How to retain the most valuable asset of business world- Human Resource?
Human resource is the most valuable asset for any business organisation. It is the most efficient and productive resource that any business can possess. In this era of innovation and opportunity retaining the best people is actually a challenge. It becomes unaffordable for an organisation to bear the loss of its trained manpower, as it will cost both money and time. Honestly, retaining them is little tricky but not impossible, here are few ways that can help retain your Human resource.
Hiring the right set of people
The first step to retention practices is to engage the right kind of individual with the right set of skills. At the time of hiring make sure that HR is transparent and discusses the company culture, roles and responsibilities, and also the level of performance expected from that particular individual and even, encourage the candidate to share his views on the same. In case, if the candidate is not a fresher do check his ‘job stability factor’ in previous jobs. Checking on these factors will enable an organisation to hire a loyal employee, who will easily fit into the company culture.
Reward the Performance
Rewards and recognition are drivers to motivation and retention. Organisation should track the performance of the employees and reward them for their efforts. This makes the employee feel that his contribution is being recognised by the organisation and motivates him or her to go the extra mile.
Establishing a Career path for your employees
Growth is a vital factor for an employee to be in the organisation. It’s very important for an organisation to help its people choose suitable career paths. The organisation should also support the employee in building the right skill set to move down the chosen career path. This kind of assistance in employee growth by the organisation will develop a culture of care and trust between them.
Conducting Training and Workshops
It is important to have a formal program to help employees develop their skills to achieve their career goals. Trainings and workshops play a very important role in up-skilling employees. Training sessions help employees identify their potential and deliver more on the job.
Man is a social animal, so it’s imperative to give him space and time to socialise. An organisation should enable employees to develop their personal and social space by defining proper working schedules. This kind of support and understanding from the organization will delight employees and their acquaintances. This will lead to more productive employees as well.
Develop the culture of Feedback
Feedback is significant, it can be within the body or from your customers, it always helps to enhance the performance and solve the issues. Encourage your employees to give feedback regarding the work culture, people, management, new projects etc. and reward the best feedback. This will make employees feel that the organisation values their opinion.
Conducting session for employee engagement
It is essential to break the monotony of work so holding fun sessions is an actually good idea. HR team can lead small games, celebrate birthdays, watch movie or cricket, commemorate some festivals or arrange some snacks; all these activities help to break the work monotony and refresh the employees. Employee engagement helps to develop the spirit of team building and fun at work attitude.
Purchase a good HRMS
Last but not the least; a good HRMS plays a vital role in retaining employees. It is difficult for an organization to track all aspects of the benefits to & feedback given by the employee. A HRM retains this information and ensure that the right people have access to it. A great HRM goes beyond just displaying data. It becomes a nexus for employees to
- discuss current events
- create work groups to handle projects
- plan their career
- ask for support from peers
- get in touch with mentors etc.
Finding the right employee is part hard work and part luck. So make sure they stick with your organization till the very end!