Employee Retention! 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.
Posted on: Sun, 30 Jun 2013 13:02:24 +0000
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