It comes no surprise that more and more companies are now pumping in their funds and money on keeping their employee turnover low. Even with huge spending, majority of the management fail to identify the right set of employee retention strategies to retain high performing employees in the organization. As management or business owners, one not only looks after the sales or bottom-line of the business, but also should look after needs of the employees. In this particular piece of commentary, we look into the top employee retention strategies that successful companies have been practicing.
Here are the five strategies which can be implemented in order to attract, engage and retain the high-performing employees.
- Look for the Right Fit
Companies have to be very clear about the kind of candidates they are looking for. Recruiting someone who does not align with organization’s goals and objectives can cost the company because such candidates tend to constantly hunt for other opportunities outside the organization, and eventually leave. In such cases, companies would lose out on the time and money spent on employee acquisition, in addition to the training provided to the employee. During the interview process try to see if the career goals of the candidate match with what company has in mind.
- Regular Employee Feedback
There can be many reasons an employee is not satisfied with the job he/ she is doing and it is important for employers to know those reasons. All attempts must be made to listen to the grievances of the employees and try to resolve them if possible. Conducting periodic surveys is the most common way of understanding the sentiments of the employees towards their work. This helps in identifying issues which are common to many employees and the same should be addressed on priority otherwise the exercise of feedback collecting may be counterproductive.
Furthermore, it is important to understand that feedback is always two-sided. Employers too should make it a habit to offer inputs to their employees so that corrections are made at the right time. Good employees are those who are always keen on receiving inputs from peers and superiors. Employees who are serious about their job always look to make quick progression in the company by amending their mistakes and moving forward. Companies that are serious about success through right employee engagement should invest into getting hands on good Employee Engagement Software. Such a solution typically offers precise set of tools and features for enhanced Employee engagement experience – both for the employers and the employees.
- Conduct training and up skill programmes
Every job gets monotonous at some point in time and this is when employees think of switching to a different company. The best way to avoid this to offer trainings and certification programmes to employees. This will help companies and their employees to be relevant to every changing dynamics of corporate world.Setting up systems to offer rewards for those who have successfully upgraded to new set of skills is very beneficial in retaining employees.
- Maintain good Team Spirit
The biggest factor which drives disengagement is when employees cannot connect with their managers. In middle level companies the team size will be very small which is why managers should nurture a good relationship with their team members. There shouldn’t be any room left for miscommunications, which is one of the primary reasons of growing disengagement in employees.
- Take initiatives to motivate the employees
Initiatives have to be taken to recognize and reward employees, the reward may be in terms of monetary benefit or even an appreciation letter. This will motivate even the other employees to give their best to the company.
Although, managing and retaining employees is a growing problem, be sure that it is not unfathomable. This problem can be minimized and tamed provided right retention strategies are put in place. We hope that this article was useful to you or at least gave you an idea to devise your own strategies.