High turnover of employees is a major obstacle affecting company’s growth in Software Industry. To retain talented workforce and keep commitment high, Management need to implement each of the three Key dimensions of employee retention: RESPECT, RECOGNITION, and REWARDS.
RESPECT is esteem, special regard, or particular consideration given to people. Respect is the foundation of retaining your employees. Recognition and Rewards will have little effect if you don’t respect employees.
RECOGNITION is defined as “special notice or attention” and “the act of perceiving clearly.” Many problems with retention and morale occur because management is not paying attention to people’s needs and reactions.
REWARDS are the extra perks you offer beyond the basics of respect and recognition that make it worth people’s while to work hard, to care, to go beyond the call of duty. While rewards represent the smallest portion of the retention equation, they are still an important one.
Impact
- High commitment/Increased productivity
- Reduced absenteeism
- A more pleasant work environment (for both employees and company)
- Improved profits
