Employee Retention in today’s competitive market hiring and retaining best employees is a primary concern in every company and every industry. Smart employers make strong initiatives to understand what their employees want, and they work accordingly. Understanding why employees leave in the first place is the first step in the finding the solution.
Below are five main reasons:
1) Poor working conditions at the workplace
2) Lack of appreciation from Managers
3) Lack of support from Reporting Managers
4) Lack of opportunity for career advancement
5) Less compensation
Top Employee Retention Strategies:
1) Great Career growth, learning and development
2) Exciting work with big challenges
3) Providing meaningful work by making a difference
4) Being a part of the team
5) Great boss and Supportive Management
6) Recognition for good work
7) Flexibility in work hours
8) Fair pay with excellent benefits
9) Inspiring Leadership
10) Great work Environment
11) Job Security and Stability
12) Being recognized, valued and respected
Employees are always looking for companies that have well-developed mentoring programs, career development initiatives, and job growth opportunities. Research shows that employee engagement is also directly related to Employee retention.
Employee engagement depends on three factors.
1) Employees speak positively about the organization to co-workers, potential employees, and customers.
2) Have the intense desire to be a member of the company.
3) Put extra and dedicated effort by doing the best job possible to contribute to the organization’s business success.
Employee engagement score can be calculated by the below six parameters. These parameters have to be filled by employees:
1) I would strongly recommend this organization to my friend seeking employment.
2) Whenever there is an opportunity, I would others know great things about the company I am working.
3) I would surely think a lot to leave this organization.
4) I hardly think about leaving this company to work for the different company.
5) The organization inspires and encourages me a lot to use my best skills at work.
6) The organization motivates more that what is required to complete my tasks.
Following are best practices to retain employees:
1) Hire the right people
2) Engage in longer Inductions with newly joined employees
3) Create an annual growth salary plans for every employee.
4) Conducting exit interviews for employees who submit their resignation.
5) By retaining the high-performing employees can truly make or break your business profits.
6) Identify the employees who are working in key positions and try to find out what motivates them.
7) Provide excellent compensation and bonus plans to retain them.
8) Provide excellent benefits for retaining the key players in your company.
9) Design a Rewards and Recognition program for all employees to motivate them.
10) Great leaders can make a difference so set high expectations for your leaders.