Importance of employee retention
by: Admin
Total views: 1536
Word Count: 431
 | |
| |
|
You have spent time, money and effort building a great organization. You have recruited the best employees. Now what? Well, the key to successful growth is employee retention. That is easier said than done. With the ever-expanding job field and employee opportunities, companies are finding it difficult to hold on to their super performers. Managers, the world over, are trying to identify strategies to retain their staff. The cost of recruitment is phenomenal. The cost of training is even greater. Therefore, the challenge lies in creating employee loyalty and job satisfaction within the company.
Workforce stability is a key issue. There are several factors that lead to employee retention. They are:
a. Monetary factors: Yes, money is still a great motivator. Unless your company is a social cause organization, your employees are they to make a good living. Manager must understand that employees have friends and contacts in other companies. Therefore, word gets around as to what is a fair compensation for a particular role. The salary you offer must be in keeping with regular industry standards. If you can exceed the standards, then you are on your way to achieving employee retention.
b. Career factors: Employees look for growth. Job satisfaction is intricately linked with the opportunities that you can provide to your staff. Added responsibility, promotions and recognition are key ingredients to employee retention. No one wants to remain stagnant in one position. If they do not see internal growth, they will look out to greener pastures.
c. Work environment: Does your company support employee retention? This is a very important question. As a manager do you follow an open-door policy? Are your employees encouraged to discuss their problems and difficulties at the work place? If not, then they are bound to leave. Take time out to identify how you can improve the working conditions at the office. This will go a long way to show your employees that you care.
d. Role: Your employees should be recruited for the right position. They must be given clear instructions on their job responsibility. If not, they will become discouraged. Thus ensure that the right man is hired for the right job.
Therefore, retaining employees can be quite a simple task if you look for ways to make their employment more enjoyable. As a manager put yourself in their shoes and you will see your company differently. Take active steps to increase job satisfaction, whether it is in increasing compensation or taking everyone on a picnic. Sometimes, it’s the simple things that count most.
About the Author
Mercy Mathews
Rating: 5.00