One of the most overlooked but key facet of running a successful organization is Employee retention. Retaining top talent is essential for maintaining Organizational growth, happy customers, Vibrant Culture and overall profitability
On the other hand, losing key resources leads to limited productivity, low morale, increased cost and delayed timelines.
While the common belief is that employees leave a role because of better salaries outside, the truth is there are number of other factors responsible for high employee turnover. Here are some effective strategies to keep your best talent with you.
- Understand why employees stay
Instead of doing an analysis on why employees leave, spend time and understand why they choose to stay. This gives you great insights about policies contributing for employee retention. This can be achieved through formal and informal feedback sessions. The key is to be open to this feedback and to allow it to shape your organizational culture and policies.
- Invest in employees Career development
An overwhelming majority of people feel their Job Satisfaction depends on having opportunities for career and professional development. When employers invest in their team members by providing them with opportunities to learn new skills or knowledge, the employees perceive this as investment for their future and start aligning their goals with that of the organization. This could be sponsoring Skill certifications, educational reimbursements, In house mentoring program and so on
- Make them understand their role clearly
When employees are not sure what they are supposed to do, how it is aligning with their growth and company policies and what are the measurement parameters of their appraisal it frustrates them and reduces their morale greatly. Disgruntled employees often tend to look for green pastures outside. So the simple trick it let them know what they are supposed to do and what are its outcomes. Make sure these policies are employed fairly in order to avoid having them backfire.
- Offer them a good Package
Best organizations include Stock Options, Health Insurance, Life insurance, Sick Leave, Vacation packages, and a retirement fund. Other incentives and perk include flexi timing, financial incentives, gym memberships, child care, and other innovative benefits including annual bonus. Understand basis your employees’ feedback about the benefits that would truly enhance their standard of living, and allow customizable benefits options considering the different demographics of employees
While there are more factors which binds an employee to the organization, the above four strategies could give a kick start to Employee retention Programs of any organization.