Strategies For Retaining Your Best Employees
Human resource departments know that when it comes to managing employees, it does not end at recruitment and hiring; it also extends to retention. As an employer, you have to find adequate ways to make them want to remain in your organisation for a long time.
Having long-term employees that double as top talent is beneficial to a success-driven organisation.
As a proactive organisation, here are a few strategies you can implement to retain your best employees:
Attractive Benefits: Is your benefits package competitive? Do these packages fit the needs of your employees? Employees will always value an attractive benefits package. The non-negotiable benefits they look out for are, health insurance, life insurance, and retirement plan. To stay ahead of competitors, an organisation demonstrates its commitment to the welfare of its employees by offering extra benefits such as flexible time, longer maternity leave, amongst others.
Regular Incentives & Competitions/Contests: Organising contests and competitions regularly for your staff not only gives them the opportunity to get incentives/prizes but also creates an atmosphere of team building in the organisation. It also keeps them excited and focused.
Prioritise the Little Things: In relationships and friendships, we say “It is the little things that matter”; this should be applied to our working relationship with our employees. Free coffee and pastries might be insignificant to you as a boss but appear as thoughtful to your staff.
Promote Internal Recruitment: When there is a vacant position in the organisation, external recruitment should be the last resort. Promoting from within gives employees a clear path of career advancement. If your employees know they can achieve career growth and advancement in the same organisation, they will be willing to stay and give their best to the advantage of the organisation.
Make Learning & Development Compulsory: Making a benefit that is not available everywhere accessible to your staff is a great way to show you care about them. Learning can also be in the form of training to learn a new job, skill or tuition loan.
Encourage Open Communication: Open communication is key to a people-focused organisation. Regular meetings should be held where employees table their complaints, ideas, questions, and suggestions. Operate an open door policy that encourages employees to express themselves without the fear of victimisation.
Give Rewards & Feedback: Hardworking employees should not go unrewarded; they should be recognised and encouraged. Monetary gifts are often preferred as they give recipients the leeway to get what they really want for themselves. If an employee’s hard work goes unnoticed, it is only natural for him to lose motivation and ultimately, interest in the organisation. Stellar employees should be recognised and rewarded in the presence of other members of staff to appreciate them and also encourage others to do better on their job.
Salary should be Subject to Satisfaction and Increment: Salaries should be reviewed constantly; quarterly or biannually. An upward review of salaries is the best way to retain your best employees because they desire to get the monetary equivalent of their input. This can be merged with career advancement. An organisation that prioritises the finance and promotion of its best employees is more likely to retain them on a long-term basis.
It is very possible for top talent to be in an organisation for 10 years without developing lethargy. As long as his career advancement and salary are commensurate with his role, he will not see any reason to “port” to another organisation.