Interest is the factor which keeps a person associated with the work. If and only if a person has the zeal for anything only then the work is good and completed on time.
Talking about retaining or retention of an employee in an organisation, it means to keep him stick to the work and avoid the circumstances for him to leave.
If the employees will keep leaving the job then it can affect the turnover of a company. The functioning of an organisation all depends on the working of the employees.
Why employees quit their jobs?
1. Job is not what was expected:
Sometimes, you don’t get what you expect. And when the workplace does not meet the expectations then it loses interest. Many a times there are companies which offer a job with good promises but later it seems they are denying.
2. Stress of overwork:
Work load is again something which affects the employee. An employee can work only under favourable conditions. Giving the project work on time and setting the deadline surely helps but making the employees overwork can twist their minds towards leaving the job.
3. No growth opportunities:
An employee, when working in a company always expects that he should get promotions for his good work. If he is being appreciated then he expect for the bonuses, like extra holidays, increase in salary and many more.
4. Lack of appreciation:
This is an obvious fact that anyone would feel low if they are not appreciated for their good work or just a work. Encouraging someone about the work can make him a good performer for the next time too. Lack of appreciation can also be a reason for the employee turnover.
5. Lack of trust and support:
Now according to this point when an employee is given some project to work on then the boss should trust that person that he can complete the assignment and can make it a good one. Trust and support should be always shown on an employee. Now if these factors are missing then the employee might think of quitting.
6. New job offers:
Who would not like to work in the company offering better promises and salary? Well getting new job offers make the employee think over, giving it the chance because his expectations are not met in his present job including all the above factors.
Why Employee retention is Important?
Employee retention is not an easy task but somehow the strategies built for the same need to be strong enough to encourage the employee to work for a longer period of time. The reasons for why this process is carried out:
1. Longer the person stays the more loyal he is towards work:
Yes definitely, the loyalty of the person is one such factor which makes the boss think that THIS PERSON should not leave the organisation in any case for he is honest towards his work and the chances are more that he can stick to the organisation for much longer time provided he is not given any reason to leave.
2. Knowing the working of the company:
This is applicable in every case that any person working at any workplace for a longer span knows the structure and more importantly knows the guidelines of that place. No organisation would want its hardworking employee to leave. The reason for this is that the organisation knows that the employee will adjust better in any situation.
3. Retention of the potential employees:
A company knows very well about their hardworking employees and they would never want to lose their employees to their rival companies. For the reason hiring dedicated and good employees is not everybody’s cup of tea. It is very clear that when a company hires a person they put in their money and time to make him work and adjust to the place and how can they easily let it go.
How to Retain Employees Forever?
Employee retention is becoming a big problem because the employee turnover increases every year. There are a variety of strategies which help in retaining an employee:
1. Career development:
When the person will be clear about the goal of life then he can never leave a job place, so career development is necessary. When an employee is being recruited in the company then he should be made clear on every aspect about his work, moreover he should be asked what his field of interest is so that he is given the training according to the chosen department.
2. Executive coaching:
This is to guide the employee about the working way in an organisation. Precisely the person should be prepared for the company’s competences. The performance matters the most, so if an employee need to work firmly in an organisation then he must be aware of the rules of working.
3. Motivating across generations:
As mentioned earlier that the employee leaves the work place mostly because the place does not meet the expectations. The new generation today entering the professional field do expect more so a company must understand the needs and intention of the newbie and handle the differences.
4. Orientation and on boarding:
An employee judges the workplace in the starting days only, so during this period of time the employee should be acclimatized about the working of the organisation. The organisational orientation should be executed as soon as possible to push the employee into a workforce.
5. The office environment:
Any workplace must have a working environment. The organisations should manage with the working and not to create a competitive environment. For god’s sake it is not a school it is a one big organisation which works only if the mechanism is good. The environment should be friendly but working too.
It is said that 53% of employees leave the job because the salary is not good and no compensations are offered. Who does not like a reward for the good work? Everybody does, so an organisation must also look in for encouraging the employees by offering them fringe benefits. Create a healthy environment.
7. Keep persuading:
The best tool of retaining an employee is to encourage him and appreciate for the work. This gives a motivation to keep working.
Before starting a job it is necessary that one should be aware of every aspect of the work. Every organisation first provides training to the employees for they get the job in their mind and should know how to work in future. Training though helps a lot in working.
The employees must be trusted when it comes to assigning. If they are given with some project the boss must have patience and must give time to the employee to understand and work on it. This counts as an opportunity for the employee and he feels like being supported in the best way. This in turn encourages him too.
Most of the managers think that employees leave due to less salary and the golden handcuffs but if we go deep into the human psyche then it will be understood that sometimes the following strategies could too prove handful:
1. The performance:
It is the human nature that when a person knows that he has done a good job and his actions are fulfilling his desires then the employee feels like he is working in his own company. When this becomes the mentality of the person then he works with more involvement.
A two way communication in an organisation helps in a great deal. This is the best way to know the problems and to know the feedback of the company. Being in touch with the employees gives them the feeling that they are as much important to the company as much their works are.
The loyalty is only built when there is a good relationship between the employee and the manager. Again if the employees are being trusted, supported and are being respected then this makes them loyal towards the company and they do not hesitate in outing their efforts to the job.
4. Competitive advantage:
To encourage the employees to work best and give a solid competition to the fellow companies. Remember nobody wants to work with losers, everybody desires for the best and a winning stand. Preparing a different competitive advantage can help the employees to perform good and in the best manner.
The organisation cannot stop the employees from leaving until they don’t have a plan. All the above discussed reasons for leaving and strategies for helping in employee retention do prove to be good guidelines in carrying out the same process. On the first note it would be best to not give the employee the circumstances to leave, and if an organisation fails to do so then they must be ready with the employee retention strategy.