In this competitive business world, each company desires to grab new talent whereas retention should be its prime concern. Each company tries to draw in prime talent from the market towards their business to carry them for long. It’s terribly powerful to retain talent of your organization with you (Employee Retention: A Forever Process).
Why do the employees checkout for brand new opportunities with a brand new company? Why should the unit of time manager or management must have confidence worker Retention Policies (Employee Retention: A Forever Process)? Well, if you can’t mirthfully engage your best Employees, you can’t retain them with you for a protracted term.
What is the reason for an employee’s grievance?
- Wrong commitment to employees.
- Do not recognize them.
- Their relationship with their coworkers.
Let’s see why the employees quit their current job. We are going to conjointly attempt to decide how the company will cut back their retention cost.
- Relationships with Coworkers: Once an employee joins a company that affects her/his temperament and inquisitive the company is his/her relationship with her/his Co-Employees, if the relationship is going to be dangerous with their coworkers, they’ll surely lookout for better opportunity.
Company will do: Company must maintain decorousness where all Employees will be happy to figure consistent with skills and conjointly company ought to attempt to maintain a pressure-free atmosphere within the corporate world.
- Relationship with the Boss: An employee neither wants a Boss as a friend nor as a teacher. They also want to work in supervision of someone who teaches them how to correct their mistakes. Employees need direction and feedback for their work from their boss for the betterment of their work performance. They want to hear from their boss something which will encourage them to work better than they are doing now.
Company will do: It is the responsibility of the reporting manager to maintain a healthy relationship with her/his every employee so that they can feel free to work under their supervision.
- Opportunities to Use Their Skills and Abilities: When employees use their skill and talent on the job, they feel confident and this helps them to grow entirely. Whenever they use their skills, it additionally provides advantages to the corporate to groom their talent with their strong points.
Company will do: Company ought to organize internal skills-based seminars for its employees. From the results of those seminars, the company will create plans to enhance their talents. This will additionally reduce the cost of Employee retention (Employee Retention: A Forever Process).
- Bored and unquestioned by the Work Itself: Nobody from your employees desires to be bored and unchallenged from their work. Everybody from them wants to enjoy their work with you and their teammates. If you have an employee who acts like that, then it’s your responsibility to assist them to find out their passion.
Company will do: You need to work closely with all of your employees who report you. You have to ensure everyone from them are excited, challenged and engaged towards their work. Otherwise, you will lose them very soon.
- Management’s Recognition of employees Job Performance: Ah, affirmative Recognition, many companies fails to give right recognition to right employee at right time. This is the reason when an employee thinks to the lookout from their current company to get recognition in respects of their efforts. Recognition isn’t solely a motivation factor for employees it conjointly works as a challenge for others to do better than before.
Company will do: Company should find the right the candidate at regular tie interval and recognize them. It will create an internal healthily competition among employees which will enhance their work-ability & you will get better results.
Hence, if a company wants to retain its prime talent & reduce their retention cost than they should give value to its employees. The company has to guide them along with telling them about their faults which they need to rectify.
Do not forget the cost of “Employee Retention: A Forever Process” is an investment, not an expense.
Harender Bisht holds a Bachelor of Commerce degree and is working with a private company at present. He loves nature, books, and music; he gets inspiration for writing from all his hobbies and people around him. He loves to share his thought with people all around the world. He loves writing so that he can guide people in their career and personal life. He believes that writing can give a voice to his opinion and thinking. He says that “Words written by him speak more loudly than his voice and this always encourages him to write”.