So the Human Resource department has invested in finding good employees to join their organization. But their job is only half done. Retaining the valuable contributors is not an aspect to be undermined. The best employees are difficult to be pinned down, as there are always possibilities for them to jump if they are not satisfied.
Here are ways how an organization can hold on to its top talent:
Most of the employees are dissatisfied because they feel that they do not have a say in the company operations or their voice in the company is not being heard. Encouraging individuality by allowing them to share their ideas and help the organization in terms of growth will give a sense of credibility to the employee and hence leading to job satisfaction.
Appraisals and Salary hikes:
According to a survey conducted among 7000 professionals by CareerBuilder, 70% of them said that salary increase would definitely entice them to stay with the company. Many companies use the joining bonus as a strategy to retain employees promising a bonus to be paid after completion of a set period.
“In the absence of appreciation and respect for other people, true leadership becomes ineffective, if not impossible.” Acknowledgements, bonuses, gifts and rewards appreciating employees every once in a while or when a job is well done goes a long way in employee satisfaction. Employee recognition is a strong factor in retaining top talent. Monthly and quarterly performance reviews are being practiced in many organizations as a motivational method.
Flexible timings are alluring to everyone. Having the freedom to work at any given time and also place plays an important role in employees loving their jobs. Providing perks like work from home options creates a work-life balance, especially in working moms and can be a huge advantage for companies in avoiding attrition.
A structured vision and goals of the company needs to be communicated to the employee during the joining. A respect for the employer will automatically build sense of pride and ownership in the individual. Make it clear that the company has room for advancement. Fixing employee goals are also equally important as employees need to be aware of their responsibilities.
Trainings and Opportunities:
The best employees are always on a look out to learn and grow. Providing a platform to do so can get the individuals hooked on and make them more interested while enhancing their skill set.
These retention strategies can help in staff retention and also attract more talent to an organization and increase the employee loyalty.