Understand the meaning of retention and how the strategy to use in keeping your employees happy
Employee retention is one of the most modern hottest topics in the Human Resources Management today. All organizations have to work hard to attract, hire and retain its talents. Most businesses have worked hard to ensure they attract the right talent but too sad they fail to know how to retain them. Such companies end up incurring such high costs of the turnover without realizing it. These companies need to run special and expensive processes to train and onboard new employees. They have to incur recruitment costs and the branding that will make your company stand the test of time.
Employee retention strategy
Employee retention strategy is the core driver of the retention policy in any company. The leadership team which is set aside of the Human Resource Department has to measure the progress, successes as well as failures to know how to protect and retain their employees. The Human Resources need to help the leadership team to properly do the mapping and regular evaluation for the best retention practices.
Retention strategies
- Mentoring - a mentoring program must be a goal-oriented system that provides a structured mechanism for developing strong relationships with the company. A mentoring program pair someone more experienced in a certain discipline with someone less experienced in the same area with the goal being to develop the specific competencies.
- Training - It enforces the employee's sense of value by allowing the to improve them. Through training, workshops and the like employees achieve goals and ensure they have a solid understanding of the job requirements.
- Appreciation using compensation and benefits - Offering benefits like competitive salary, bonus programs, pension and health plans, profit sharing, etc. will send a powerful message to employees who feel important to the organization. Rewards given to the staff must be meaningful and impact their perception of the organization thus retaining them.
- Instill a positive culture - Values such as excellence, honesty, respect, attitude and teamwork should be established in the company to attract and keep good employees.
- Communication - Good communication flow through the staff and the management keeps the employees feeling important and needed. The worker's suggestions and opinions should be well handled to make them feel that their employer is listening and responding to them.
- Encourage referralss - from the employees you already have to minimize confusion of the job expectations. Current employees can refer the right candidates having understood the requirements of the company before referring anyone. It also encourages the older employees to remain in the same organization.