Just how exactly do you retain good employees?—this could very well be the million dollar question for human resource managers and employers.
I’m sure you have heard endless stories of companies implementing employee retention strategies in an effort to keep people happy and satisfied. Some work while some just don’t.
Most employers assume the only way to retain people is to increase their compensation. The logic here is, if you pay them well, and even throw in few more bonuses then there will be no reason for employees to leave the company.
Surveys have proven that compensation isn’t the main reason employees leave a job or to stay longer with a company.
Not everything can be bought with money. Although the younger bracket of employees may be keener on keeping higher paying jobs, but the irony is they are also the ones quickest to jump ship given the chance. In some cases where higher compensation works to keep even senior employees satisfied, experts say this strategy is not long term and will most likely only keep people happy for a short time.
Given that compensation is not top on the list for employee retention strategies, companies must constantly sell the job and the organisation to each employee, especially those you hope to retain. The hiring process does not end when an employee is successfully hired, but continuous on every working day, when you implement ways to ensure the person is kept satisfied and growing in your company.
Here are some key tools to include in your business’s employee retention strategies to make sure you prevent good people from leaving the company:
Provide staff with organisational responsibilities that are meaningful, something wherein they are able to see the payoff of their hard work for the company. Make sure they are constantly challenged and that there are always opportunities for learning and growth. This will help them look at the long-term value of staying.
If you can create a program where employees are rotated into different departments of their choice for two to three weeks, that would be a good way of helping them grow and find a niche where they can find themselves working on for good while. If the employee does well in another department and he enjoys his new role, then make the transfer permanent. It’s a win-win for the company and the employee.
Offer the kind of leadership that will guide and support staff along the way, without dictating their every move. Make sure employees know that they have your full guidance and support anytime they need it. While people most often hate to be dictated upon, they would always appreciate a ready hand of support.
Having a healthy work life balance should be a priority. Someone who is able to have enough time for personal and family life away from work will most likely perform better with the company and have more reason to stay.
Aside from good compensation, employees are looking for other important benefits. Make sure you offer a list of other attractive benefits for your staff and allow them to choose what will best suit their needs and lifestyle. Day care benefits, extra stipend for riding a bike to work, or maybe laundry/dry-cleaning benefits. Anything that can make the lives of your employees easier will be greatly appreciated.