Retaining employees in an organisation has always been a challenge that most HR managers face after a tiring session of recruiting some of the best talent over months of labour. The amount of time and energy invested in recruiting talent which suits a requirement in particular simply goes down the drain when another employee, deemed best in their work, resigns. This in fact creates a hurdle to most recruiters as the hunt for another requirement begins while the same amount of time and energy is invested or perhaps wasted.
According to industrial psychologists, companies must develop a retention strategy to reduce attrition and increase stability in employee behaviour. A retention strategy can be both tangible and intangible. Here is a list of strategies that will help companies retain their employees in the long run:
Every employee is special and HR managers must see to it that each employee is given the right amount of attention by their team leads. Personal consultation as a retention strategy is highly beneficial as employees get a feeling their needs are being attended to. It not only helps uplift employees motivation levels but also makes the organisation seem employee-friendly.
Gone are the days when increment as a retention strategy was given due consideration. Nowadays employees seek beyond money. Companies have begun distributing gift vouchers and gift cards as additional perks to good performers. Although increase in remuneration is considered as a good retention strategy but the system of gifting vouchers and discounts is the trend that is currently being followed.
Employees seeks challenging positions and one of the prime reasons for them to leave a particular job is lack of opportunities and growth. Therefore, succession planning and internal mobility should be a part of the mainstream retention strategy to sustain employees for a longer duration.
No employee would like to be a part of a rigid workforce. The saying goes – employees leave jobs because of tyrant bosses – which is basically true. Tyrant leaders are bullies and terrible in handling teams, which in return leads to loss of best talent. Thus, decentralisation should be a major inclusion in a company’s retention strategy.