Retaining the employees is always challenging one in every organization. Performance based appraisal is not only the way to retain the employees. even if the organization give 100% hike, they can’t able to retain the employees.
Why Employee Retention:
It’s very difficult to hire new employee and train them to fit your companies culture. Employee retention is helped to stay the employees in long time in the organization.
Whenever the talented star employees decided to move on to different company, it is the responsibility for the manager and the human resources team to find out the exact reason to why the employee is moving to another company.
Recruiting the new employee is not such an easy process. its time consuming also it’s very difficult to judge whether the people fit for the organization or not.
Employees working for a long time in the organization is very important to understand the companies culture and better understanding with companies polices.
It takes more time to adjust with everyone in the team. every individuals needs time to mingle and be friendly with everyone in the team.
How to Retain the Employees:
There are several ways to retain the employees in the organization. Below are the few of the important points to retain the employees.
Employee Recognition is the important one to retain the employees. Every companies need to set up the Employee of the Month or Employee of the Quarter program. it doesn’t matter we need to recognize only one employee in the office or in a team. if everyone is eligible for the reward, then we need to recognize everyone. but it’s not effective as a personal connection.
What is Personal connection:
Every employees need to connect with the immediate superior or the managers. Every manager needs to personally appreciate the employees for their great works. Managers connect to the Employees one to one.
Nothing is equal than, the manager come to you and recognize for your great work.
If the employee stay late night in the office some of the companies will provide the cab for the employee. But nothing is equal to the manager talk to employees while he/she leaving from the office and ask them to call back once reached the home. it’s very key point of retaining the employees.
As per the statistics, Managers recognizing Employee Performance increases engagement by 60% (Ref : Towers Watson, Turbocharging Employee Engagement: The Power of Recognition From Managers, 2009)
Build a Strong Team
Building the strong team is the major one to retain the employee. it also helps to retain the whole team. managers should take the employees to lunch or dinner with the team and they can talk openly to the employees to understand their career goals. also you should give the bonus to the team whenever the completion of successful project. it helps to build the stronger team and retain the entire team members.
Every Employee needs to feel like they are properly evaluated and you paid fairly for the work they are doing. If the Employee feel like, they are properly evaluated based on their performance, then they don’t feel to go out.
Effective Performance review will definitely Help to retain the employees.
Performance Review is the great opportunity for the both employees and Manager. It is the chance for the employee to discuss their own careers with the managers. so the managers well understand that the employee is satisfied with the current job. so it helps to retain the employees.
Voice of the Employee
Every organization needs to listen the Employees voice. they need to give opportunity to share their feedbacks to the organization.
you should having regular feedback session with your employees weekly or monthly and need to resolve their issues with time line.
Feedback session is used to fix any issues that have come up. apart from this feedback session you should find, what are all the problem employees facing and come up with the agenda in the meeting and needs to set milestone to resolve the issues.
voice of the Employee Program will retain approximately at least 10% of the Employees.
Exit and Stay Interviews
If the employee is leaving from the company you could conduct the Exit Interview and find out why the employee is leaving from the company. It is really important one to collect the data about why they are leaving from the current position. so we can collect the data from the employees and it helps to resolve the problem and retain other employees. also you need to try to convenience the employee while they are leaving.
Some Other Ways to Retain the Employees:
- Compensation and Retention Bonus
- Offer the good career path
- Reward and Recognition
- Perks and Gifts
- Celebration and Fun