EMPLOYEE RETENTION
Strategies to retain top talent employees
Employee retention is an important part of every organization since, Smart working, Hardworking talented employees are an asset to every organization. A company is nothing without its talented employees, but not all companies thrive on retaining its biggest assets. These employees identify that there are more opportunities outside and try to seek suitable opportunity for their own betterment. Factors like, handsome pay cheque, healthy work life balance, recognition monetary and non-monetary factors influence employee retention.
Tech
giants like Google, Apple, and Facebook are known to go well beyond their way
in keeping their employees happy through the use of various motivation and
retention strategies. They have to, with enormous profit they are well aware
that their success rests on the shoulders of the people who work for them. If
they don’t work hard to keep their talent happy and satisfied, the most
valuable parts of the company can go and work for any of their many competitors Tech giants offer a lot of benefits for their
employees that should make them happy to come to work every day, feel valued
and listened to, and increase their loyalty to the company.
Why Employee Retention is Important?
Higher rate of employee turnover can be harmful for the organization to carry outs its normal functions and duties, which in return will affect the production line and ultimately the profits. Other aspect is the high cost involved in hiring new staff which incur cost of recruiting, training and etc.
Companies can adapt several strategies in order to retain their smart workers through:
1. Maternal and Paternal Leave
Most of the developed countries attract smart employees
through maternal and paternal leave system, which gives a moral support and
belongingness in the mindset of its employees. Most of the countries provide
the maternity leave for the new mothers but not paternity leave, which we
believe is in the consideration stages in most of the companies.
While
the United States dosen't have such legislation, a lot of the big tech
companies have instated paid maternal and paternal leave. Yahoo has a
reputation for having one of the best paid parental leave policies in the
industry. Google gives mothers five months of paid leave with all benefits, and
fathers up to 12 weeks. Facebook offers four months of leave and even Mark
Zuckerberg made use of it.
2. Work
Life Balance
Employees love to spend time with their families as family commitments are equal important to have a balanced work life environment. Companies that encourage its employees to have work life balance are more likely to be retained as they are comfortable and happy being here.
3. Compensation,
Benefits and Recognition
Smart and Talented employees do come with a price tag as their valuable services are highly valued in the job market. Thereby, an employees work should be compensated in terms of handsome pay cheque, other financial and non-financial benefits and of course recognition pays a huge role in the mindset of the employee for being recognized for his/her job.
4. Training
and Career Development
On the job training and any external training provided for the employees will come handy in terms of their productivity and performance. Also, companies should look at part funding their employees’ external qualification and provide external training session which will benefit the company itself in absorbing the trained employees service for its betterment.
In conclusion, employee retention is a vital pillar of any organization as it is costly to replace a talented employee which will affect the productivity and the financial of the company. Also it is time consuming as to find the right person to fit to the job and the market being highly competitive in attracting these talented employees in order to gain competitive advantage.
References
Jones, K., 2021. Forbes.com. [Online]
Available at: https://www.forbes.com/sites/forbesagencycouncil/2021/05/19/how-to-increase-your-employee-retention-rate/?sh=1dc94f15fe5c
[Accessed 2021 August 2021].
Rogers,
M., 2016. business.com. [Online]
Available at: https://www.business.com/articles/7-employee-motivation-and-retention-strategies-used-by-tech-giants-you-can-make-use-of/
[Accessed 20 August 2021].
Available at: https://searchhrsoftware.techtarget.com/definition/employee-retention
[Accessed 20 August 2021].
Good job Arun. Employee job satisfaction and engagement factors are key ingredients of employee retention programs. The importance of addressing these factors is obvious, but actually doing so takes time and these tasks are often left for another day. However the payoff of focusing on employee retention in terms of increased performance, productivity, employee morale and quality of work, plus a reduction in both turnover and employee-related problems is well worth the time and financial investment. Thanks for sharing.
ReplyDeleteWell written article Arun.
