Employee Retention

 Today’s employees have ample amount of good opportunities in hand.  As soon as they feel dissatisfied with the current employer or the job, they switch over to the next job.  It is the responsibility of the employer to retain their best employees.  If they don’t, they would be left with no good employees.

Employee Retention…..??????  Employee retention is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project.  Employee retention is beneficial for the organization as well as the employee.

5 essentials of employee retention

Compensation  Compensation constitutes the largest part of the employee retention process. employee retention  The employees always have high expectations regarding their compensation packages.  An attractive compensation package plays a critical role in retaining the employees.  Compensation includes salary and wages, bonuses, benefits, prerequisites, stock options, bonuses, vacations, etc.

Environment  Organizations should focus on managing the work environment to make better use of the available human assets.  People want to work for an organization which provides: Appreciation for the work done, Ample opportunities to grow, A friendly & cooperative environment, A feeling that the organization is second home to the employee.

Growth  Growth and development are the integral part of every individual’s career.  If an employee can not foresee his path of career development in his current organization, there are chances that he’ll leave the organization as soon as he gets an opportunity.  Organization should provide:  A work profile, in sync with the employee’s capabilities;  Opportunities for achieving personal growth and dreams;  Training and development opportunities.

Relationship  The management should provide a supportive work culture and environment in terms of personal or professional relationships.  Bitterness towards the management or peers (due to varied reasons), decreases employee’s interest and he becomes de- motivated. It leads to less satisfaction and eventually attrition.

Support  Supervisor should support his subordinates in a way so that each one of them is a success.  Management should try to focus on its employees and support them not only in their difficult times at work but also through the times of personal crisis.  Management can support employees by providing them recognition and appreciation.

Employers can support their employees in a number of ways as follows:  By providing feedback  By giving recognition and rewards  By counseling them  By providing emotional support

Why employee retention is important???  Reducing the cost of turnover.  Preservation of company’s knowledge.  Better customer service.  Saving the cost involved in regaining efficiency.  Enhancement of company’s goodwill.

What makes employee leave….  Job is not what the employee expected to be  Job and person mismatch  No growth opportunities  Lack of appreciation  Lack of trust and support in coworkers, seniors and management  Stress from overwork and work life imbalance  Compensation  New job offer

Employee Retention Strategies 1. Hire the right people in the first place. 2. Empower the employees: Give the employees the authority to get things done. 3. Make employees realize that they are the most valuable asset of the organization. 4. Have faith in them, trust them and respect them. 5. Provide them information and knowledge.

6. Keep providing them feedback on their performance. 7. Recognize and appreciate their achievements. 8. Keep their morale high. 9. Create an environment where the employees want to work and have fun.