A brief note on Employee Retention strategies
Employee Retention is an organization’s ability to prevent voluntary and involuntary employee turnover, and Employee Retention strategies primarily focus on implementing various business plans to reduce employee turnover rates.
How do Employee Retention strategies really work?
It largely depends on understanding what drives employee job satisfaction. Why is it so significant in present times? When opportunities are high and there is so much competition in the corporate world, employees tend to move to a new organization where they get better salary, better working atmosphere, good team and a space where they can explore more.
When it comes to an organization, it becomes profitable, economic and works efficient when people stick around the organization longer. Human resource is the real asset of an organization. Employee Retention strategy works in many ways. Not only does it lowers hiring costs and turn over, it also improves the productivity of the employee, thus increasing the overall efficiency of the organization. Providing better working atmosphere, stronger work relationships and giving importance to employee satisfaction definitely work in favour of the organization. It also defines employees in a better way, where they are rewarded for their hard work and efforts.
It’s a vast subject to discuss. Yet we can summarize a few points to make this strategy work better. Here I list a few points.
- Key focus on the hiring process – More you focus on choosing the right candidate for a particular position, half work is done. If the candidate is fit, talented and efficient, and if you have already provided expected qualifications, skills and experience for the position, chances are low he leaves the organization.
- Offer impressive base salaries – Once the candidates are chosen, offer them competitive salaries, making them feel their work is valued. Time is money and the employees should be paid well.
- Mentorship programs – When an employee is newly hired, provide him a good mentor and expert training so that he can perform well in the system. Newcomers should be given a warm welcome, enough guidance and a comfortable support so that they feel good.
- Work culture is very important – Apart from the job role assigned and salaries or wages provided, work culture also plays a major role in retention of employees. In a better working environment with less stress-providing factors, an employee performs better. They will be reluctant to leave organizations with good work culture.
- Providing healthy teamwork environment – If an employee is a part of a good team, he is motivated and he gives his best. If the relation with co-workers is strained, it adversely affects his performance. If he feels ignored and not appreciated, and if that issue is not addressed, chances are high he may leave the organization. Good teamwork brings great profits to the organization.
- Promote a good work-life balance – In many cases, candidates refuse to take new jobs because of work-life balance factor. Always respect employee’s time away from work and try maximum not assign extra tasks while he is fully engaged in his personal space.
- Always keep your human resources engaged – More you engage an employee, more productive he will be. Also, while making decisions, listen his words as well. His opinions matter.
- Better communication and feedback – Always listen to your employees, their problems and address their issues. You can also provide a better environment, where they can give their feedback on different tasks and issues.
Work from home, flexible scheduling of work hours, wellness offerings, rewards and incentives are other effective methods which can be included in Employee Retention Strategies.
Image source: Pixabay
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