Best Practices: Employee Retention
A Changing Work Force and Workplace
Fundamental changes are taking place in the work force and the workplace that promise to radically alter the way companies relate to their employees. Hiring and retaining good employees have become the chief concerns of nearly every company in every industry. Companies that understand what their employees want and need in the workplace and make a strategic decision to proactively fulfill those needs will become the dominant players in their respective markets. The fierce competition for qualified workers results from a number of workplace trends, including:
- *A robust economy
*Shift in how people view their careers
*Changes in the unspoken "contract" between employer and employee
*A new generation of workers
*Baby boomers striking out on their own after hitting corporate ceilings
*Changes in social mores
- *Family orientation
*Sense of community
*Quality of life issues
*Flexibility and nonconformity
Five Strategies for Retaining Employees :
Retaining employees and developing a stable work force involves a two-step process -- understanding why employees leave in the first place, and developing and implementing strategies to get them to stay.
Employees leave jobs for five main reasons:
- Poor working conditions
Lack of appreciation
Lack of support
Lack of opportunity for advancement
- *Environmental strategies create and maintain a workplace that attracts, retains and nourishes good people.
*Relationship strategies focus on how you treat your people and how they treat each other.
*Support strategies involve giving people the tools, equipment and information to get the job done.
*Growth strategies deal with personal and professional growth.
*Compensation strategies cover the broad spectrum of total compensation, not just base pay and salary.
Top Tips for Retaining Employees
To retain their employees, companies should implement the following best practices:
- *Hire right to begin with.
*Engage in longer orientations with new employees.
*Live the values.
*Use creative rewards and recognition.
*Create annual personal growth plans for each employee.
*Consider non-compete agreements.
*Recruiter-proof your company.
*Make it easy for people to get their jobs done.
*Do corporate succession planning.
*Conduct exit interviews with employees who resign.
By focusing on key players who truly make or break your business, you can get the most leverage from your employee retention efforts. Retaining key employees requires a five-step process:
- '.Identify key employees and positions.
'.Know what motivates your key employees on an individual level.
'.Provide a deferred compensation plan.
'.Monitor and manage key employee performance.
'.Review key employees annually.
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