ReplyDeleteIf I could more literature review,
there are many reasons why an employee may resign voluntarily. Some may be personal and some may be influenced by organizational matters. Personal reasons such as family status, job growth and the provision of attractive jobs etc. Organization factors includes lack of promotional opportunities, unfair treatment among employees and mismatch between personal values and organizational values etc., (Terence et al., 2001).
Employee retention is a practice in which employees are encouraged to stay with the company for the longest possible period of time or until the task is completed. Employee retention is beneficial to both the organization and the employee. Employees today are diverse; they are the ones who have excellent opportunities in front of them. As soon as they become dissatisfied with their current employer/job, they leave..so you have nicely gathered all information's nicely.
The company ability to retain employees is Employee retention. The inability to retain employees will result on low productivity and decreasing of market share. Therefore HRM must take appropriate strategies such as Coaching, Career development, Motivation and Orientation to improve employee retention.
ReplyDeleteStaff retention is the organisation's goal of retaining talented employees and reducing profits by promoting a positive work environment to promote participation, show awareness to employees, and provide competitive wages and benefits and a healthy lifestyle balance.
ReplyDeleteThe causes include problems with the company's policy, its benefits and compensation structure, its performance and training, management and much more. High voluntary income influences profits and, more often, customer satisfaction. On the practical side, it is expensive to hire young people. While HR provides mechanisms for continuous feedback, employees have the opportunity to develop unique non-critical skills that have a direct impact on their development. This is the kind of response that encourages staff retention.
Employee turnover costs a lot. Here are the most common causes why employees quit, as well as research-backed strategies to keep them.
ReplyDelete7 Proven Employee Retention Strategies in 2021:
1. Create professional development opportunities
2. Make sure managers are not compelling great employees to leave
3. Create career advancement opportunities
4. Improve the onboarding process
5. Make sure your employees are appreciated and recognized
6. Make sure your employees don't feel overworked and overwhelmed
7. Create flexible working arrangements
The retention of well performing, highly motivated employee is critical to the success of the organization. And on the other hand increase in employee turnover increases costs and has a negative impact on organizational behavior. The implementation of a staff retention program is an effective way to ensure that key employees remain employed while balancing and maintaining work and productivity.
ReplyDeleteIt takes a lot of commitment from the management, and especially from the executives at the corporate level, to develop craft and implement proper strategies. In the long run, this would certainly pay off in terms of productivity
ReplyDeleteEmployees leave organizations for various reasons; however, while some are avoidable, others may be too powerful for the employer to control. Employers must identify these risk factors and devise strategies to avoid them. It is why leadership plays a huge role in an organization. I believe that strong leadership can retain staff to a great extend.
ReplyDeleteEmployee retention is the organizational objective of keeping skilled employees and lessening turnover by encouraging a positive work environment to advance commitment, showing appreciation to employees, and giving cutthroat compensation and benefits and a solid balance between serious and fun activities. Bosses are especially keen on holding employees during times of low joblessness and uplifted contest for ability. To hold employees, associations utilize HR innovation for enlisting, onboarding, drawing in and perceiving laborers and offer more work adaptability and present day benefits like physical and monetary wellbeing programs.
ReplyDeleteGood Article Arun.Create the Right Culture . Finding employees who will feel a strong bond with your company starts with creating an environment that attracts those ... Hire the Right Employees. Offer Training. Provide Guidance. Pay Well .
ReplyDeleteValuable topic to discuss Arun.In your article you have covered all the important areas related to the topic. Positive and motivated employees are assets to the organizations and they drive the organization through the success.Further it reduces employee turnover and increase positive impact of the organization's morale.
ReplyDeletegood article arun.Employee retention is the organization's goal to retain talented employees and minimize work interruptions by creating a positive work environment that fosters engagement, demonstrates employee appreciation, and fosters employee engagement, while ensuring competitive salaries and benefits, work-life balance, and work and personal life. Unemployment and competition for talent are on the rise. To retain employees, organizations are using HR technologies to recruit, represent, attract, and recognize employees, and to offer more flexible work practices and modern benefits such as financial and physical health programs.
ReplyDelete