brand in the market. However, in recent years, the company had been facing a problem with retaining good talent. The attrition of their employees had been on the rise, and the management was concerned about losing skilled workers to competitors.
The management team of this company recognized that retaining good talent was crucial to the success of the company, and they needed to take immediate action.
They first conducted an internal survey to understand the reasons behind the higher rate of attrition. The survey revealed that the employees were dissatisfied with the lack of growth opportunities and low compensation packages.
To address these concerns, the management team implemented several initiatives to improve employee satisfaction and retention.
Firstly, they created a structured career development program that offered employees clear paths for advancement within the company. The program included training, mentoring, and job rotation opportunities, which allowed employees to acquire new skills and take on more challenging roles.
The management team also revised the compensation package, offering higher salaries and performance-based bonuses to employees. They also introduced employee-friendly policies such as flexible working hours, work from home options, and increased
vacation time to improve work-life balance.
Furthermore, the company introduced an employee engagement program to boost morale and create a sense of belongingness among employees. The program included regular team building activities, company-wide events, and a suggestion box for
employees to provide feedback.
These initiatives had a positive impact on employee retention, and the turnover rate decreased significantly. The management team also noted an increase in employee productivity and job satisfaction.
The company’s reputation as an employer of choice in the industry improved, and they were able to attract new talent as well.
In conclusion, retaining good talent is a challenge faced by many companies, including mid-sized family-owned businesses in India. By implementing employee-friendly policies, offering growth opportunities, and creating a positive work environment, companies can improve employee retention and productivity, leading to long-term success.company-wide eventsemployee attritionemployee engagement programemployee retentionemployees feedbackFlexible working hoursincreased vacationsense of belongingnesssuggestions boxwork from home