Retain Your Best Employees

Have you ever thought how important it is to prevent a valuable employee from leaving your organization? Employee retention has now become the talk of every organization. The strategies that organizations implement to retain their best talent is known as employee retention.

Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their divers needs. Also of concern are the costs of employee turnover (including hiring costs. productivity loss). Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover may include lost customers, business and damaged morale. In addition there are the hard costs of time spent in screening, verifying credentials, references, interviewing, hiring, and training the new employee just to get back to where you started."

Almost every good company faces a high employee turnout ratio in this present situation. People leave their companies for better pay, better location, better facilities, better job profiles or simply because they are fed up with the organization or their boss. The famous authors Marcus Buckingham and Curt Coffman write, "People leave managers not companies." Despite of all good facilities, if you are facing a high turnover in your company, check out with your supervisor or manager first. Perhaps he is driving them away.

Apart from it, lack of growth opportunities, lack of appreciation, lack of trust among workers and senior management, work life imbalance, job and person mismatch may be counted as the other reasons that contribute to a high employee turnover.

If an organization does not want to leak out his business strategies and secrets then it is bound to work out something towards employee retention. More over employee turnover may also lead towards the loss of potential customers for the organization, as clients develop a strong relationship with the employees. Many times when an employee leaves the organization, the loss is deeply felt among his co-workers which may again lead to more turnovers. A company maintains his goodwill among people and clients only if its turnover is less. This will attract more knowledgeable and talented employees towards the organization.

Communicating with your employee, works as an effective tool for talent retention in an organization. Employees should be encouraged to participate in the decision making of the organization, a continuous evaluation and feedback process should be carried on in the organization, the roles and responsibilities of the employees should be clearly defined, the performance of the employees should be appreciated by giving them rewards, feedbacks, performance based bonus, training programs for career growth and other benefits, a 360 degree appraisal system should be introduced in an organization so that the employees can rate their managers and vice versa.

Youngsters in an organization tend to leave the organization easily. They should be provided with proper training programs that will help in their career growth and they should be allowed to work in a flexible manner. Employee recreational facilities can be introduced which are quite alluring for employees in an organization.

Quality employees are in a huge demand in this competitive business world. Create a sense of organizational value among the employees. And try to keep away the employees from entering into conflict. Promote a culture, that breeds the essence of values and ethics in the organization and understand the value of each employee as an individual.