Most organizations battle with trying to retain its employees, it becomes worse off if the best employees in the organization are those tendering resignation letters. If your company has a high record of turnover then there are certain factors you may want to take into consideration.
First and foremost, you need to understand that most employees have set expectations from an organization. These include;
- Career development, promotions and the opportunity to grow within the company
- A good salary or wage and the opportunity to increase it over time.
- Some form of empowerment and leadership vested in them
- Work hours that may be flexible and help them maintain work-life balance
- A great corporate culture
- An employer that respects and recognizes their inputs.
If some or all of these expectations are not met, an employee may be tempted to leave the organization in search of another or even a competitor. It is also really important to try as much as possible to retain best employees because it will enhance productivity, increase profits and maintain the flow of business since there will be minimal or no drawbacks.
Also, you certainly want employees who are used to your business and processes to continue working for you since they have acquired experience over time and are comfortable with necessary obligations.
The bottom line is that failing to retain your top employees/ performers will cost you a lot; training expenses, knowledge loss, recruitment expenses, possible loss of clients and profit.
Here are a few tips to help you retain your best employees.
- Onboarding and Orientation
Studies show that properly equipping your employees from the start will help retain them. You have conducted interviews and have selected a prominent candidate. However, one thing you need to realize is that this candidate is probably new to the industry or to your processes. Also, he/she is a newbie and may need some form of orientation, coaching, mentoring, and gradual introduction to your company and its policies.
If this stage is flawed, a candidate may have little or no interest in your organization and that will count as a loss to you when he/ she eventually leaves your organization.
- Good Compensation
I know that this may sound so cliche but let’s still give this some thought. You should be willing to pay your employee well enough, commensurate to his/her work. You want your employees to have some sense of satisfaction and to have a manageable standard of living. Although, factors such as level or rank of employment are of importance to employees, a good salary or wage is also of good significance. You certainly don’t want to give them a raise when it’s too late and they have made up their minds to leave your organization. Also, don’t forget health insurance, financial rewards, and health benefits. So keep this into consideration.
- Employee Engagement
There is a really beautiful piece on how to boost employee engagement, please read it. This is really of the essence because great communication with employees will give you necessary feedback to take actions. This feedback will provide you with an idea of challenges or issues they may be going through at work and you will be able to retain great employees as best you can.
So you want to take out time to create a relaxed atmosphere for employees when necessary. Create programs that encourage them to make team building a culture. If necessary discuss one on one with your top employees and create an inclusive environment.
- Promote from within
Where you need to fill up a higher position, first consider internal candidates. You need to promote from within and make it a policy if possible to encourage employees to work better. This will help retain them since they will be aware of consistent growth. These employees are also not new to your organization and business and would make a better candidate in most cases. That is why you should make it a necessity to train your employees at all stages so that they can fill in any open position.
- Small Perks
Certain free stuff can be provided for employees to make them feel at ease. To give them some form of relaxation. To give them a sense of belonging. To provide them with work-life balance. To just make them happy. It could be a movie night every last Friday of the month. Free coffee every day. Free cookies. Some bit of exploration every once in awhile. It could be anything that is attractive but also needed. You can give out a survey to your employees to know what interests them the most. It could also be a competition/ contest and incentives. You want to give them something that they would appreciate and that you can afford.
- Respect your Employees
You should respect your employees. There are no two ways about it. Everyone wants to feel respected especially if they have worked hard to earn it. So treat your employees as you would love to be treated. Speak to them politely. Ensure that managers or supervisors mentor and coach them as needed.
Retaining your employees, especially top ones should be your major priority. It saves you a whole lot and says good about your company. Please take the time to invest wisely in your employees. Don’t forget to also seek professional advice from a human resources professional and possibly hire one to help you manage your organization and its people. If you need to speak to me please contact me via the Contact page.
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Thank you so much and have a great day!
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