Employee retention strategies for the smooth running of your business

“You don’t build the business. You build people and then people build the business” Zig Ziglar (American author)

It is always important to focus on doing something better, faster, cheaper or easier for your business. This is the main tactic to grow your business and to get the right triggers at the right time so that it improves your business which will improve your life. Creating an extremely engaged workplace begins with having effective employee retention strategies. Employee retention is the organisation’s goal to keep talented and skilled employees and retain them.

To succeed in today’s volatile markets we will need the support of a great team. Building and sustaining a great team is the big challenge for leaders today. Some leaders suspect that their smart employees are always on the look for better opportunities in higher pay. It’s a faulty assumption that making them smarter is not helping. Due to the strong notion three turning key players and attracting great talent has become a challenge for many years to grow their businesses. Most business owners complain about not getting the right talent for their job. But what happens is that those who have the talent hesitate to train the talent as they fear that their competition will push their skilled employees sooner or later.

Employee turnover happens when you don’t need to understand the causes of turnover. In many instances employee turnover is caused by things that companies are not doing well. Some of the major causes of employee retention is

So what are the strategies to keep your employees happy and avoid job hopping?

• 1
  Hiring the right people

  80 percent of employee turnover is due to bad hiring decisions. Hiring the right people can decrease employee turnover to a large extent. It also helps in employee retention.

• 2
  Providing team members with the right tools to be successful

  Different team members need different tools to be effective. Organizations that recognize this and of the flexibility to their employees are of ones that have a better chance at retaining the staff.

• 3
  Organising transparency

  Employees value transparency. It creates an openness between the managers and employees. When you operate transparently there is an implicit trust that’s communicated to employees.

• 4
  Building better benefits

  Many people leave their jobs for better benefits. Health care costs are rising. For a lot of employees’ wages remain stagnant. Catering to the needs of your employees is crucial. One of the best ways to retain top performers is to show up with your benefits package.

• 5
  Sense of belonging

  A sense of belonging creates a better Bondage. When you feel that you belong, it comes with the feeling of being wanted and loved. This will help them as it can boost their self-esteem. The very benefit of creating this need in an organisation is, it helps you utilise other people’s specialised strengths and skills to allow better progress of the group. This applies to every industry.

• 6
  Acknowledge good work

  Create a system that helps in acknowledging every person’s work. An individual’s importance must not be evaluated on their profile or responsibilities. Every member is important. Acknowledging a person’s work will make an individual spend hundreds of thousands of 8 hours on a daily basis in your organisation contributing towards the growth and development.

• 7
  Maintaining work and life balance

  It is known that many of the workers have refused a new job due to lack of good work-life balance. To take the pressure off employees it is better to share the workload and allow work from home.

• 8
  Learning and growing

  The need of constantly developing new skills and growth is very vital. In fact this is a part of the evolution system built on their strengths with continuing training programs. Helping employees to develop new skills. When a person is in a continuous learning process it is proven that they are more flexible and adaptable. Always create a tangible system where people’s development and organisational growth coexist.

• 9
  Providing monetary benefits

  One of the major reasons that makes the employees quit is the lack of compensation. Hiring someone new can be quite costly. To avoid this you can give a fair and just appraisal to every deserving candidate. A salary high is also another way to retain top performances.

• 10
  Conducting exit interviews

  Just before an employee is about to leave, conducting exit interviews is very important. This is an interview asking a departing employee about his experience at the company. This process can help you to pour water into things like bad management and departmental conflicts and many other issues.

These are some of the very important strategies to keep in mind while hiring the employees for your successful run throughout. Assigning them with the right Task, Opportunities and Responsibilities can increase employee satisfaction and as a result help in retention.

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