Employee Retention

Employee Retention involves retaining the best performing employees in an organization for a long period of time. It is a key aspect for the long term health and success of an organization as hiring new employees is a time consuming and an expensive affair. Moreover long term retention of employees improves their productivity and ensures synergy of different departments in an organization.

It is important to know what employees want from a job before implementing a retention strategy. The best of the employees look for the following in a job:

• Constant career development and growth opportunities in their choice of field
• Perks and benefits tailored to their respective needs
• Work schedules flexibility which allows a balance between work and life
• Opportunities to directly contribute to an organization and obtain recognition for it

Key strategies for employee retention:

• Recruitment: Spending time and effort on recruiting the right employees for the job and the organization reduces the chance of employee switching jobs. If the employee is a good match for the organization, retention won’t be that big an issue.
• Training: Timely training leads to development of the employee’s skill set helping them grow with the company and increase their value in the job markets. This could also include tuition reimbursement for the employee wanting to improve his/her educational qualification.
• Financial Rewards: Offering meaningful wage raises in a timely manner helps the retention of an employee. Other options could be offering stock options or targeted financial rewards for completing certain performance goals or for staying for a pre-determined time in a company.
• Communication: Open communication between employees and the management is essential for the employees to feel connected to the company. Face time is an immensely important factor in retaining employees by establishing trust. Regular meetings should be held which give employees the opportunity to ask questions and offer ideas. If the employees are in remote locations organize a meeting every six months or so. Provide employees an environment in which they are encouraged to speak frankly with their managers without any fear of repercussions.
• Performance Reviews: To gain insights into an employee’s goals and ambitions, regular performance reviews are essential. It gives the employer an opportunity to discuss employee’s career goals and future expectations from the company. These help in then providing the employees with the right kind of growth opportunities.
• Coach not manage: Give your employees the tools and space to implement their own ideas in completing their responsibilities the job demands. At the same time be supportive and on their side to sort out any problems they may face.
• Exit Interviews: Conduct exit interviews to learn why an employee might be leaving and then use this information to improve your employee retention strategies. Also employees who leave at good terms with the management are more likely to recommend your company which will attract future employees.

The bottom line is that employees are more likely to stick around if they feel rewarded, recognized and appreciated for the work they do.

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