How
To Increase Employee Retention? - Strategies & Benefits
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WHAT
MAKES EMPLOYEES LEAVE? Employees do not leave an
organization without any significant reason. There are certain
circumstances that lead to their leaving the organization.
The most common reasons can be:
1. Job is
not what the employee expected to be: Sometimes the job
responsibilities don’t come out to be same as expected by
the candidates. Unexpected job responsibilities lead to job
dissatisfaction.
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2. Job and person
mismatch: A candidate may
be fit to do a certain type of job which matches his personality.
If he is given a job which mismatches his personality, then he won’t
be able to perform it well and will try to find out reasons to leave
the job.
3. No growth opportunities:
No or less learning and growth opportunities in the current
job will make candidate’s job and career stagnant.
4. Lack of appreciation:
If the work is not appreciated by the supervisor, the employee feels
de-motivated and loses interest in job.
5. Lack of trust
and support in co-workers, seniors and management: Trust is
the most important factor that is required for an individual to
stay in the job. Non-supportive co-workers, seniors and management
can make office environment unfriendly and difficult to work in.
6. Stress from
overwork and work life imbalance: Job stress can lead to work
life imbalance which ultimately many times lead to employee leaving
the organization.
7. Compensation:
Better compensation packages being offered by other companies may
attract employees towards themselves.
8. New job offer:
An attractive job offer which an employee thinks is good for
him with respect to job responsibility, compensation, growth and
learning etc. can lead an employee to leave the organization.
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STRATEGIES
FOR EMPLOYEE RETENTION
The basic practices which
should be kept in mind in the employee retention strategies
are:
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.
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HOW
TO INCREASE EMPLOYEE RETENTION
1. Open Communication: A culture
of open communication enforces loyalty among employees. Open communication
tends to keep employees informed on key issues. Most importantly,
they need to know that their opinions matter and that management
is 100% interested in their input.
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2. Employee
Reward Program: A positive recognition for work boosts
the motivational levels of employees. Recognition can be made
explicit by providing awards like best employee of the month
or punctuality award. Project based recognition also has great
significance. The award can be in terms of gifts or money.
3. Career
Development Program: Every individual is worried about
his/her career. He is always keen to know his career path
in the company. Organizations can offer various technical
certification courses which will help employee in enhancing
his knowledge.
4. Performance
Based Bonus: A provision of performance linked bonus can
be made wherein an employee is able to relate his performance
with the company profits and hence will work hard. This bonus
should strictly be productivity based.
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5. Recreation facilities:
Recreational facilities help in keeping employees away from stress
factors. Various recreational programs should be arranged. They
may include taking employees to trips annually or bi-annually, celebrating
anniversaries, sports activities, et al.
6. Gifts at Some
Occasions: Giving out some gifts at the time of one or two festivals
to the employees making them feel good and understand that the management
is concerned about them.
Contributing
Writer: MONIKA SAH, MBA Student monikakumari.1989@gmail.com
Also Read: Importance
of Employee Retention
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