The need of an Employee Retention Policy

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With the growing demographic of millennials in the working population now, the organizations face employee turnover. The generation of millennials is known for being determined to grow. If they are unsatisfied with the organization or feel that they cannot grow, they will change the organization. This problem mainly happens in small and medium scale enterprises. All multinational companies have a high retention rate. This is the result of all the perks and benefits that they provide to their employees. It is evident that if the employees stopped receiving appreciation and assurance, they would choose to leave them. The company needs to guarantee the employees that they will receive growth opportunities from the organization. With the Employee Retention policy, you can have a solution to the employee turnover solution.

This policy contains all the provisions regarding the company’s initiatives to retain its employees and provide a surety that the employees will have a comfortable working environment, proper communication medium, and assurance for the growth opportunities. Explain all the benefits that the employees receive in this policy. With our Employee Retention Policy Template, ensure that the employees are given a sense of security regarding their jobs and potential development opportunities.

In this policy, you will get:

• The organization’s beliefs about retaining the employees.
• The purpose of implementing this policy in the organization.
• The applicability of this policy.
• Initiatives by the organization to ensure the training and development of the employee.
• Actions are taken by the company to ensure a comfortable working environment.
• Remunerations and Benefits given by the company to the employee.
• Company’s efforts to maintain healthy communication between the employer and the employee.

Employee Retention Policy Template Sample

‘Name of the Company’‘s primary intent when planning the retention strategies is to lessen employee turnover. We believe that the employees are our most valuable treasure and intend to work with them for an extended time. This policy contains the provisions of efforts to retain the employees in our organization.

Purpose

This policy aims at managing the employees in such a way to motivate them to continue working with the organization.

Scope

This policy applies to all the organization’s current employees irrespective of their hierarchy level in the organization.

Initiatives by the Organization

‘Name of the Company’ takes the following initiatives to ensure employee retention in the organization.

Training and Development

‘Name of the Company’ ensures that the employees are given regular training to help the employee t develop and grow. Expenses of the work-related and necessary seminars or courses will be born by the organization. ‘Name of the Company’ encourages its employees to experiment with new mechanisms to bring a change in the worn-out routines.

Comfortable Working Environment

‘Name of the Company’ understands that the company premises is like a second home to the employees. The company will guarantee that the employee is comfortable with the working environment. The company will provide the necessary hygiene facility to the employees. The company will make sure to hold team-building activities like having team lunch or a trip.

Remuneration and Benefits

‘Name of the Company’ rewards the employees based on the employees’ performance. These rewards can be categorized as bonuses, pay raises, or other presents that distinctly shows our acknowledgment towards the employee’s efforts and value that they deliver to our company.

Communication

‘Name of the Company’ believes that communication is the key to a happy organization. The company is responsible for communicating the pay-raise schemes or new job tasks to ensure that the employees know all the essential details.