Employee retention – The importance of retaining your employees
It costs a lot of money to recruit and train a new employee – this article is to be around how to retain an employee
There will be companies with high employee turnover rates and companies that may be finding it difficult to retain good employees. This article is designed to help such managers and owners who have a high turnover rate and suggest ways to improve their employee retention rates.
Before we go into the details of how to improve employee retention, let’s see why some companies face employee retention problems in first place.
- The employee market is getting more and more competitive and everyone in the corporate world is looking for competent employees. The competent employees are getting smarter with more lucrative offers from alternate sources as their work profile and CV develops over time. They opt for better packages (especially once your business is not offering them the best for their talent).
- Certain businesses (especially the smaller ones) are too engrossed with their teething problems to pay much attention to employee welfare and workplace issues to create a “happy workplace” (that is essential for quality employee retention).
- Lack of communication within certain companies is a major cause of generating a general feeling of discomfort and discontent among their workforce that ultimately results in high employee turnover rate.
Whatever be the cause of a high employee turnover, failing to retain employees is an expensive option for any business (since fresh recruitment, training and integration of the new employees into the team is a time and resource consuming process. Here is how you can have better success at employee retention in Gold Coasts competitive market for to talent recruitment as an employer)
Employee retention – make it happen
Employee retention is a basic HR function and frankly there is no “rocket science” involved in the process. It is a basic understanding and implementation of the “benevolent business” practices with a human touch. Here you go with some basic and easy to implement tips:
- Your employees are human at the end and must never be treated as machines. Be more flexible with your attitude as an employer (especially towards those employees with known family, financial or health issues). Generally, your offered salary packages must compensate for the needs of your employees, their displayed results and potential.
- Invest in their personal development with trainings and extracurricular activities. It would go a long way in developing a feeling of “belonging” with your business (so vital for employee retention). Your employees would be motivated to work harder and “stick” to your organisation.
- Be open in communication with your employees through business policies, feedback and appraisal system. Have an Human Resource consultant manager, if you business hires over 100 employees to ensure smooth HR function in your business,
- Many employees leave when they find themselves stuck at a dead end. Give your employees a chance of progressing within the organisation through promotion within the organisation hierarchy rather than hiring from the open market as far as possible.