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Research Paper | Management | India | Volume 4 Issue 10, October 2015 | Popularity: 6.8 / 10

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Creative Retention Strategies in Service Sectors ?Thinking Outside the Box to Keep the Cream of the Crop?

Rathan Raj.S, Dr. G. Brindha

Abstract: Creativity, as has been said, consists largely of rearranging what we know in order to find out what we do not know. Hence, to think creatively, we must be able to look afresh at what we normally take for granted. ? George Kneller A comprehensive people strategy is not comprehensive if it doesn't include a proven retention strategy for holding on to the employees you've worked hard to recruit into your company. That may sound logical, but many, if not most, small businesses overlook this critical component in their human resources program. In a recent Watson Wyatt survey, more than 50 percent of the responding companies said they didn't have a formal strategy for retaining employees once they had been successfully recruited. So why is that? I think the answer lies in a misperception about what factors actually drive retention. Most business owners and managers think retention is based on compensation issues--wage and salary levels, incentives, and golden handcuffs--when in reality the drivers go much deeper into the human psyche to the actions and attitudes that make employees feel successful, secure and appreciated. As a result, a sound retention strategy should focus on and tactically address four key elements--performance, communication, loyalty and competitive advantage. A better approach is to address retention proactively, as a strategic issue. I recently connected with two thought leaders in talent management strategy to discuss how to do this in high performance environments. This research paper throws light on employee creative retention strategies to be adopted in service sectors to proactively combat turnover.

Keywords: Retention strategies, compensation, rewards, loyalty

Edition: Volume 4 Issue 10, October 2015

Pages: 1642 - 1645

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