How to Increase Employee Retention
Employee retention is the crucial phenomena especially in an organization where there is hefty training required before someone can start a job. The investment made in training will not pay back its dividends until the employee is retained for a particular time period. For instance, a company invests decent amount of money on an employee by sending him/her to an institute for a diploma and then on-the-job training is also provided plus the cost of covering the travelling expenses is also covered by the firm. The employee is ready to work for an organization after a period of three months but suddenly a good offer writes-off the entire effort of the organization and cost you a massive amount of money as well.
Instructions
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1
Pay the employees competitive to the market. Never pay them lower or higher than the market figures because the lower pay will force them to search for more options whilst the higher pay will make them lazy. In both cases, the optimum production of an employee will decrease and that will hurt the overall production of the firm.
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2
Keep the employees motivated by providing them incentives based on their mindsets. Some employees require monetary benefits whilst others are motivated by the enlargement and enrichment of their job description. There are some employees who require a combination of both as well. So, identify the type of employee you are dealing it by communicating to them personally and keep them motivated as per their desired needs.
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3
Never burden the employee with the series of deadlines but keep them in check. You don’t need to just give the outline of the task and leave the employees. You need to stay in touch with them. Ask about the early wins and milestones that they have achieved and this needs to be done on regular intervals so that everything is kept in check. No one likes to work until the deadline day. So, the pressure might force an employee to leave. Hence, keep them in check but never over burden them.
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4
Conduct sports events once in quarter. A day’s production will be forgone but it four days in a year won’t make a difference if they are scheduled and their production is adjusted on normal days. Employees will be motivated by this act and they will stay with you for longer time period.
