Business organizations thrive hard to retain employees in today’s environment. Employees are considered to be an important part of all business organizations regardless if it be small or large scale organization. The first step in creating a strong workforce is to hire competent employees and keep them working for the benefit of your business organization. Once you have found the most suitable and competent employee to work for you, it is crucial to retain their services especially when you have proven that their work performance is a good asset to your business.
There are certain ways on how to retain employees who are very important assets to your organization. These suggestions are meant to keep your employees loyal to you and to your business undertakings.
Ways To Retain Employees
1. Give your employees competitive benefits
Employees are always in search for employment that could provide them more benefits for their services. You should offer your employees comprehensive benefit package that would hard for them to turn down. Among these benefits include health insurance, retirement plan and other bonuses and incentives that will entitle them to earn additional earnings. Aside from the monetary benefits that you could give them, you can also provide benefits in terms of other perks like flexible working hours and leave benefits.
2. Give perks even in small packages
In order to encourage your employees to perform better with their work, you can give additional perks and incentives in the form of a contest. You can implement an employee of the month contest wherein the most productive employee will be awarded certain bonuses or perks like a free laundry service or a day in the spa or a free grocery coupon to give away. Even these small perks can motivate employees to show loyalty to your business in recognizing their hard work and performance.
3. Give promotions whenever possible
Promotion is one of the best strategies in retaining employees. Promotion boosts the morale of employees and it gives them the sense of being recognized. It further motivates them to become more productive in their services that are beneficial to your business. Without any room for promotion an employee will likely look for other opportunities to improve their professional learning and career advancement.
4. Maintain an employment development program
Many companies were able to successfully retain their employees after giving them a working environment that provides them a room for learning and development. Sending employees to trainings that are relevant to their position in your company will continue to inspire them to work for you. This is because their need for improving their career and performance is recognized. By sending them to trainings, they learn to cope with any difficulties they might encounter with their work. This makes them feel important because you provide them support in making them more competent in their job responsibilities.
5. Keep the communication line open
Not being able to communicate of their grievances is one of the reasons why employees leave their employers. Communication is essential in employment because employees need to express what their needs are in connection with their employment condition. Employees who are not satisfied with their working environment should be able to communicate any issues to the employer in order that this may be effectively addressed.
Employees who feel that their needs are not recognized by their employers show low morale and tend to look for other employment that will give importance to their needs. Communication is also important as the employer and employee learn from each other and could help together in improving the course of the business for more effective working relationship.
6. Empower managers and supervisors
Both managers and supervisors are important in employee retention. When a manager or supervisor fails to perform their job roles in coaching and in providing guidance to their employees on how to accomplish work, it can induce employees to look for other employment that will give them more supportive management. Failure of top level management to provide adequate support to employees can be a source of grievance among employees. Managers and supervisors should be taught how to effectively communicate with their subordinates and learn how to clearly express expectations and the company’s goals and objectives.
7. Keep Things Transparent
No matter what times are going on, it is always recommended to keep the things transparent by revealing the truth to avoid employee retention. This can be done by calling a meeting or during open house. This will avoid spreading of rumors and faith of employees will increase in the company. There could be troubling times for a company where it is forced to take some drastic steps. Keeping the things transparent will let an employee know what the company is up to and how they fit overall in the company’s plans.
8. Have Fun Outside Office
Try to organize a lunch or dinner for the teams so that they can get to know better each other. This will increase the relationship of trust among team members and also between the company and employee. Company can also organize a function or get together for the whole company where all the family members of the company should be given invitation. This will increase the bonding between employees working in different teams and help to retain them in the company for a longer period..
Many companies nowadays are facing huge talent crunch. A company spends so much money in recruiting, staffing and controlling employees. Employee Retention occurs when an employee doesn’t feel comfortable with the organization policies and procedures. Taking care of an employee’s needs and concerns can avoid his/her exit.