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Employee retention
Employee retention is defined as an administration’s ability to prevent employee turnover, or the number of people who leave their job in a certain period, either voluntarily or involuntarily. Increasing employee retention has a direct effect on company’s performance and success.
Generally, employee retention rates of 90% or higher are considered good, meaning a company should aim for an average employee turnover rate of 10% or less.
Employee retention is always a challenge in most companies. Employee retention involves strategic actions to keep people engaged and focused for the benefit of the company. A comprehensive retention program can play a huge role in retaining good and hardworking staff, says noted Astro Strategist cum Business Astrologer Hirav Shah.
We already discussed a number of ways in which you can enhance your business’s financial management. Make finances of your business more smooth. Your business financial health has to be in fine condition, employee retention or issues related to their habits come later
Hirav Shah says, “With that in mind, consider trying some of the top employee retention strategies that have worked for most of the top companies in the world.”
Training and Development
Most of the surveys carried out in the organisation show that the majority of people would stay longer if the organisation invested in their careers. As the technology continues changing every day, investing in the employees would be a good strategy to retain employees. Providing employees opportunities to grow their skills makes them feel valued and motivated.
Training and development strategies also demonstrate that you value your employees as individuals and that you choose to invest in your people, rather than replacing them with candidates that have the skills you desire.
Recognise Top Performing Employees
Recognising top-performing employees is one of the most effective retention strategies. Frequently showing employees that you recognise and appreciate their hard work is a gesture that goes a long way in making them feel appreciated. It is always a move to identify the best performing employees and recognise them for the results and efforts. Employees get more engaged when they feel appreciated for the work they do. Reward best performers for their achievements with a Trophy, Holiday or a shopping coupon.
Get Feedback From Employees
Effective leaders find time to listen to what their employees have to say and then act accordingly on the feedback given. Giving regular feedback to employees is more encouraging and makes the employees feel valued. This shows that you value and listen to your employees’ needs. Regular review of employees’ performance helps them in enhancing their skills and performance as per the company’s expectations. And also try to use both informal and formal ways of communication.
Communication
Communication is one of the most effective employee retention strategies. Regular communication gives insights into what is going on in the minds of employees. Your employees should feel comfortable and open to come to you with ideas, questions and concerns at any time. As a leader, you need to make sure you’re doing your part to help promote timely, constructive and open communication in your team. Ensure you talk with each staff member on a regular basis to get an insight into their workload and job concerns.
Creating open communication between employees and managers can help give a sense of community and a shared purpose. Having frequent meetings in which employees can offer ideas and air their concerns, and encourage employees to speak openly with their managers help them feel they are valued and that their input will be heard.
Identify employees who will stay
How can you identify employees that are more likely to stay? Look for employees with longevity at their previous jobs.
Look beyond what is written on the CV. If an employee has worked for many years for a company, that shows loyalty, perseverance, engagement. Also, look for someone who has committed to volunteer or other activities outside of work that can help tell you that they are invested in a cause.
As an employee, be careful with Job-hoppers, they are a bit of a gamble. They might just be looking for the right place to land, someone who has had twelve jobs in twelve years would be really difficult to retain for any company.
Continuous feedback on performance
Many employers are abandoning the employee performance review in favour of more frequent meetings with team members. In these one-on-one meetings, talk with your employees about their short- and long-term professional goals and help them visualise their future with the company. While you should never make promises you can’t keep, talk through potential career advancement together and lay out a realistic plan for reaching those goals.
Hirav Shah concludes by saying, “In this competitive world, retaining a motivated and positive staff is imperative for an organization’s success. High employee turnover in a firm leads to constant hiring and a rise in expenses. It also has a negative effect on the company’s reputation in the market. Hence it is very important for a firm to develop an effective employee retention strategy.”
