Employee Retention

A Quick Look at Employee Retention Strategy

 

One of the greatest challenges faced by today’s employers is not only tapping the appropriate talent but also engaging and retaining employees in the long run. Remember that a comprehensive people strategy is not comprehensive enough if it does not include a proven employee retention strategy. While the above strategy may sound logical, it is a fact that most small companies tend to overlook this critical component—that is employee retention.

While most companies feel that a handsome salary, incentives and golden handcuffs are enough to retain employees, it is actually far deeper than that where the human psyche comes into play. Employee engagement is the first step towards retaining workforce. As an employer, if you succeed in engaging employees and keeping them happy, it goes without saying that you will be able to definitely retain them for a long period of time.

So what are the best ways of employee retention? Here’s a look

Tracking retention percentages

Facing a high attrition rate? Well, for that you need to track retention rates. If you do not measure it, it will not improve. You should be well aware as to who needs to be coached in this regard or needs some formal training. If you are unable to do so, then you are definitely in a soup.

Make employees come first

While in terms of running a business, customers come first, the best way to ensure customer satisfaction is to have happy employees. Employees who are genuinely happy at workplace will feel more motivated and thereby work towards customer satisfaction to a greater extent. Employees who are extremely loyal to their companies will naturally end up working towards building a strong customer base. As goes an adage, “Take care of associates and they will take care of your customers”.

Rich incentives and benefits

Needless to say that rich incentives and an array of benefits are the best ways for employee retention. Try and introduce new strategies such as a birthday note along with a gift. While this might not be the best solution for smaller organizations, try and provide recognition in other ways. Even in your small budget, may be you can take your employees out for a lunch once in a while.

Promote philanthropy at work

Try and promote philanthropy at your workplace. Encourage employers to donate a few hours of the month in some kind of charity. Try and find what kind of charity suits you and opt for it.

The last words

While the abovementioned points are just a few solutions to retain employees, always remember one thing that your employees are human beings first and workers second. So give them the respect they deserve as human beings and the responsibility that an employee desires for, along with proper recognition. Your customers’ needs will be automatically taken care of.

 

 

 

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