One of the key worries of any organization is how to retain employees, more so the deserving employees. Not just that it is a setback but also the company has to start afresh with hiring new talent, grooming and nurturing them. A lot has been written on effective employee retention strategies in scores of management books but you would not know what might work for your organization.
Open door, literally and figuratively
Now this is something any organization can contain. Have an open door policy and not just on paper. Give people that freedom of walking up to you or the HR with any concern that is hampering their performance. Also ensure them that you will address those concerns and take an action.
Get the head start
It is no rocket science when we say that hire right people from the beginning. Don’t just ask textbook questions in the interview, ask about what motivates them, what have been their accomplishments, how their weakness affects their work, what has made them apply for this job, what are their aspirations and so on.
People don’t quit jobs…
They quit managers. It may not always be true but mostly it is. Since an employee is directly working with his manager and so more or less, he is representing the organization to the employee. It is then no wonder that his satisfaction level at work is directly proportional to his work-equation with his manager. That is one of the key reasons behind high attrition and not without a reason.
Match expectations, responsibilities and rewards
Most of the dissatisfaction at work is related to a clear mismatch between expectations. Then there is the part when they feel that their efforts are not being recognized and rewarded well or the disillusion of how their work is contributing in the bigger picture.
The very critical ‘work-life balance’
Giving them time off, allowing them to leave early on certain occasions, understanding that the person needs to switch off from work mode and respecting personal space are small things but go a long way to ensure people are rejuvenated and productive at work.
Show me the money
Make sure you give fair and just appraisal to every deserving candidate. A salary hike is one way to do sweeten the deal. Gamification (that is rewarding the employees on certain parameters like early to office or zero absenteeism), insurance benefits, stock options are some ways to reward the employees monetarily.