A strong workforce is an asset that forms the foundation a company. It is important to maintain this asset and for this, retaining employees is vital. In fast moving economies employees usually do not stay put in a firm for a long time, they keep looking for better opportunities. To retain employees is therefore a challenge for the company.
In rapidly varying economies, these 10 ways of retaining employees can prove to be effective:
1.Employee satisfaction: a firm must ensure that all needs of their workforce are satiated. Gratification of requirements of employees is important so that the employees do no look for job opportunities elsewhere. The formula is simple; if you want to keep your employees for long then keep them happy for long, don’t give them any reason to leave.
2.Morale boost: in the work environment, self-esteem of employees and their morale have to be taken into serious consideration. Boosting the morale of employees allows them to stay motivated and charged this increases the total efficiency of the workforce and creates an overall healthy work atmosphere.
3.Rewards: rewarding and appreciating good performance of employees boosts their confidence and reassures them that their performance matters to the company. Rewards show that the employees are valued. Titles such as employee of the month or benefits either monetary or perks motivate employees to perform better, this also creates a zone of healthy competition.
4.Feedback: provide feedback to employees for helping them improve their performance. Feedback shows to them that their employer is considerate about their work and it is being seriously evaluated. Through feedback a healthy chain of communication is developed and sustained among different levels in an organization.
5.Moderate flexibility: extremely rigid work hours or procedures exhaust employees. Allowing a moderate level of flexibility keeps them relaxed. However, flexibility should not be equated with ambiguity of procedures. Flexibility of rules should aim at achieving a work life balance in the lives of employees. It prevents them from thinking that their work has taken over their entire life.
6.Growth: employees shift jobs mainly while looking for better growth prospects. By offering them opportunities to grow in position and financially, employees can be encouraged to stay in the same firm. No employee would like stagnancy in their career therefore reassuring them that better performance would lead to better grow this important to retain them in such a competitive economic scenario.
7.Fairness: fairness must be maintained in the work environment. Promotions, perks, salary hikes etc. must be awarded to employees on the basis of fair and unbiased judgments. Biases and favoritism in office discourages employees and leads them to believe that their work is not appreciated enough. Worthiness of employees, their dedication and hard work must be objective criteria of all work decisions
8.Participatory relationship: taking inputs from employees regarding company strategies and decisions makes them believe that their opinion is valued. This boosts their self-esteem and sense of self achievement. Creating an atmosphere of participation and sharing fosters a better employee-employer relationship as well.
9.Allow creative space: providing employees with challenges and giving them some creative freedom keeps them interested and indulged in their work. Appreciating their creativity and giving them the space to explore it will prevent their work from turning monotonous and thus tiring.
10.Exit interviews: conducting exit interviews with employees leaving the company can help the employers understand the reason for their employee leaving. They can then work on that to retain other employees. In the current competitive economy, understanding the reason, why a person wishes to change their job is important as it gives a reflection of the company from an employee’s point of view.