RETIREMENT Retirement is the point in time when an employee chooses to leave his or her employment permanently.

Retirement generally coincides with the employee's eligibility to collect retirement resources such as Social Security, a company pension, or distributions from a 401(k) or another retirement plan. Eligibility for public and private retirement resources varies from country to country as does the retirement age. In the US, the retirement age is gradually increasing, sitting at age 67 now for receipt of full benefits, for employees born in 1960 and later. An employee may choose retirement for reasons other than the wish to stop working. Employees may suffer ill health or debilitating physical problems that require retirement. Family problems and responsibilities may require retirement. An employer may require employees to take early retirement in order to cut costs and preserve the business. Whatever the reason, retirement from employment marks the start of the next chapter of an employee's life. Employees choose diverse methods of retirement. They may leave employment completely or start a second career or part-time work while retired. They may semi-retire or pursue phased retirement during which they gradually decrease the number of hours worked. With sufficient financial resources, the employee may decide to pursue interests other than work and career in retirement. LAYOFF

The term "layoff" has the following meanings: 1. For regular, monthly-paid classified staff, layoff is the elimination of a position, the reduction of a position's per cent time, or a reduction of the number of months the position works annually due to a lack of work, a lack of funds and/or because of a reorganization. 2. For regular, monthly-paid professional staff layoff is the elimination of a position due to a lack of work, a lack of funds and/or because of a reorganization. Reducing a professional staff position's per cent time or months worked per year are not subject to the layoff process. The basic steps in the layoff process are: Employing unit responsibilities: 1. Notify Human Resources of the need to administer one or more layoffs (see ACT below) 2. Ensure that employees scheduled for layoff and all other staff and clients receive appropriate and timely communication about the layoffs 3. Take any post layoff action that is necessary to either end appointments or to ensure that they are properly reduced in the UW payroll systems. Human Resources Consultant responsibilities: 1. Evaluate the reasons for layoff to be sure that they are consistent with employment program requirements. 2. Assist department with planning and managing complex layoffs. 3. Determine rehire list and/or bumping options for classified staff. 4. Ensure that the layoff notice is properly prepared and signed by the official who has the delegated authority to do so (typically the dean

or vice president or equivalent official, or that individual's designee). 5. Ensure that the signed layoff notice is properly delivered to the employee. 6. Determine, for classified staff, that the employee's layoff option selection is properly recorded and acted on.

RETRENCHMENT Retrenchment is something akin to downsizing. When a company or government goes through retrenchment, it reduces outgoing money or expenditures or redirects focus in an attempt to become more financially solvent. Many companies that are being pressured by stockholders or have had flagging profit reports may resort to retrenchment to shore up their operations and make them more profitable. Although retrenchment is most often used in countries throughout the world to refer to layoffs, it can also label the more general tactic of cutting back and downsizing. Companies can employ this tactic in two different ways. One way is to slash expenditures by laying off employees, closing superfluous offices or branches, reducing benefits such as medical coverage or retirement plans, freezing hiring or salaries, or even cutting salaries. There are numerous other ways in which a company can employ retrenchment. These can be non-employee related, such as reducing the quality of the materials used in a product, streamlining the process in which a product is manufactured or produced, or moving headquarters to a location where operating costs are lower. The second way in which a company may practice retrenchment is to downsize in one market that is proving unprofitable and build up the company in a more profitable market. If one market has become obsolete due to modernization or technology, then a company may decide to change with the times to remain profitable.

romotion is defined as giving higher position to the employee, which carries high status more responsibilities and higher status. Promotion means advancement of employee in terms of pay and status also improvement in working conditions. Promotions are used to fill the positions which are more important to fill rather than the present position of employee. It can be filled by external recruitment but employees having eligibility and experience must be appointed for their motivation. Also it will decrease labour turn over as external recruitment costs more. Also increase in salary and status will increase job satisfaction.

Advantages of promotion: Present employees if promoted can handle the process products and problems easily as they are already connected to organization but new incumbent may take some to adjust him or may not adjust himself at all. The cost of training the insiders for the higher position is nearly nil hence no extra training cost.

Employees will give their best as they know that reward of giving good performance is sure.

High morale of the employees is achieved.

