Dear All,
Employee Retention Overview
Employee retention is the overall strategy or ability of an organization to retain its best employees and hence maintain a lower turnover. An organization can achieve this by adopting various employee retention programs. Employee retention is and should be one of the main focus areas of the human resources department in any organization. An employee retention program involves steps starting from identifying the major contributors in the organization and designing schemes to involve them with the organization to ensure that they do not leave. The success of these programs is measured by simple metrics like retention ratio and turnover.
Importance of Employee Retention
Each organization spends a lot on attracting the best talent. These employees contribute significantly towards the success of the company, and all these contributions directly impact the bottom line of the company. Employees who stay with the company for a longer time contribute efficiently and become an integral part of the company and the position. If these employees leave the company and join a competitor, it would mean a double loss for the first company. First, they will be directly impacted by the employee not being available, and secondly, the employee is now contributing to the competition. Also, the person who may replace them may not be able to reach the same level of performance early on. Therefore, it is better to retain the employee and ensure they remain motivated.
Employee Retention Strategy
Typical strategies used to retain employees include:
1. Better job design to motivate and engage the employee.
2. Good compensation so that the employee does not look for better-paying opportunities outside.
3. On-the-job learning and training to help the employee remain relevant, add to their skills, and contribute back to the organization.
4. Better perks like insurance, car, house, etc., to ensure that the employee feels comfortable and secure.
5. Rewards and recognition go a long way in valuing the employee and ensuring they stay.
6. Inclusion in company decisions gives the employee the confidence of being an important part of the company.
7. Timely interaction with employees to ensure they are not dissatisfied with the job or role, allowing steps to be taken to improve the situation.
8. In case the employee decides to leave, a proper channel and process should be in place to ensure the company can communicate options and listen to the reasons so that the employee can make a more informed decision.
The above strategies are just a few steps a company can take. Employee retention is very subjective and may vary for different companies and different employees.
Advantages of Employee Retention
1. A lot of investment is needed to train an employee and make them productive. Employee retention ensures the employee stays and applies their learning for the growth of the organization.
2. Employees retained in the organization feel part of the overall vision and become better contributors in the long run.
Have a great HR day!
From India, Kolkata
Acknowledge(1)
Amend(0)
163Employee Retention Overview
Employee retention is the overall strategy or ability of an organization to retain its best employees and hence maintain a lower turnover. An organization can achieve this by adopting various employee retention programs. Employee retention is and should be one of the main focus areas of the human resources department in any organization. An employee retention program involves steps starting from identifying the major contributors in the organization and designing schemes to involve them with the organization to ensure that they do not leave. The success of these programs is measured by simple metrics like retention ratio and turnover.
Importance of Employee Retention
Each organization spends a lot on attracting the best talent. These employees contribute significantly towards the success of the company, and all these contributions directly impact the bottom line of the company. Employees who stay with the company for a longer time contribute efficiently and become an integral part of the company and the position. If these employees leave the company and join a competitor, it would mean a double loss for the first company. First, they will be directly impacted by the employee not being available, and secondly, the employee is now contributing to the competition. Also, the person who may replace them may not be able to reach the same level of performance early on. Therefore, it is better to retain the employee and ensure they remain motivated.
Employee Retention Strategy
Typical strategies used to retain employees include:
1. Better job design to motivate and engage the employee.
2. Good compensation so that the employee does not look for better-paying opportunities outside.
3. On-the-job learning and training to help the employee remain relevant, add to their skills, and contribute back to the organization.
4. Better perks like insurance, car, house, etc., to ensure that the employee feels comfortable and secure.
5. Rewards and recognition go a long way in valuing the employee and ensuring they stay.
6. Inclusion in company decisions gives the employee the confidence of being an important part of the company.
7. Timely interaction with employees to ensure they are not dissatisfied with the job or role, allowing steps to be taken to improve the situation.
8. In case the employee decides to leave, a proper channel and process should be in place to ensure the company can communicate options and listen to the reasons so that the employee can make a more informed decision.
The above strategies are just a few steps a company can take. Employee retention is very subjective and may vary for different companies and different employees.
Advantages of Employee Retention
1. A lot of investment is needed to train an employee and make them productive. Employee retention ensures the employee stays and applies their learning for the growth of the organization.
2. Employees retained in the organization feel part of the overall vision and become better contributors in the long run.
Have a great HR day!
From India, Kolkata
Acknowledge(1)Amend(0)
Employee retention is indeed crucial for the success of any organization. Here are some practical strategies to enhance employee retention:
Employee Retention Strategies
1. 🏆 Better Job Design: Create motivating job roles that engage employees and offer opportunities for growth.
2. 💰 Good Compensation: Ensure competitive pay to prevent employees from seeking higher-paying roles elsewhere.
3. 📚 On-the-Job Learning: Provide continuous training to keep employees relevant, enhance skills, and contribute effectively.
4. 🏠 Enhanced Perks: Offer attractive benefits like insurance, car, or housing assistance for employee comfort and security.
5. 🎉 Rewards and Recognition: Implement programs that value and appreciate employees, fostering loyalty and retention.
6. 🤝 Inclusive Decision-Making: Involve employees in company decisions to boost their confidence and sense of importance.
7. 🔄 Regular Feedback: Maintain open communication to address job dissatisfaction promptly and improve employee experience.
8. 🛣️ Exit Process: Establish a clear exit procedure to understand reasons for leaving and potentially retain valuable employees.
By implementing these strategies tailored to your organization, you can enhance employee retention, foster loyalty, and drive long-term success.
From India, Gurugram
Acknowledge(0)Amend(0)
Employee Retention Strategies
1. 🏆 Better Job Design: Create motivating job roles that engage employees and offer opportunities for growth.
2. 💰 Good Compensation: Ensure competitive pay to prevent employees from seeking higher-paying roles elsewhere.
3. 📚 On-the-Job Learning: Provide continuous training to keep employees relevant, enhance skills, and contribute effectively.
4. 🏠 Enhanced Perks: Offer attractive benefits like insurance, car, or housing assistance for employee comfort and security.
5. 🎉 Rewards and Recognition: Implement programs that value and appreciate employees, fostering loyalty and retention.
6. 🤝 Inclusive Decision-Making: Involve employees in company decisions to boost their confidence and sense of importance.
7. 🔄 Regular Feedback: Maintain open communication to address job dissatisfaction promptly and improve employee experience.
8. 🛣️ Exit Process: Establish a clear exit procedure to understand reasons for leaving and potentially retain valuable employees.
By implementing these strategies tailored to your organization, you can enhance employee retention, foster loyalty, and drive long-term success.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Effective employee retention strategies-BPO. doc
Innovation in HR by Total Reward Optimisation For Employee Retention & Enhance Productivity.pd f