In continuation to previous part on this topic, we shall here discuss further about 1:5:10:20 rule.
Now, coming to next type of employees who have already stayed in the company for 5 years. They know all the nitty-gritties of their department so retaining them is all the more important. In fact, these are most difficult to retain because they would neither be attracted towards some fancy competitions nor by team work game play. In their case, salary is the most important consideration for job change. So, the organization has to make such a policy that they can give proportionate increase in salary every month, not every year. The amount of increment may be same (as per the defined budget) but the increase should be smartly given so that their thoughts for job change can subside. There are also employees who would stay for more than 1 year but less than 5 years and this percentage can never be zero but organizations should make sure that such category should not exceed 20%.
Further, let us discuss about those employees who have already stayed for 10 years. These employees often do not leave on their own because they attain that comfort zone in the organization and also become pro in office politics (on a lighter note). Such employees need a lot of appreciation and fame. So businesses should include their face, their interviews in their souvenir, advertisements and publicity materials. Plus Employee Stock Options is a great way to keep them together. It will again fulfill the needs of both by bridging the gap. Companies should make sure that those who still leave after 5 years and before completion of 10 years should not be more than 5%.
Now, about the last part of this rule, let us discuss about the employees who are already working since 20 years without any gap. The chances of them leaving the organization are lowest because of various reasons. Some of them include age factor, comfort zone, personality build up with the group etc. Hence, it is easier to retain them. In fact, the graph reverses and they try to extent their tenure of retirement. Employers should always deal with them with respect and the percentage of those leaving between 10 to 20 years should not be more than 5%.
To conclude, as said, employee psychology is the key area that needs full attention.
