Waiting for the exit interview to determine why a talented employee has decided to leave your company, will lead to missing a golden opportunity. Employees are the biggest asset of an organization and they are your competitive advantage, you want to attract and keep the best, inspire them and make them feel that they are a significant part of the purpose of the organization.
Retaining the best is as important as recruiting the best. This plays a great role not just for the present but future as well, as the company should be all decked up to compete in the future and their best weapon would be their employees. Today job opportunities are expanding at an astounding rate, and everyone wants the best amongst the pool of job seekers. And as the economy is tight, employee retention has become a critical issue. The cost of employee turnover is around 2.5 times the employee’s salary. And there are even other costs like decreased engagement, training cost, lowered productivity, and cultural impact. So, better to invest in employee retention.
There are many reasons why people start looking for new jobs like some people seek better compensation, some are dissatisfied with the career development in the present organization and some want a new experience. So here a few strategies through which employers can retain their best employees.
Strategies to Retain Your Best Employees
- It starts with selecting the right people on the basis of behavioral testing and competency screening. It means employers should look for the right person, in the right seat, in the right jog just from the beginning.
- Look at employees history, means look for some indicators which denote the longevity of employees at their previous job.
- The trigger for employees to work should not fade away, like offering competitive, attractive packages consisting of components like insurance, paid leaves, flexibility, etc.
- Jobs are not just about working and getting paid. Employees have different psychological needs which cannot be fulfilled by attractive pay or bonus albeit they can be satisfied by ‘Respect’. Listening to them deeply, using their ideas and never shaming them in-front of everyone is very important.
- Providing employees with training sessions, mentoring programs and giving them feedback regarding their performance can lead to an energetic workforce as they have the realization of self-growth remaining in the same organization and even that the organization is investing in their self-development.
- Tap the hidden talents of people by making their work more fun. This can be done by organizing various activities.
- The bonus should be based on the success of the employee and the company as well, try to make it limitless with company parameters.
- Celebrating the success of employees is crucial as it gives them the feeling of belongingness, this makes them feel that something important is achieved. ● Opportunities for cross- training and career progression should be provided, this is what career movement will be about.
- Let people know what is expected out of them by minimizing the communication gap.
These strategies seem insignificant, but this is what makes the difference. Make your organization, one of the best among the few which truly and honestly honor their employee efforts. Contemplate on building your people and then people will automatically build your business.