The real reason businesses conduct exit interviews is to get information about an employees work experience with the company. This information could be valuable all on its own or used with other exit interview data. To gather relevant information, there are a few things to keep in mind when structuring the exit interview process: Who will conduct the interview? Many companies have an employees supervisor administer the exit interview. Not a good idea. If an employee had an issue with their supervisor, then chances are it will not come to the surface during the interview. Another option is to have human resources conduct the interview. Since HR is considered the keeper of employee references, I dont see employees opening up to HR. At this point in their career, they dont want to burn bridges. So this becomes an exercise in futility. If you really want employees to provide open, honest and unfiltered feedback, consider engaging a neutral, third party to conduct the interview. When do you conduct the interview? Some firms like to do exit interviews at the point a person announces their resignation. Im an advocate for waiting not only until after a person leaves but even giving them a couple of weeks. In my experience, time allows employees to gain perspective. Ive seen many situations where departing employees were upset with the company or their manager. A couple weeks later, they still arent happy but theyre able to talk about it with less emotion. Theyre able to offer some constructive criticism. Whats the purpose of the interview? I believe an employees need to leave on good terms drives their answers regarding their resignation.

For example, when an employee tells you theyre resigning and you ask why, theyll say more money, flexible schedule, less driving time, more benefits, etc. And all of that might be true. But what the employee didnt tell you was the catalyst that started them looking for a new opportunity in the first place. Something made them read the classified ads, take the headhunters call, etc. The purpose of an exit interview is to find out what that something was. The meaning of attrition in a work environment refers to a reduction or decrease in the size or strength the work force, or a gradual reduction in labor occurring through means other than firing employees. Both of these explanations can be applied to activities addressed by human resources, and both can have positive and negative ramifications for a company. Human resources teams factor attrition rates into their department budgets to account for potential losses in productivity and the costs associated with replacing departing employees. Sponsored Link Human Resource Managementsoilindia.net/Human_Resource_Mgmt Study 1 Year Leadership HR Program @SOIL And Be An Inspired Leader. Reasons for Attrition Attrition can be encouraged when it is part of a strategic business maneuver to reduce costs. It can also manifest itself when employees voluntarily leave their jobs. This can happen for a variety of reasons: employees may move or retire, take another job, be ill-suited to the position they were hired to fill, or want employment that offers a more equitable work-life balance. Others may experience a lack of the freedom or autonomy they require to perform at expected levels. Human resources professionals inadvertently encourage attrition when they condone or ignore maltreatment of employees by management. Upside of Attrition

Some business strategies use attrition as part of a restructuring plan. Rather than carrying out traditional layoffs, some businesses choose to reduce their workforce through the more gradual means of attrition. This is less consequential to a workforce that contains employees approaching retirement age. When they leave the company, a replacement is not hired to fill the vacancy, and the job position may be retired. Some business owners and managers work with their HR professionals to create equitable positions into which remaining employees can potentially be promoted. This creates positive employment options that did not previously exist. Related Reading: Retention Rate vs. Attrition Rate Downside of Attrition When attrition occurs, the remaining duties and job responsibilities can burden employees and managers with additional duties with no increase in pay. Even if HR staff members distribute the extra workload throughout other departments, they may witness managers moving on to other companies. The potential for employment promotion may no longer exist when positions are retired due to attrition. Employee morale can suffer, a situation that HR should work to remedy before it becomes unmanageable. RETENTION Employee retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome. A distinction should be drawn between low performing employees and top performers, and efforts to retain employees should be targeted at

valuable, contributing employees. Employee turnover is a symptom of a deeper issue that has not been resolved. These deeper issues may include low employee morale, absence of a clear career path, lack of recognition, poor employee-manager relationships or many other issues . A lack of satisfaction and commitment to the organization can also cause an employee to withdraw and begin looking for other opportunities. Pay does not always play as large a role in inducing turnover as is typically believed.[1]

Try these tactics to retain your employees. Offer a competitive benefits package that fits your employees needs. Providing health insurance, life insurance and a retirementsavings plan is essential in retaining employees. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives. Provide some small perks. Free bagels on Fridays and dry-cleaning pickup and delivery may seem insignificant to you, but if they help employees better manage their lives, theyll appreciate it and may be more likely to stick around. Use contests and incentives to help keep workers motivated and feeling rewarded. Done right, these kinds of programs can keep employees focused and excited about their jobs. Conduct stay interviews. In addition to performing exit interviews to learn why employees are leaving, consider asking longer-tenured employees why they stay. Ask questions such as: Why did you come to work here? Why have you stayed? What would make you leave? And what are your nonnegotiable issues? What about your managers? What would you change or improve? Then use that information to strengthen your employee-retention strategies.