The success of an organization depends on the quality of its employees and the level of their job satisfaction. To retain the best employees in an organization, employers spend a significant amount of time, effort and money, moving heaven and earth to retain exceptional employees. A disastrous trend is surfacing in the job market today, where employees who work in an organization for a considerable amount of time turning into a valuable asset for the company, leave the organization as soon as they find an excellent opportunity somewhere else. In view of such an emerging trend that may spell trouble for the future of a company, employers need to have a good hand at retaining their employees in the organization, or else suffer the consequences of a shortage of work force.
'Employee retention’ is the process of encouraging the employees to remain in the organization, honing a long term relationship beneficial to both the employer and the employee. “Run-away” employees make a huge difference to the company’s resources, leading to loss of good will, low turnover rate and lack of knowledgeable workers. Efficient employees are the most valuable assets of an organization and retaining them should be the top priority of employers.
Here are top ten employee retention tactics, which if followed, will prevent employees from seeking greener pastures elsewhere.
Hire the right person for the right job: A candidate must be selected in such a way that the job assigned to him should match his personality & skills and he should be able to get along with the culture of the organization.
Training and development: Training improves the skills of the employees and helps them to understand their actual role in their job. Training supports the employees in the first few weeks of the job, while they are still adapting to the demands of their new jobs.
Compensation and benefits: An attractive compensation package will help an employer in retaining his employees. Offering benefits like bonuses, health insurance, economic benefits and ownership of company shares will give a sense of security and belonging to the employees. There should be a timely increase in the compensation packages, according to the performance of the employees.
Empower the employees: Delegating authority over the employees helps the employees to own their work and take responsibility of the outcomes. Empowerment makes the employee feel respected, valued and motivated, giving them a feeling that they are masters of their own job. This turns out to be extremely beneficial to the company in the long run.
Growth Opportunities: Growth and development are the integral part of every individual’s career. Absence of training, new opportunities and promotions stagnate ones career, forcing him/her to move on to other seemingly “exciting” jobs.
Quality of supervision: Employers should make the employees realize that they are valuable for the organization by providing feedback on his work. Supervisors should support the employees in their difficult times. This enhances trust and confidentiality, forcing a “pay-back” attitude in the employees.
Culture and Environment: A pleasant working environment should be created in the organization, which includes learning and support. Creating a culture of honesty, trust, and diversity induces loyalty and a sense of belonging in the employees.
Improve communication: Effective communication among the employers and the employee helps the employees to understand what is expected from them. Employers should take the opinion of the employees into consideration during the decision-making process, especially in matters concerning key business decisions. This gives a feeling to the employees that their voices are heard and that they are not just passive workers.
Employee engagement: Aligning the goals of the employers with that of the employees will create job satisfaction. Satisfied employees give their best to the organization, increasing productivity.
Employee Recognition: Appreciating and rewarding the performances of the employees boost their morale. Recognition encourages, motivates and instills a positive attitude towards the employees.
For an organization to be ahead of the pack in business, it is imperative to have the best employees with them. Employee retention takes huge amounts of effort, energy and resources, but the results are worth it.
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Chillibreeze's disclaimer: This is a contributed article and was published on Chillibreeze in July, 2011. The views and opinions expressed in this article are those of the author(s) and do not reflect the views of Chillibreeze as a company. Chillibreeze has a strict anti-plagiarism policy. Please contact us to report any copyright issues related to this article. The relevance of the facts and figures cited (if any) could change after a period of time.
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