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  • Vinod Sahu posted an update 1 year, 1 month ago

    HOW TO RETAIN YOUR BEST EMPLOYEES
    • Hire right in the first place – “Interview and vet candidates carefully, not just to ensure they have the right skills but also that they fit well with the company culture, managers, and co-workers.” Work with your managers and top performers to identify what backgrounds, skills or personality characteristics your retainable employees have in common.
    • Plan careers, don’t fill roles – Guide your employees in mapping out how they can attain their career goals within your company.
    • Invest in your First Level Supervisors / Line Managers – I don’t claim to be an HR expert, but good supervisors are crucial to retention. “Employees don’t quite jobs. They quit managers.” It’s estimated 80 percent of turnover is driven by the environment a manager creates for an employee (compared to 20 percent resulting from issues with company culture). Teach your line managers/ Supervisors how to empower employees to succeed and grow, rather than just drive performance.
    • Offer employees a path to greater pay, recognition and responsibility – Not everyone can rise to CEO, but every employee can build skills. Provide opportunities for employees to improve. This not only makes a better employee, but one who feels a sense of accomplishment and success.
    • Offer a competitive and relevant benefits package – A high salary isn’t always the only deciding factor. Also offer perks such as flextime and the option of telecommuting. Successful organizations don’t view retention initiatives as ‘one size fits all.’ Instead, they make retention strategies personal by simply asking, “What motivates you?”
    • Re-evaluate your benefits package – This isn’t to say that benefits need to be increased, but that the package should meet the needs of those employees most likely to leave the company.
    • Provide a comfortable work environment and culture – “People at work respond through Maslow’s Hierarchy of Needs. Once they are “safe” – i.e. paid well, they look for more meaningful value at work. Is this work taking advantage of my skills? Do people appreciate me? Is the environment inclusive and diverse so that I feel that I fit? Does this company do work I feel proud of?”
    • Listen to Them – Creating open communication between employees and management can help foster a sense of community and a shared purpose. By holding regular meetings in which employees can offer ideas and ask questions, as well as having an open-door policy that encourages employees to speak frankly with their managers without fear of repercussion, helps employees feel that they are valued and that their input will be heard.
    • Get to the heart of underperformance – The employees who were previously strong performers, if you notice a drop in their performance, try and get to the heart of the issue before you write them off. It could be skill or competency, behavioral issue, easily dealt with through coaching and training. A little support and flexibility will go a long way towards cultivating loyalty.
    • Quarterly / annual reviews – These one-on-one meetings allow you to set goals and define how you want them to be achieved. This discussion should also include asking the employee what they need to accomplish these goals.
    • Recognize their accomplishments – Could be a simple thank you or a handwritten note. If you want to raise the stakes, you could introduce them to new clients, sponsor them at an industry event/conference, offer stock options, or award a prize.
    • Conduct stay interviews – So you can find out exactly why employees have remained with the company and what it would take for them to leave.
    • Look for ways to increase flexibility in work conditions – Overly rigid work rules can drive good workers away.
    • Offer Training – “You should offer skills enhancement to all your workers.” “New technology, new selling techniques, changes in employment laws. Train leaders on how to help employees in stressful positions
    • Provide Ongoing Education – Education can help them feel valued, important and invested in the company,” says Pickett. “Learning cannot just be an afterthought,” the focus is on learning throughout an employee’s entire career, with extensive skills training, leadership training and professional development. “There is never a point during your career when you’re done learning,”
    • Give employee’s constant feedback about clear and meaningful goals.
    • Empower employees to manage their own careers.
    • Continuously measure and improve retention strategies.
    • Retention is about more than money – It’s important, sure, but money alone won’t do the trick. “Praise from one’s manager, attention from leaders, frequent promotions, opportunities to lead projects, and chances to join fast-track management programs are often more effective than cash.”

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