How to retain employee: 08 most effective ways
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Employees leave organizations for many reasons; oftentimes these reasons are unknown to their employers. Employers need to listen to employees’ needs and implement retention strategies to make employees feel valued and engaged in order to keep them.
To retain employees, at first organizations need to identify why they leave.
Causes of employees leave organization:
According
to strategic planning consultant Leigh Branham, SPHR, 88% of employees leave
their jobs for reasons other than pay: However, 70% of managers think employees
leave mainly for pay-related reasons. Branham says there are
seven main reasons why employees leave a company:
1.
Employees feel the job
or workplace is not what they expected.
2.
There is a mismatch between
the job and person.
3.
There is too little
coaching and feedback.
4.
There are too few growth
and advancement opportunities.
5.
Employees feel devalued
and unrecognized.
6.
Employees feel stress
from overwork and have a work/life imbalance.
7.
There is a loss of trust
and confidence in senior leaders.
To retain Employees and minimize Turnover organization needs to take following initiatives-
1.
Lower
stress from overworking and create work/life balance. It is important to match work/life benefits to the needs of
employees. Encouraging employees to set work/life goals, such as spending more
time with their children, communicates that you really do want them to have a
life outside of work and achieve a healthy work/life balance. This could be in
the form of offering nontraditional work schedules, such as a compressed work
week, telecommuting, and flextime or extra holidays. When work-life balance is
structured properly, both the employee and employer come out ahead.
2.
Create
a positive culture. Organization
should establish a series of values as the basis for culture such as honesty,
excellence, attitude, respect, and teamwork. A Organization that creates the
right culture will have an advantage when it comes to attracting and keeping
good employees.
3.
Ensure equal opportunity for all. At
first, it is mandatory to include in the HR policy and then ensures to
implement it in all staff related activities (recruitment, job specification,
transfer, promotion, salary, benefits etc.).
4.
Conduct
Exit Interview. To know why employees are leaving, organization
needs to conduct a fair exit interview for every employee who is going to leave
the organization.
5.
Use
communication to build credibility. Communication is
central to build and maintain credibility. It is also important for employees
to know that the employer is really listening and responds to employee input.
6.
Show appreciation via
compensation and benefits. Offering things
like competitive salaries, profit sharing, bonus programs, pension and health
plans, paid time off, and tuition reimbursement sends a powerful message to
employees about their importance at the organization. The rewards given to
employees must be meaningful in order to impact their perception of the
organization and therefore have a marked influence on its retention efforts.
7.
Make
employees feel valued. Employees will go
the extra mile if they feel responsible for the results of their work, have a
sense of worth in their jobs, believe their jobs make good use of their skills,
and receive recognition for their contributions.
8.
Create open
communication between employees and management. Organize
regular meeting in which employees can offer ideas and ask questions. Have an
open-door policy that encourages employees to speak frankly with their managers
without fear of repercussion.
Except those following things need to be considered to
retain employee-
I.
Promote employee whenever possible and give employees
a clear path of advancement.
II.
Ensure written job description for all employees. Employees need to know
what his /her actual responsibilities are.
III.
Foster employee development: To develop
capacity of employee, have to plan and arrange need based training,
orientation, exposure visit, learning-sharing meeting.
IV.
Encourage managers to spend time for coaching employees, helping good
performers move to new positions and minimizing poor performance.
V.
Make sure employees know what organization expects from them.
VI.
Engage employee in decision making process.