How is Employee Retention a Key Management Strategy

In the recent work pattern, many employees quit their jobs either for a better opportunity or the management of the present organization did not have proper employee retention strategy. There could other reasons as well, and it is very imperative for the organization to know why employees leave them. Employee turnover basically costs very high for the business. It takes three times more of an employee’s salary, to replace. Therefore, most organizations are in a dilemma,  to figure out weather to invest more time and money, fine tuning their recruitment strategies or to pay extra attention on retaining the talent they already have. However, recruiting new employees is expensive and stressful. So, when there is a good staff, it is better to make them stay for long.

A couple of reasons why employees quit are frustration, conflicts, friction with managers, low salary, lack of growth prospects, motivation and so on. Many leading organizations have a challenge to retain employees, where the management somehow fail to hold back the potential employees from leaving the organization. It becomes more difficult to retain employees who decide to leave for better opportunity. Like we know that every problem has a solution, the first step to solve this mystery is to find out the exact reason of employee’s displeasure.

Download WhitepaperEmployee Retention Strategies

Retention strategies are often ignored until they suspect an employee to bail out. Organizations come up  with various ways to entice the employee to hold them back. This will do work, but not on the long run. Therefore, it is critical to start retention solutions that would work for your organization and not wait until you see a key employee leave. Once you know what your employees want, it is intelligent to start implementing, at least some of them.

Bring in “Employer Survey” and let your employees express what they feel about the company, supervisors and work conditions. Make sure the survey is anonymous and is responded with action.

Never miss on conducting “Exit Interviews” on employees who put down their papers. If you did, you could miss on some vital information and feedback that your employees had to share. It is easier a way to find solutions, when you know the reason behind of quitting the job coming from them.

Let us check on a few Strategies for Employee Retention.

Training: Supervisors should take the responsibility of training his team. He should effectively coach the employees, motivate, empower and communicate in the right way.

lead and Direct: Lead your employees in the direction of the organization’s goals and objectives.

Communication: Keep your employees updated with the happenings of the organization, good or bad. Work on a communication plan and execute it. It is good to make them hear about the organization’s ups and downs, as they are the contributors.

Reward and Recognize: Taking time out from work to say a simple ” Thank you” will also mean a lot to your employees.  Recognition need not always be about monitory reward. Employees would be motivated, if someone just noticed and appreciated their work.

Flexibility: Employees would love to work with organizations that are flexible and comfortable to work with.

Implement these simple strategies in your organization and have the best work resource!

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