01/07/2013

Employee Retention, some ideas to share

Employee retention refers to the various policies and practices which keep employees associated with an organization for a longer period of time. Every organization invests time, money and energy to assimilate new employees into its workforce, and then grow them internally. So organizations are at a total loss when the employees leave their job after they are fully trained. Employee retention aims to maximize the stay of an employee in an organization. From this perspective, employee retention is a strategy on how to keep and grow employees in an organization.
Why Employees Leave?

In order to have a proper employee retention strategy in place, it is first important to understand why employees leave an organization. Here are some key reasons:

• No growth opportunities

• Job is not what the employee expected to be.

• Lack of appreciation.

• Stress from overwork and work life imbalance

• New job offer

• Lack of promotional opportunities

• Current pay seems unfair compared to others outside the organization

• Dissatisfaction with work responsibilities

• Workloads that were too heavy

• Conflicts/problems with supervisor

• Lack of training and developmental opportunities

How to Retain Employees?

Bringing following improvements in the overall work-environment can help retain good employees:

• Employees must be able to voice their opinions freely

• There should be an environment of fairness and equitable treatment

• Employees should not feel threatened about their job or income, no matter what the circumstances are.

• Work should never become monotonous and must offer a new learning each day.

• Every individual should enjoy privacy at the workplace.

• There should be open communication between employees and management.

• Every employee should be treated as an equal irrespective of his designation.

• Incentives, cash prizes, trophies, perks should be given to deserving employees to motivate them.

• Employees should be made to participate in the decision making process.

• Employees should be offered a competitive benefits package that fits with their skills and needs.

It doesn´t matter the shift of the company, the turnover rate could be much more costly for your company, due it impact in quality, production rate and for sure in labor climate than to have a well design compensation package.

It could be more costly for your company when there are a lot of opportunities in the job market.