If an organization is comparable to a human body, then employees are surely the blood which circulates and keeps the body running and live. No organization is anything without its workforce.
As it is with any organization, there is always a probability of losing all the good employees for some reasons such as weakening economic factors, work environment issues, etc. This all leads to loosing of good employees and decreases the productivity bar of the company.
This brings us to the most important term, ‘Employee Retention’. This term means holding on to the employees who brings the best to the company. Employment retention strategy is needed for all firms as they help in decreasing employee turnover.
Check out further to know some innovative employee retention strategies:
1. Energize the Working Environment
Everyone works to live. No one does it the other way round. If a person finds themselves in the right environment, then they can work efficiently. The right environment includes the outlook of the office too besides the working behavior of the employees.
Remember efficient working can only happen in a positive environment. To nurture such a working atmosphere, an organization must proper steps including giving priority to health, interaction between employees, and many more. A creative mind is nurtured in such a creative environment.
2. Churn out Mentorship Programs
A new recruit will need time to adjust to the company’s working environment. The organization should help them ease into this with proper guidance. In such scenarios, the organization should provide some ease in transition.
This can be smoothened further by assigning mentors to these newbies. Having a mentor will help the individual in understanding the job role. This will help the individual to be able to give their best.
Furthermore, as a mentor, most of the employees will try to impart their best so as to prove themselves and further will help the firm retain such a valuable employee. Thus, companies receive dual benefits of retaining an employee and training a newbie, all rolled up into one.
3. Synergizes company’s focus on star talents
A company will have many employees. The first thing that the companies look at employees for retention is loyalty. Understanding employees goes beyond the resume.
A company invests more in employees who take team activities or such extracurricular activities. This is because a person who mingles more has a higher chance to stay back.
In this light, the ones who can jump jobs more are taken to be less loyal to a firm. Companies, in such cases, tend to focus less on them from a retention perspective unless they show exceptional skills or high loyalty.
4. Provide balance to employee’s working pattern
Focusing on working all the time creates a negative impact on an employer regarding the firm. Efficient work is productive work that properly supports a firm. Stressing out in a job will reduce this efficiency.
It is important to chart out the working pattern of the employees. The reason behind this is a person who gets stressed at work will soon become less attached to it.
5. Appraise the Efforts
Appreciating the work done by the employees or a team helps in further motivating them to work harder in the future. Sometimes, to make someone put in better efforts require only a verbal appreciation.
To improve a team or employee’s performance, providing some monetary benefits such as some bonus or some package will elevate their sense of belonging. This makes them want to do better for the firm.
6. Roll out Good Benefits
An employee who works for a certain period of time with an organization reaches a higher understanding. The company should see to it that such people with such a long tie with them should be motivated in some way.
It can be in terms of increment or bonus or some special privileges. This makes the employees want to work as well as to attain further ‘status’ in the organization.
7. Give and receive feedback
Development and prosperity among employees can be furthered with the help of constructive criticism. This will help them find the right path to improving themselves, thereby becoming a better fortune for the company.
The management must also be ready to be on the end of receiving feedbacks. This is because employees would be better in performance when they know that their voices and concerns are being heard.
It is not possible to act on all feedback. But company management should see to it that they remain in good faith and listen to all that the employees want to say.
8. Maintain Open Communication
Fostering a sense of community is what better binds people to stay back. The first step towards this is preparing an open communication platform between employees and management.
The management should put in place policies to help the employees be free in their speech. Curbing such basic freedom can lead to a bad working environment.
This in turn leads to a lowered working efficiency. In long run, employees would prefer to find better avenues to work than in such a claustrophobic environment.
9. Incorporate Exit Interviews
Employees resign for reasons which include more than just shifting to a new place or similar reasons. Management should conduct exit interviews to understand the real reason why the employees don’t stay back.
The exit interview is also an opportunity to try and retain good employees using a last-ditch effort. These interviews provide such a good view of why people leave the company as the employees, on leaving a company, would feel more free and forthcoming to questions which were previously not answered quite truthfully.
10. Provide better opportunities to the better talent
Employees work so that they can perform well and give their best to the job. In response, they wish to be either paid better, appreciated more, or be provided with more chances in climbing the ladder.
It is the duty of the management that they find talented people among their employees. Providing these talented workforces with higher job opportunities will help you retain them for the company.
Everyone desires growth in their job. Providing them to the deserving candidates will help motivate them while at the same time, motivating the other employees to work harder. It also helps in increasing employee retention.
An employee retention program starts right from the selection of an individual into the company’s workforce. The real assets of a company are the employees. Finding avenues to withheld the star talents among them will help to the company grow more easily. It is necessary to know that investing in withholding such meritorious employees is better than hiring new employees, whatever be their experience level.
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