Know all about Employee Retention and strategies an organization must adopt for keeping their people for long.
What is Employee Retention
Employee retention refers to the ability of any organization to retain its employees. Employees are the greatest asset of an organization but retaining a competent workforce is quite challenging for the HR.
Hiring the best people for your job is a complex process and so is keeping them with you for long i.e. Employee Retention.
Employee Retention involves the efforts and ability of an organization to maintain such an environment which motivates the employees and make them stay with the organization for long.
An organization formulates various policies and practices to make their employees stay with them for a good tenure or stick to an organization for a longer period of time.
Why is it Important?
An organization invests a lot of time and money in the Hiring process which stretches up to grooming a new joined, making him learn and aware of the work culture, his responsibilities, other things to make him efficient in his job and bring him at par with the existing employees.
The organization suffers a loss when the employees leave their job after getting the complete training or the minimum experience as the time and money invested in the whole process right from the sourcing to hiring to training them does not yield the expected benefit in the favor of the organization. Employee Retention takes into account the various measures taken so that an individual stays in an organization for the maximum period of time.
There are different factors which affect or influences employee retention which every organization need to understand –
- Office or Work Culture/ Environment
- Job Satisfaction
- Employee’s personal life and professional life
- Motivational Factors
- Employee engagement
For Employee Retention, You Need To Work On
Talk to your Employees. Get their feedback on how the work is going. Are they satisfied and happy working for you? What challenges do they face? Ask for their ideas, sit and indulge in healthy discussions with them.
Motivate them. Yes, it’s time to refresh those Motivational theories of Maslow’s and Taylor and put them into action.
Take a look and follow these most important motivation boosting techniques:
– Training and Development
– Establish clear-cut expectations and policies
– Employee welfare services
– Open Communication and feedback system
– Compensation/ Monetary rewards
– Fostering Teamwork
– Recreational Activities
– Performance Appraisals
– Employee Recognition
- Encourage referrals and internal recruitment as it eliminates the recruitment, training etc. cost and also such employees stay for long period. The chances that the new hire would fit in well, perform well increase ultimately.
- Create work/life balance. Never overburden your employees making them feel pressurized or a robot. This turns out be beneficial for both organization and the employee, an employee would be less stressed and can work efficiently and effectively
- As a Boss/Manager is more like a team member/ mentor and leads the team in a harmonious way. Be accessible to your employees. Instil a positive culture in your organization.
Make a great workplace for great people who’d do great wonders with their great work
Happy Employees… Happy Organization!
For Recruitment/Hiring (PAN India) /HR Solutions contact the leading consultancy Seek HR Solutions Pvt. Ltd. (http://www.seekhrsolutions.com/) based in Delhi
By Jaspreet Kaur