Employee Retention: Hold On To The Best
As all organizations would agree, employees are the most precious resource of an organization. Skilled manpower is in very high demand and employees themselves are much aware of it. Thus, in the modern workplace scenario, most companies, irrespective of their size and type, are being plagued by loss of manpower. When a valuable employee quits a company, it’s not just the loss of talent, but it all adds up to a much bigger loss, including the time lost in training and orientation, loss of knowledge, co-worker insecurity and apprehension, search and consequent training of a new recruit etc. So, employee retention is something no company can afford to ignore.
Contrary to popular belief, not all employees who put down their papers do so in search of a higher salary. A lot of other factors contribute to prompt the employees to switch jobs.
An employee would naturally seek escapement from a workplace that is fraught with stress and tension, implements stringent, inflexible rules and sets unrealistic goals and targets. The management should work towards establishing a workplace that gives the employees room to breathe, at the same time fully utilize their talents and skills. Efficient skill management and talent management ensure employee satisfaction. The management should also do one-on-one sessions and surveys with employees to gauge his satisfaction level and motivating factors with respect to his work and the workplace in general and take measures to eradicate valid causes for complaints, if any. Organizing career counseling sessions by experts is also a wise idea. These boost the employee’s self-esteem and strengthen their bond with the organization.
Ensuring bonding among co-workers not only translates into a healthy work atmosphere but also binds the employees to the organization. With that view in mind, organizations can benefit from fun programs, tours etc. to allow the employees with a scope to interact among themselves.
A fair appraisal system, dynamic and performance-based compensation program, rewards and recognition (both tangible and intangible) for superior performance and achievement, profit sharing programs, incentives such as ‘Best Employee of the Month’ etc. work wonders towards boosting employee morale and increase loyalty towards the organization. Also, flexible working hours and conditions and making allowances for genuine difficulties of the employees reduce work stress and make them feel special enough to stick to the company.
