Employee Retention - Strategies
When one of the best employees resigns from a job, then it tends to become a nightmare for the manager. Immediately, there should be a plan to balance the number of challenges to tackle. As the market demands skilled and talented professionals, it is very difficult to find replacement for a talented resource and further balance the team.
The resignation of a talented employee will also have an impact on the other team members who start to follow his footsteps and walk out of the organization. Hence, a manager’s most important job is to create an effective employee retention strategy.
Key Employee Retention Strategies
A good retention policy starts from the time when the employees are hired till the time they leave the organization. Following are some of the employment practices which will help create an impact on employee retention −
Recruitment and Hiring − Right and correct resource should be hired in the first place. It calls for quite a lot of time and effort. When the bond between the employees and the organization is cordial and the mix between the required skill set for a particular job requirement is also right, retention is less likely to be an issue.
Orientation and Onboarding − Treating employees the right way in the early stages of employment is vital and enhances retention.
Training and Development − Training and development are the key factors in helping employees grow with your company and stay marketable in their field.
Performance Evaluation − When employees are aware of what they are doing and the areas they need to improve on, it is beneficial both for the organization and the employee.
Pay and Benefits − While today many employees tend to rate factors such as career development higher than pay, good pay and benefits still count to be the deciding factors for employee retention.
Internal Communication − Effective communication will help reduce the communication gap in an organization and curb employee attrition. Employees need to know and be reminded on a regular basis how the organization is doing and what they can do to help.
Termination and Outplacement − Employees who leave on good terms are much more likely to recommend your company, and in doing so, help you attract and retain future employees.
Basic Practices for Employee Retention
Create an environment where the employees want to work and have fun.
Giving the employees responsibility with power and authority.
Have trust and faith in the employee and give respect to them.
Keep providing them feedback on their performance.
Provide them information and knowledge.
Make employees realize that they are the most valuable asset of the organization.
Recognize and appreciate their achievements.
Keep their morale high.
These practices are categorized into three levels – Low, Medium and High.
Employee Retention Policies
The following additional policies need to be considered for employee retention −
The responsibilities must be delegated according to the individual’s specialization and interests.
Constant disputes among employees encourage them to go for a change.
The human resources department must ensure that the right candidates are hired.
Employee recognition is one of the most important factors which go a long way in retaining employees.
Performance appraisals are also important for an employee to stay motivated and avoid looking for a change.
The salary of the employees must be discussed at the time of the interview.
The company’s rules and regulations should be made to benefit the employees.