Most companies look at employee retention strategy as a stand-alone tool. It is not. Employee retention comes under business management training and is a continuous process of the organization to ensure employees are engaged and productive for the long term.
One of the key worries of companies nowadays is how to retain employees because a significant setback is that a company has to start afresh with hiring new talent and nurturing them.
Here are some of the key strategies to improve employee retention.
1. Training and Orientation
A company should aim to develop training sessions where new employees not only learn about the job but also the company culture. Smart Managers invests in employees’ professional development and seek opportunities for them to grow. An interview is an important step to hire the right employees. One should make sure to retain selectively from the beginning and look out for someone who is interested in growing with your company rather than taking it somewhere else.
2. Employee Happiness
This is the essential prerequisite for excellent employee engagement. Employees that enjoy what they do in the atmosphere in which they work are more likely to remain employed with their company. Without any employee happiness, organizations are merely adulterating their investments in employee engagement to a dead end. In this competitive market, employees should be offered with attractive packages like a bonus, health insurance, flexible schedules, life insurance, sick leaves, vacation plans, retirement plans that can distinguish one organization from another.
Entreat employees feedback to learn more about the benefits that would truly enhance their lives. Reward systems can be set up to make sure employees feel appreciated for what they do.
3. Creating a Digitally Supportive Platform
Keeping open lines of communication is essential for employee retention. Depending on an employee’s personality type, expressing one’s opinions during a meeting can be a difficult task for some.
Project managers should keep a track about how these employees can contribute to ongoing discussions, goals, and opportunities to address questions and issues as they arrive. When team members feel free to speak, morale improves significantly and participates in company’s evolution.
A growing number of employees (especially the youths) are prone to use digital-savvy platforms to express their feelings or opinions. Feedback should be professional-related (to avoid off-topic drifting) measurable & anonymous. As per Oscar Wilde – “Man is least himself when he talks in his person. Give him a mask, and he will tell you the truth.”
4. Giving Challenging Work
It is essential for team members to provide challenging tasks, exhilarating assignments, and opportunities that make a real difference to the organization. Clear expectations should be mentioned at the beginning of the project. Recognize and praise employee’s hard work.
Offer opportunities that help in career growth. Holding beneficial programs and social events for employee engagement grease the bonding between employees and can all help to withhold employees. Along with the challenging tasks don't over-burden the employees. Overburden can lead to lack of focus and concentration and make the employee quit easily.
Lastly, a company can’t retain all and wouldn’t want to retain all as well, whom it wants to will depend on what are the skills valued and where the loss will affect its business.
Based on these business management training aspects, organizations can retain key talent by creating a strong sense of purpose and engaging them through innovative reward mechanisms that helps employee see the value of their contributions in qualitative and quantitative terms.