Retaining skilled employees is the core of any business success. So every organization wishes to keep skilled employees for maximum time in their organization. It purely depends on how an organization understands individual concerns especially in case of woman employees. This is beneficial for both organizations as well as for the employee.
Employee retention refers to the process in which skilled employees are motivated to stick with the organization for a maximum period of time. It is basically the ability of organization that how it made various policies and practices which encourage the employees to stay longer.
This process may include appreciation to employees, providing competitive pay and also benefits and healthy work-life balance.
Why employee retention is important?
If the employee turnover rate will increase then it may create some deeper issues like low employee morale, lack of recognition, poor employee-manager relationship, absence of a clear career path and many more.
It also involves recruitment cost which is very time taken the process and also involves human resource technology for recruiting, onboarding and engaging and recognizing workers.
Need and Importance of Employee Retention:
Employee retention strategies:
1. Hire the right people:
From the application process to screening applicants for interview, every step involves a cost. so, it is important that organization select the right employees, to begin with. The longer in the company, the more productive they become. Gather data to find the best prospective employee.
2. Offer a Competitive Package Salary:
offer salary on the basis of the following:
- Employee skill and experience
- Supply and demand
- Geographical location
- Worker seniority
Also, provide them health and life insurance plans and some retirement schemes which will motivate them.
3. Accessible work environment :
Employees want a safe and comfortable work environment. So the office is well-lit, properly ventillated, with a comfortable temperature.
4. Appropriate training :
Skill enhancement is important during the job so that workers can be more productive. On the job as well as off the job training session will be given. Computerized training, Outside seminars, and classes, Mentoring programs also organized.
5. Be transparent and open:
Open communication between employees and management can help to feel like home. By this, they can openly share their ideas and ask questions without any hesitation. A personal network can be made of colleagues and friends.
6. Quarterly Reviews:
As we know goal evaluation is important, but an employee evaluation is more important to keep them motivated. Quarterly reviews or evaluations can define how the goals can be achieved? The proper conversation should be made between employees and management. Remember it must not be a lecture.
7. Performance appraisal:
It is made to check the future growth ability of an employee.360-degree performance appraisal is the most common used.
8. Work-life balance:
A healthy work-life balance is essential. To increase job satisfaction many companies offer flexible schedules to improve work-life balance for their employees.
These are some strategies which most organizations follow.
Retention tools and resources:
- Employee Surveys: It is important to understand the perspective of the employee to create programs which help in motivation, engagement, and satisfaction of their employees
- Exit Interviews: To get an insight into the workplace experience. Also helps to know what triggers off the employee’s desire to leave the organization. Make necessary changes in the company to retain top talent longer.
- Employee Retention Consultants: Consultants can provide expertise to identify the issues within an organization that is related to turnover. And they also assist in the implementation of changed program or policy.
Challenges in Employee Retention:
- Monetary dissatisfaction
- Stopping people to look for a change is a big challenge
- The tends to get bored in a short span of time
- Lies during interviews to get a job
- Unrealistic expectations from the job
- Unsatisfied with the leadership of senior management
- Unsatisfied work culture
- They want more challenging jobs
- Unsatisfied with reward
- Lack of advancement in the organization
- More opportunities
- Better compensation
- Too much workload
- No recognition
- No work Flexibility