STEPS FOR EMPLOYEE RETENTION

Employee retention is an ability of an organization to retain its employees. It is an effort by an organzitaion or a company to maintain a working environment which supports current staff in remaining with the company . An organization is able to achieve this by adopting various employee retention programs. In order to create a successful company, employers should consider as many options as possible, when it comes to retaining employees, while at the same time securing their trust and loyalty (so they have less of a desire to leave in the future).

Employee retention is very useful for a successful business. There are many advantages with this “Employee Retention Program”. The most important benefits are:

1. A lot of investment is needed to train an employee and to make him perfect. If such an employee leaves the organization, they lose the money invested and also an employee who could have contributed significantly to the organization with his experiences.

2. If a person employed in an important role leaves, to replace such an employee huge costs are involved.

3. When an employee leaves a company for a direct competitor, there is always a chance that they will take important business strategies and secrets with them to be exploited by the competitors.

   Employees are not motivated by money (unless they’re in physical labor). In fact, some employees actually perform worse when incentivized with money. An employee retention program involves steps starting from identifying the major contributors in the organization, and designing schemes to involve them with the organization to ensure that they do not leave.

Here, are some useful steps involved in employee retention program.

1. Employees are more motivated when they have control over their day-to-day life at work. Allow them to decide when they work, how they work, who they work with, and what they do. The more freedom and control they have over their own career, the more fulfilled they will feel.

2. Most of the employees want to be good at what they do. They strive to get better every single day. Empower them to be better as often as possible. Build a culture of clear goals and immediate feedback, but allow room for experimentation. This way they feel they are getting enough support from company and constantly learn something new every time.

3. Create charts and hang them around the office. Tie all of the major projects to this vision, and show how , what they are doing is pushing the company closer to its big goals.

4. Your mantra shouldn’t be- “Treat people the way you want to be treated”, the new mantra to be followed is- “Treat people the way they want to be treated”.

5. Leaders cannot motivate employees for a long-term. Leaders must create motivational cultures with an engaged workforce where employees can flourish and motivate each other.

6. Employees want to work for a “winning” organization.  Leaders need to reinforce “line of sight” by telling their employees where they are going, how they are performing, and where they fit in.

7. Although companies place candidates on one’s educational background and skills, people generally succeed or fail because of their behaviour and traits. Remember that soft skills count.