Employee Retention Strategies
If you are a manager and leading a team, It means you always take care of the team and make sure you retain all of them. The biggest nightmare for a manager, if one of the talented team member resigns. There would be lot more challenges
- You need to take care hire new employee who seems to be perfect fit to manager his/her roles and responsibilities
- Time required to hire new employee?
- How soon can he/she join?
- How soon will he get familiar with the working environment, company culture and team members?
- Will he/she completely replace the talent?
As per the most recent study done by a leading corporate, retaining talent is always a good option in comparison to hiring new employees.
Also, it has been noticed that after employee resign, co-worker/colleagues start looking for new jobs, too. At the time of leaving the organization an employee talks about the negative aspect of the company and that can impact others to start looking for a job. That’s why some of the companies take job satisfaction and retention as the first priority.
Retaining employees within a company seems to be the most challenging task. But if you follow the right strategies, you can easily retain them. There are numerous reasons that lead to a high level of exit ratio such as –
- Employer not treating the employee in the right way
- Hired the wrong employee
- Constantly changing roles & responsibilities
- Not paying enough compensation
- Unhealthy working environment
- Bad behavior of manager
- Unorganized team
- Favoritism within team
We are going to discuss the best way to retain your employees and here are some of the useful tips on building retention plans that work awesome to organization growth.
Tips to improve employee retention
A perfect employee retention plan required you to think from the employee’s point of view. Not randomly but you can organize some surveys within the company and this should be 100% secure. Each employee has to submit one survey.
Each employee has different desires, challenges, problems and career goals. And the most important is the compensation. Is the employee getting the right salary as per the market trend?
All these help to understand the major problem within the company that leads to higher exit rate. HR and the team can start working on this to reduce the exit percentage in future.
Below are some of the strategic initiatives your should start implement –
- Recruit the Right Resource: Always hire the right resource that fits perfect for the job. If HR hires the wrong candidate, he/she cannot perform duties perfectly and is not even able to meet the job requirement. To hire the right employee, you need to make a perfect screening and selection process.
- Onboarding – The right onboarding and orientation program should be more focused toward company culture, policies and job responsibility. Most of the company does not focus on orientation/onboarding programs. The purpose of onboarding is to make employees comfortable on the very first day. Some companies spend 1 week to 2 months on orientation/onboarding activity.
- Create Perfect Working Culture – Employer needs to create the right working culture as per the business types. Organizational culture should be perfect where the employee feels comfort and can put their 100% input. When HR is hiring an employee, they need to evaluate them on the culture of your organization. If a candidate is matching perfectly then he/she will play the long term relation with the company.
- Mentorship Program – Pairing new employees with a mentor seems to be the most effective way to make employees comfortable and productive. Mentor can offer his/her experience that makes employees get the insights on solving problems and handling job responsibilities effectively.
- Regular Training Program – To empower the employee skills, the company should Invest in training and course programs to provide the training on a regular basis. This helps to boost the standard of work performed by employees. Training can be provided either on the job or off the job.
- Remuneration, Reward & Recognition Program – Organization needs to pay the right remuneration to the employees. On the basis of market survey they can check the salary and perk for different designation. Apart from that they can go for the reward and recognition program, where the best performer must be rewarded based on their performance at work.
Some of the best reward program that organization can focus and implement across the team –
- Voucher/Coupon to performing employee
- Award/Certificates – Employee of the month
- Discount coupon for courses on Udemy, Coursera, Lynda and Google
- What are the roadblocks that restrict employee growth?
- What are the challenges?
- How to keep team members motivated?
- How to increase employee satisfaction?
This keeps the manager updated with the information and works around sorting those issues.
It’s recommended to revise your retention plan every year based on market research and standards. This helps to develop an effective workplace and manage employee retention effectively. As per current market trends we have outlined some of the most effective retention strategies that seem to be effective enough in retaining employees. In case you would like to share some suggestions please write a comment in the section provided below.