Take a look at any HR Survey and you will find that the main problem that companies are facing is employee retention. One might cite the case of recession and that it is difficult to find jobs, but confident and productive employees do find takers. It is good for the company too, to retain its best and brightest employees because rather than losing them and hiring not-so-good ones later, it is best to retain the bright employees for the long term benefit of the company. Instead of making amendments at the last minute, it is always best to make the policy of the company employee friendly and make changes from time to time by taking feedback from the employees. An environment that offers growth, respect and recognition is the best factor in retaining employees.
Here are some ways that you can plan much ahead and retain the brightest and best employees by employing certain procedures and plans:
1. Keep a retention plan ready:
No matter how efficient your office you think is, it is not a bad idea to develop a retention plan ready. A retention plan is not about how to swing into action when a bright employee is about to leave but it is about developing an employer-friendly atmosphere that is loved by all in your company and it is hoped that because of such good policies, employees never would like to leave. This plan should be changed from time to time depending on the circumstance, feedback and necessity of the period.
2. The importance of team spirit:
Inculcate a team spirit in each of your employee. Make them feel that they are a part of the company rather than they are working for the company. Let each of them share the goals of the company. Make each employee feel that their work is as important to the organization as yours. Only when there will be ownership about the organization then each employee will value his or her work and the company. And where there is ownership, the loyalty also comes in automatically. With loyalty comes, a long term relationship.
3. Develop a happy environment:
You will never be able to extract great work from your employees by being a policing boss or by creating a stifling atmosphere. Instead, try to develop a fun environment and a relaxed atmosphere so that each employee loves the time he or she spends in office. Invest in good seating arrangements and let the interiors also be little fun and colourful instead of being serious and monochrome.
4. Look after the employees well:
Looking after employees does not mean that you will have to just let go of mistakes and allow them to do as they please. But it means that you care for the employees by providing them perks, insurances, their family welfare and their work-life balance. Respect and reward them for their initiatives.
5. Reward as and when necessary:
If an employee has put in extra efforts at an event or in a project, do not hesitate to congratulate him and reward him. Immediate feedback is what most of the employees are looking forward to and appreciation helps increase the potential and self worth of any person. So praise and congratulate whenever there is an occasion.
6. Identify hidden potential:
The best way to retain the interest of the employee in your company is to help him recharge himself. That is, give him new responsibilities as per his interests and aptitude. Sometimes, a person might be interested in what he is doing at present, check out what is the field that he will be interested in contributing to. Identify such spheres and involve the employee. The basic idea is to identify the hidden potential and strength of an employee and give him charge accordingly, so that he is not only enthusiastic about taking it up but he will also succeed in it.
7. Give liberty as and when necessary:
If your company takes up multiple projects and work on them, stop forcing them on your employees, instead let them choose which project they want to work on. When employees get to choose the work that they are going to, they are not only interested in them but they will also go out of their way to make the project a complete success. It will make them feel like an interesting thing to do and not like tedious work. This freedom will definitely go a long way in making the employees happy and satisfied and which will help you in retaining good employees.
8. Let respect be the main key:
You are not dealing with machines but with humans. So treat them with respect in terms of body languages and speech. Acknowledge them so and only then you can expect respect in return and thus make them productive members of your organization.
9. Give employees a chance to speak up:
Let employees speak their mind and let them give you feedback about different spheres from time to time. Such talk will help you definitely in taking your company much forward.
10. Internal hiring:
When you need a senior person in your company, why not hire from within than looking out for outside talent? This policy is one of the key factors that help retain employees, many HR personnel have pointed out. When there is enough opportunity to grow in the company itself, not many would like to move out.
11. Keep talent occupied with new responsibilities and work:
As discussed above, a person might get bored of the same routine or the same job profile for years. So, keep adding to their responsibilities new and interesting projects that they would also like to take up.
12. Make the family too, a part of your company:
Arrange get-togethers in which family too can participate. Develop family friendly policies and interact with the family members as and where there is an opportunity. Many surveys do state that happiness is the key factor that makes employees stick to their job. Such initiatives will definitely add to the joy of the employees.
13. Include more training programs:
Everybody likes to learn new ropes as these will definitely help them in their career prospects. You ask any one as to what is the best thing they like about their office and job, most would say learning opportunities. Find from the employees as to what would they like to learn or what topic they would want coaching in. Try to set up workshops and coaching programs to help your employees nurture and polish their talent, expertise and knowledge. This is one of the most apt ways to retain bright talents in your company.
14. Ensure employee participation:
Be it decision making or new rules or solving a problem, involve employees in each step. This will not only help you get diverse ideas and solutions, employees too would realize that the company considers them an integral and important part of the organization.
15. Have employer-friendly policies:
Offer employees flexibility and introduce such policies. There might be some work that the employees can do at home too, so allow that. The completion of work is important and not the place where they work. Some might be looking for shorter work duration due to pressing matters at home and if you consider such an employee as an important part of your office, do allow such requests. You can sit with the employee and discuss how such an arrangement can work for both of you. On some days, let the employees leave early so that they can spend time with the family. With proper management, these policies can be effectively practiced.
16. Better package:
Money is an important factor in all of our lives, so sometimes a bright and an important employee might want to leave and take up another job because it pays better. If you want to retain the employee, offer a better package.
17. Help in career planning:
Have half yearly or yearly meetings with your employees and discuss what their long term goals are and what would they want to achieve that particular year. Discuss with them how to go about it and help them realize their job potential and expectations. This is the best way to retain employees.
18. Identify unsatisfied but good employees:
Sometimes, no matter what strategies you choose, you might leave some or the other unsatisfied. If it is an employee whose work and contribution you value, then sit with him or her and discuss the matters that bother them. Put forth effective solutions and you will find them much more productive.
19. Challenge them from time to time:
The best way to retain an employee and his interest in the company is to bring them out of their comfort zones. Hand them projects and assignments that will challenge their potential. At first, they might not be that comfortable but when they succeed in it, they will be asking for more.
20. Make them realize the importance of their work:
Many a times, there are people who feel what they are doing is not of much importance and then they start losing interest. In such a scenario, explain how their work and contribution are directly linked with the growth of the company and how they are important.