Employee Retention

Employee Retention is the mantra for an emplyer to his goal towrds his sucess.

 

“The way your employees feel will be the way your customers will feel. And if your employees don’t feel valued, neither will your customers.”

— Sybil F. Stershic, Taking Care of the People Who Matter Most: A Guide to Employee-Customer Care

Employees are the central pillar of an organization, the most valuable asset. But, as an employer, if you aren’t doing your part to make them feel valued, there is a higher chance for them to decide to quit the job before making it to the half-year mark! This kind of turnover is costly. Some may cost an employer double an employee’s salary to replace them when they quit. It might affect other employees and trigger negativity at work.

Then how do you win the employee retention battle? How do you keep yourselves away from losing your employees in this kind of job market? To keep your golden employees working for you, consider trying the employee retention strategies given below that are right for your company.

“Always treat your employees exactly as you want them to treat your best customers.” 

— Stephen R. Covey

Strategies that help improve employee retention

• Pay your employees well

Salary is one of the significant factor employees typically consider as the primary motivation to come to work. If an employee feels that he works harder than another employee who receives a higher rate of compensation, he may leave for a higher paying opportunity. Employees often find they can enjoy a ten to twenty per cent salary increase by merely switching from one company to the next, which makes jumping ship attractive. Highly-paid employees tend to be more motivated to remain in their jobs. So, pay your employees right.

• Hire the right employees

Make sure your new hire isn’t a bad fit for your business. Pay close attention to the signs a job-hopper may have when you interview a candidate. While there is nothing wrong with someone switching jobs if it provides career advancement. So, look for someone interested in growing with your company rather than getting experience to jump somewhere else.

• Reduce employee pain

Never expect your employees to function like robots. When the work and life balance of an employee is out of whack, there’s a pain. Your employee starts feeling frustrated about the tremendous amount of work and feels like he pays out most of his life working instead of living. The job becomes a bad guy for him.

• Become a leader not a boss

A good employer is a good leader. And a good leader can hold a good position in employees mind. You should become an ideal leader, not a bad boss, to improve employee retention. Here is how a leader acts to his employees.

• An ideal employer let employees know where the company headed to.
• He handles the challenges, which can offload stress into the employees.
• A good leader considers employees as the most critical asset.
• He makes employees feel confident about their ability to lead them to a better position in the industry.

Here is how your leadership sprinkle the seeds motivation in your employees.

• It will grow their belief in you
• They will come out of their comfort zone and get ready to undertake even tricky task for your company.
• Help seeing failure as a learning opportunity.
• Encourage a growth-oriented mindset.

As a leader, you should have a job plan and provide regular feedback on an employee’s performance. It will help your employees fully aware of their job duties and how they’re doing in performing them. If an employee feels bewildered about his role in your firm, he’s more likely to feel disgruntled and begin searching for something else.

• Employee engagement impacts retention.

Increasing employee engagement can help improve retention. It can also provide the benefits of better productivity and higher employee satisfaction. Focus on your company culture and take proactive steps to promote engagement, especially among your top talent.

You should be helping your workforce to grow and expand, not only get better at what they already do. If your training centres rely entirely on increasing performance in a current role, you’re missing the boat. Good employees always want the opportunity to advance, not just maintain momentum.

Consider:

• Conduct training programs, so that employees have a broad skill set, not just a narrow set limited to their specific job.
• Mentorship programs that encourage the mentee to become a mentor.
• Allow the employees to climb the leadership ladder so that they know what they need to do to move up.

Employee Retention is a real issue that should address, especially if you already have high turnover rates. Improving retention rates doesn’t have to be strenuous. Be a positive role model and connect with your employees directly. If help you more likely to understand what they need to continue to help your business thrive.

 

“Employees engage with employers and brands when they get treated as humans worthy of respect.”

— Meghan M. Biro, Your Employees are Engaged…REALLY?, Forbes

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