Employee Retention is crucial for any organization to prosper. The amount of resources it takes to train an employee on the job and the kind of information that is lost with every exit is too much of a strain on the Company.
As a Human Resource Professional or as A top Management professional you need to know how to retain your employees through a positive and involving culture. These are some of the key tricks that add to a successful employee retention ratio in the organization.
1. Challenging Work Assignments
Give your Employees room to grow and develop through engaging them in competitive and challenging work assignments.
2. Keeping your Employees Involved
Involve your employees in decision making and implementations at the workplace, from day to day tasks, to setting goals for teams and the company. The more emotionally vested they are in their jobs and in the organization - the more likely it is for them to do well and stay longer.
3. Give your Employees a Mission
Give your employees a transparent Mission to work with. They should know how they are fitting the big picture and what is the big picture. It will give them a sense of purpose
4. Show Trust in your Employees
If you don trust your employees, they will never trust you. When you show confidence in their abilities, the more likely it is for them to do better and feel more connected to their jobs.
5. Value your Employees Input
Employee feedback is a crucial source of information for Continuous Business improvement. Value what your employees say because they can be a source of the next big business idea that would make your company prosper.
6. Empower your Employees
Give Tasks and Responsibilities to your employees. Accountability will automatically grow when you also give empowerment to them. When employees know that they are the driving force behind an initiative - they work harder to make sure it succeeds.
7. Show appreciation for your Employee's input
When employees give you feedback, good or bad - show them that you appreciate their input. Not all ideas can be implemented but you have to keep the creative juices flowing.
8. Pay your Employees well
Pay your employees well and take care of them. Do not give them a reason to leave by paying them less salaries and benefits than the market. All employees work because they need to maintain their families and a certain life style that they are accustomed too. In the long run - Love/Loyalty/Sentiments will not pay his/her bills.
9. Promote your Employees
Make a culture where Good Employees are promoted. Incentivize the promotions and increments so as to bring around positive change in the working culture of your company. Do not be blackmailed into promoting employees and do not hold back promotions on the basis of nepotism. Be fair..
10. Mentoring and Coaching your employee
Assigning Work Mentors helps employees to develop stronger bonds within the company and with their work. It helps them stay motivated and focused on the job. It is also a great source of feedback about company culture and problems employees may be facing internally.