Employees know when it is their time to make a move. When they work in poor environments, get little or no increments and have high stress, what is the point of continuing to work there? However, now this situation has become and employee-driven market and organizations are the ones fighting to get them back. High voluntary turnover is not good for any organization as they lose focus and find it hard to meet goals and aims when employees are constantly changing.
Organizations that have realized this are now making use of resources and programs to diminish voluntary turnover. After all, it is more cost effective retaining an employee than finding a new replacement.
Ten ways to retain your employees
1. It is important to take a sincere interest in the employees. Get actively involved with them and get to know them not only as workers but also as human beings.
2. Be very clear about your expectations and the employee policies, and stick to them. As it is unclear expectations and policies are what create most dissatisfaction within an organization.
3. A competitive remuneration package is one of the most important factors for employee retention. This is essential especially when you have highly talented employees that you do not want to lose. You can provide these star employees with a salary that is above the market rate so that they will be the highest paid employees in the field, thus retention will be much more probable.
4. Recognizing an employee’s hard work is another vital element to retain your employees. Positive feedback for employee contribution and accomplishment should be provided regularly in order to uplift employee morale. Research shows that many employees find performance recognition as the most important factor for employee retention, as everyone likes to be valued.
5. Make the responsibilities more challenging and interesting. Search for different ways to increase each employee’s responsibilities, participation and authority.
6. Provide training. Investing on your employees and catering to their needs through training programs, skill development courses etc. would make them feel valued; hence they will invest back in their jobs. Also you can conduct cross training by switching job roles; this will allow them to enjoy learning new things, it will also benefit the organization.
7. It is important to communicate well with all employees. Always be transparent about what is going on within the organization, as employees like to be a part of it and do not want to be excluded. It is also essential to listen to their opinions and feedback, also learn what they wish to contribute to the organization, how they think the business is moving etc., this will help them to boost their self-esteem as well.
8. Every employee needs a good work-life balance; hence it is important that the organization is flexible enough to meet the employees’ needs when necessary. Accommodating certain personal needs will lead to employee satisfaction, and therefore more retention.
9. Another strategy is to conduct “stay” interviews. In these interviews you ask the employees why they came to work for your organization, why they stayed, why they would leave, what issues they have at work, what they would want to change or improve etc., thereafter using this information you will be able to develop certain areas and strengthen employee retention.
10. All employees want to be respected and appreciated. Managers and leaders need to show significant outward respect towards employees often, as it is how others make you feel that will have a lasting impression. Respecting your employees will lead to much desirable and strong workplace culture, as well as better employee retention.