THE SECRET OF EMPLOYEE RETENTION
We all know that business is all about people. The success and failure of every organization depends on the quality of people found in the organization. Sourcing for and recruiting the best hands in an organization is not just all it requires. For an organization to grow and stand out in its industry, the best set of people should be sourced, selected, recruited and retained.
Employee retention is of paramount importance and a critical issue in an organization. Retaining your best hands ensures customer satisfaction, improved sales, satisfied co-workers, effective and balanced relationship between staff and management, effective succession planning, general growth of the culture and ethics of the organization.
One very important adage says that if one does not value the importance of knowledge, then one should try ignorance. This goes a long way to explain the benefits of sourcing, recruiting and retaining the right staff in an organization. The cost of frequent employee turnover in an organization can be felt in the areas of the cost attached to selection, recruitment, orientation, induction, training and developing such staff. Failing to retain a key employee is very costly infarct more costly than recruiting a new one.
Employee retention is very important also because of its societal perception. When a firm starts loosing its staff especially the good ones, it does not say well about the health of the firm to the society. Employee retention is one of the primary measures of the health of your organization. If you are losing critical staff members, you can safely bet that other people in their departments will not be comfortable most especially when you are loosing such staff they are looking up to. Exit interviews with departing employees provide valuable information you can use to retain remaining staff, but most companies do not even care about conducting an exit interview when they have staff exit.
TIPS TO RETAIN YOUR EMPLOYEES:
Employ the best staff available in the Labour Market: The very first and important tip to retaining your staff is making sure that you go for the best staff the labour market is ready to offer. Most recruiters compromise this by employing their friends, brothers, sisters and relations. The result of this is that the norm, culture and ethics of the organization are always pushed aside.
Satisfy your employees: A satisfied employee knows exactly what is expected of him at all times. Creating unnecessary and unhealthy stress in a work in environment keeps people on edge and always questions their job security.
Authority and Responsibility lines should be clearly stated: An employee should be able to have a clear knowledge of his daily, weekly and monthly expectations as well as his line of reporting clearly stated. Both the supervisor and the supervised should feel valued at all times as employee turnover may result when any feels unvalued.
Avenue for Feedback: A good firm must provide an avenue for a total and complete feedback structure. The firm should be able to solicit ideas and provide avenue in which people are comfortable to say their minds. Employees should feel belonged to the firm, provide ideas, suggestions, citicise, and be heard. Any thing less than this will make the employee feel deprived and not belonging to the firm.
Develop their Talents and Skills: Training and development is very important in career Management. A well-trained staff will be motivated to add value to him self and his organization. New trends and technology is evolving now and then, and all firms should be able to update their staff with current information and technology at all times.
All staff should be treated with fairness and equity: Staff salary structure should be clearly defined, career path should be clearly established and staff should be rewarded accordingly with performance and not because the staff is related to the CEO or GM.
Recognition: When a staff achieves a great feat, he should be recognized and rewarded accordingly. Nothing motivates a staff like recognition for performance met.
DON’T threaten a staff with his job: Give a staff a target and encourage him to do his best. Do not keep on hammering in his ears that you will sack him if he does not perform. This may add to him not performing as he will become nervous and be on his toes to look for other opportunities outside instead of concentrating to do his job.
Your staff must be REWARDED, APPRECIATED & RECOGNISED. Thank you, well done, that’s a good one, cudos etc makes a staff feel rewarded and happy as well as being motivated to do more. Also monetary rewards, gifts and bonuses are tools to retain your good and performing staff. Where these are lacking when a staff is performing, makes the staff to look for where he will be appreciated for a job well done.
These tips for sure will help any organization to retain their good staff and reduce the cases of employee turnover.
Tags: HUMAN RESOURCES , JOBS , EMPLOYMENT , EMPLOYEE CHAMPION , Staff
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