If there is one element more important than hiring employees, it’s retaining them. By retaining employees, you have professionals who are trained in your processes and continue to add value to your organization. In fact, the worth of such employees is extremely critical for the growth and success of the business and so the demand for such employees is high. Therefore, all businesses are trying to attract and retain such employees. Nonetheless, employee retention is one of the most difficult tasks for businesses as compared to attracting these employees. So then what should you do to retain these employees? Here are a few tips for employee retention.
The most important thing to retain employees is to communicate it in an effective manner regarding the company policies, the career development, the job profile, and what is expected from the employees. At times, due to the structural hierarchy in large organizations, the communication process takes some time to flow from superiors to subordinates. A lack of communication results in ambiguity of messages which can affect the performance of the employees as well as the overall productivity of the company. Communication is even more critical if you are managing employees in remote areas. At the same time, let your employees know what is expected of them and how their performance is going to be evaluated. This will help them understand what parameters they are being evaluated and accordingly work in a much productive manner. Employees tend to leave organizations that do not wish to provide basic information which can affect the career of the individual. Therefore, make the expectations and goals of the company clear to your employees. Communicate and provide the right information to your employees especially, in matters that affect their interest.
A pleasant and favorable work environment is a must if you want to get more employees and retain the existing ones. The physical condition of the workplace, which is the cafeteria, hygiene, infrastructural facilities and company systems, should be conducive to create a favorable atmosphere. Similarly, there should be a good relationship established between different departments and teams in the organization. Positive conflicts should be encouraged within the organization but care should be taken that these conflicts do not create any differences between the employees. If you find a particular employee causing nuisance in the organization, then it is better that you get rid of the particular employee. Make sure that there is transparency in the organization and office politics are avoided. For this purpose, give honest feedback to your employees after the completion of their work or a particular project. At the same time, ask them to give feedback and understand what challenges and difficulties they go through in their work. However, care should be taken that you do not sit and provide feedback to your employees on an everyday basis. No employee would like having a superior who is constantly interfering in the employee’s work.
Remuneration is considered to be one of the most important factors to retain employees. If you want to retain your employees, you need to provide them with good remuneration. Underpaying the employee saying you are young and still learning even though, he has been really exceptional in his work would not be a good idea for your company. If you cannot afford to increase the pay at present, then you should provide them with some other monetary benefits. This would include incentives or perks, reimbursement of medical expenses, travel expenses to the office, or bonuses. Offering these monetary benefits also increase the employee morale and they feel motivated to give their best efforts in the work. Over a period of time, the employee’s salaries should increase. Nowadays, you cannot expect the same employees to work with the same salary for more than a year. There will be multiple companies offering the employees with a better opportunity in terms of remuneration. Hence, you should have a yearly increment if you want to retain your talented employees.
This goes without saying that you should recognize and appreciate the efforts of your employees. Employees would be disinterested to work in a company that does not value their efforts. If there has been some tremendous achievement or your employee has dealt with a difficult situation, then you should appreciate and reward your employees. This can be done by praising the particular employee in front of the entire team or rewarding with some incentives. Another common way of appreciating your employees is by giving him the title of employee of the month award or providing with leaves that are over and above the stipulated casual leaves. Do not praise the employees just for the sake of doing it. Top talented employees understand the difference between sincere appreciation and platitudes, therefore, when you recognize their efforts be genuine and honest.
Opportunity to Grow
Top employees want to grow and develop their skills over time. For this purpose, you should provide your employees with adequate training and learning so that they are able to develop new skills and capabilities. Most importantly, let your employees know that there is room for advancement in your company. Assign them with more responsibilities and tasks. Give them challenging and stimulating tasks so that they are able to understand it and come up with new and unique ways to deal with them. Allow your employees to focus their time and energy on projects and assignments that they are interested into. Furthermore, let your employees know how they can move up the career ladder within your company. Be a coach to your employees to guide and instruct them to propel their career in the right path within the company.
Conduct Stay and Exit Interviews
Ask your existing employees who are working with you for a fairly considerable amount of time what makes them stay in the company. This will give you an idea on what things you should not consider changing in the future. For example, if the existing employee is happy with flexible working hours and that is one of the reasons why he is in the company for so long, then you should continue with flexible working hours.
Similarly, conducting exit interviews will give you an insight on why the employees are leaving the organization. Accordingly, you can either convince them to change their mind by negotiating with them or you may make changes so that you can retain the other employees. For example, if the employee specifies that he got a better opportunity in terms of income and scope to grow, then you should plan on providing similar opportunities to your existing employees in the future.
Employee retention is not easy but with the help of the above-mentioned tips, you can surely retain a majority of your employees. Sometimes, the employees may leave because of career change or factors that are not under the company’s control. In such situation, it is not possible to retain employees. However, the basic and crucial part such as offering good pay, a positive work culture and the opportunity to grow surely helps in employee retention. Get in touch with a resource center in Canada, to learn how you can use these employee retention strategies for your business in Canada effectively.