The most valuable asset every business could have is its employees. With the right professionals in the right roles, success is assured. And when such hardworking and committed people are in your company, as a business owner or HR manager, make sure you find a way to retain them.
In today’s competitive world of work, employee retention has become very necessary and as an employer, you wouldn’t want to lose your most valuable and talented employees to competitors.
“People are definitely a company’s greatest asset. It doesn’t make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.” – Mary Kay Ash
Before a company can devise a successful retention strategy, the needs and benefits of stakeholders must be highly considered.
Here are 5 ways to improve employee retention in your company.
1. Training And Development
Offering training and development programs go a long way to help employees improve on their skills set and core competencies. Employees would feel more empowered to execute their task and be much more productive on the job. Some companies have adopted this strategy of footing training bills for employees who upskill in their field of expertise, whereas others reimburse employees who undertake professional development courses. To motivate employees to stay, investing in their potentials is one sure way to retain committed and star performers.
2. Recognition and Rewards Systems
Employees who feel appreciated and recognized always feel motivated to do their best and go the extra mile. When you identify that employees are making a great impact, let them feel the sense of value and show your appreciation for their efforts. Special employee recognition programs can be established to improve employee retention. Memorable wins and milestones should be acknowledged and celebrated. For instance, if your team meets or exceeds its target it calls for a celebration. A simple THANK YOU note, a bonus, or a special honour does the magic when it comes to showing appreciation and recognition.
3. Competitive Compensation
Salary plays an important role in employee retention. A well motivated and compensated employee tends to remain loyal to the company. In that their financial needs are being met considerably. A higher salary and better compensation is one major reason people change jobs. You do not want your best team members to leave as a result of lower benefits. In a competitive labour market and the need for experienced professionals, it is imperative that employees are well compensated and certain benefits made available to them. Apart from a higher or competitive salary you can consider healthcare benefits, performance bonuses or even flexible working hours. Remember, the intent of better compensation is to attract and retain talents. If employee turnover is low, it’s a clear indication that employees are happy and loyal to the company.
4. Career Advancement
A report by the SHRM reveals that a higher percentage of employees are very satisfied with their company’s commitment to professional development, whereas a lack of career advancement opportunities as a reason to leave an organization. The goal of every professional is to climb up the career ladder. Doing the same thing repeatedly at a point becomes boring and tedious. As employers always monitor and track your employee performance. Be open to them about opportunities ahead and this would inspire them to be better at what they do and stay loyal to your company.
However, as an HR manager or employer make it a responsibility to identify employee strengths and assign them to tasks that would challenge them enough and bring out their hidden competencies. When professionals feel challenged at what they do, they feel valued, are naturally motivated to deliver and stay loyal to the company.
More often professionals acquire certain skills as they grow in their career but it takes a very strategic approach as an HR manager or employer to manage this.
5. Hire the Right People
Hiring the right people for the job would surely improve retention rates. Employees who love what they do and feel fulfilled would hardly think of leaving their current jobs for another. Oftentimes employees leave companies in the quest to experience something new, yet if the right working environment is created, it boosts their engagement levels and they take full responsibility for their work. When the right people are hired they are able to spot opportunities, work towards and help the business to accomplish their goals.
Make it a point to recruit the right people for the job and not job hoppers who would only stay for a short period and leave the company. It is imperative that you adopt retention strategies that would benefit both the employee and your business. Remember, the best way to keep talented employees is to make them happy.
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