Employee Retention Strategies are policies and plan that organizations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term. The key challenge for businesses is ensuring Employee Retention strategies align with business goals to ensure maximum return on investment.
When an employee resigns from the organization then the human resource manager has to find a replacement for such a talented team member and HR also has to consider the impact this resignation will have on the rest of the staff. Whenever someone resigns employees start thinking that they should start looking for a new job, too. That’s why employee retention and employee job satisfaction are on priority for the organization and creating effective retention strategies to decrease turnover is an important job.
In order to get success in your employee retention efforts requires you to think about things from the team’s point of view. All employees are different from each other and everyone has unique desires and goals. All employees want to know they are being paid at or above market rates and have good benefits. Employees want to get appreciated by their employers and treated fairly. An effective employee retention program should address all of these concerns.
Employee retention consists of various policies and practices which make the employees stick to an organization for a longer period of time. Every organization invests time and money to provide training to a new employee and bring him on par with the existing employees. The organization faces loss when the employees leave their job once they are fully trained. Employee retention is important in the organization so that an employee stays in an organization for the maximum period of time.
There are many strategies that can be used for employee retention. Some of them are mentioned below-
The job orientation is just one component of onboarding and the main aim of orientation is to develop an onboarding process where new employees learn about the job and the company culture and they can also understand how they can contribute to the organization’s success.
Retainable employees show their commitment to contribute their skills and best efforts to the organization for the long term. Human resource managers should find out those people who are highly motivated and interested in developing their skills and careers. Those employees who are only looking for money and power are turnover risks. A human resource manager should clearly establish expectations for the employees when he hires the employee so that disappointments can be avoided on both sides. It’s also important to understand your company culture and how potential hires can fit into this culture.
Both the company and the employee should know where there are standing in each other expectations. By monitoring, it becomes clear to the human resource manager that which employees are meeting performance expectations and which are not. Evaluation gives chance to the companies to recognize and reward excellence. Employees expect feedback for the job they are performing and they can leave if they’re not getting the feedback from the organization.
This allows human resource managers and employees to know where problems are they can solve them. An organization can conduct an employee satisfaction survey and act upon it so that an organization can decrease turnover. Survey includes questions about compensation and benefits, the challenges the company offers them, With the training opportunities, etc. Collecting information about employees will help your retention efforts.
There should be clear communication and expectations between managers and employees so the organization should train their managers in such a way that the expectations can be clearly defined. Performance evaluation begins with clear and measurable expectations. Employees generally don’t want to quit the company, they quit on their managers. Employees want to have managers who communicate feedback and behave professionally.
A career development plan allows your employees to have a better long-term vision of their role inside the company. It also shows the employee that the company is committed to developing its talent. Developing the talent of the employee will provide benefits to both the company and the employee. If the employee has gaps in their skills or experiences, then a career development plan makes employees realize that the company wants to bridge that gap and want employee growth, so the employee doesn’t feel stuck in the organization. If the employee is not getting any growth opportunity in the company then the morale of the employee can get low.
It’s not just the high achievers who deserve recognition, but every employee who put their hard work and efforts in the organization deserves that. Human resource managers can create a culture where managers should recognize or appreciate employees informally. These are moments that employees remember, Employees who feel valued by the organization generally show their loyalty to the company.
This will require a lot of time and effort because it requires the organization to have a better understanding of the particular needs of employees. Different employees want different things so offering the same benefits and working conditions to all employees can create dissatisfaction among them. This can lead to turnover risk. An organization can offer flexible working hours or a customizable menu of benefits, these things increase employee satisfaction and loyalty.
Every organization employees have to deal with unpleasant changes and if your organization is going through a merger, layoffs or other big changes then it is important to keep your staff informed to make them mentally prepare for that change. The human resource manager has to make big announcements face to face so that you can allow time to the employees for their questions.
If staff is expected to work regularly for long hours then you can face an issue with employee retention. A healthy work-life balance is essential for every employee and an organization needs to know and understand its importance. The management should encourage staff to take a vacation off, and if it is necessary for the employee to stay in late nights to wrap up a project then the organization must offer late arrivals or an extra day off to compensate and increase job satisfaction. Many companies offer flexible schedules to the employees to improve work-life balance for their employees.
The organization can also create effective employee retention strategies. Employee retention is the goal of the organization to keep talented and skilled employees. To decrease employee retention, the organization needs to nurture and engage its employees. According to the research, most of the employees leave an organization out of frustration with their superiors or other team members and some because of low salary. If the organization has a lack of growth prospects and motivation then an employee will look for a change. The management must try to retain those employees who are really important for the organization and those who are effective contributors.
According to the survey, more than half of all companies have no employee retention strategy. With the boost in the economy job market is also growing especially for small-size companies. Now a day’s employee retention, especially top performers of your company, has become very difficult. Losing your best and talented employee damages your organization’s productivity, disturbs current and potential leadership, and reduces company morale and it also helps your competitors. The organization has to match with a competitor’s job offer to retain your top performers.