Hiring talented people is a crucial task in creating a strong workforce, But this strenuous work can be considered as only one-half of the story. Retaining skilled employees is another decisive phase which plays a major role in creating a talented and skilled workforce. Employee retention is another key aspect of a developing company, as you put time, effort and investment in hiring as many valuable employees as possible.
Business leaders should create a workplace which attracts, retains and engages talented workforce regardless of economic situations because talented and skilled people always have a good demand in the job market. The more skills a worker possess, the more valuable he or she is to the organization. So the concern should not be only about employee retention but should create a productive environment in spite of troubled economic times.
Providing incentives like health insurance, retirement benefits, and vacation could improve the chances of employee retention, but JOB Satisfaction is an important factor which contributes to holding employees for a long haul. Apart from incentives, there are many methods to follow a healthy employee retention policy which would eventually allow the firm to grow.
Strategies for better employee retention:
Listen to your employees: Regular communication with your employees improves their sense of responsibility towards work, as they feel like a key part of the organization. Sharing their career aspirations may help employees find their dream job within the organization, instead of searching elsewhere.
Offer competitive packages : Keep your best people by offering lucrative salaries, ESPOS and also provide competitive incentives like retirement plans, vacation plans to encourage their stay in the company. Paying according to their skill and experience, geographical location and above all according to the performance really matters.
On the other hand, High salary is not always the deciding factor Job satisfactions plays just as important a role.
Job satisfaction : Frequent interaction with employees, help them to reveal their level of job satisfaction. This is an important factor for employee retention, as organizations invest significant resources in training and development.
The company should also focus on improving Job satisfaction as it will reduce employee turnover. Conduct “Stay Interviews” to know why they will stay in the organization and can measure the merits and demerits of the job profile.
Promote from within the company : Providing opportunities within the company gives the employees a clear path of advancement in their career. Make sure to find a potential candidate to fill a new position within the firm, as it takes time for a new employee to fit in the company’s culture.
Recognize Their Accomplishments :
Rewarding you employee may be as simple as delivering a thank you note, but make sure to deliver a sense of recognition that makes your employee feel as an important asset to the company which may push them to align their goals with the organization. You can also reward them with stock options to put a sense of ownership or award them with a promotion.
To summarize everything, Hiring professionals whose goals align with the organization can be achieved by providing them with an appreciation of their work, involving necessary incentives and providing them with a great sense of job satisfaction, this can create trust in the minds of your employees and improves the chances of them staying with the organization.