Employee Retention

 

          



Image source: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.thehumancapitalhub.com%2Farticles%2Fhigh-staff-turnover-what-are-the-causes&psig=AOvVaw1Seha3JSwKy2ukouVmAZvW&ust=1670428733555000&source=images&cd=vfe&ved=0CBAQjRxqFwoTCPjCqY6u5fsCFQAAAAAdAAAAABAL  Access on 6th dec.2022


“Employee retention refers to the ability of a company to prevent employee turnover. In other words, it is the company's concerted efforts to retain their existing staff and keep their best employees on board in order to succeed as a business.” (Resources for employers)


Employee retention important for an organization

These are the most important benefits of effective employee retention strategies:

  • Sustained productivity flow: Professionals who work for long periods in an organization add significant value to the company. They understand the company’s vision at a deep level and know well how to fulfill their role’s expectations. Plus, they have acquired all the important skills needed to effectively complete tasks daily.
  • Reduced company costs: Retaining skilled and reliable employees is financially beneficial for an organization. With lower employee turnover costs, companies have more funding to invest in other parts of the business.
  • Reduced training time: Long-term employees are highly trained and feel confident to carry out their daily responsibilities. They have built effective communication channels with their manager and colleagues and know how to deliver their projects on time. New employees require training and time to adapt to the new environment and its requirements, which can strain team productivity temporarily.

 

Ways to Have a Successful Employee Retention Strategy

To be a successful organization, you need to have employees invested in your success. Retaining employees is not easy, but it can be achieved with the right approach, employee engagement, and a clear employee retention program.

There are many ways to retain employees. The most common ones are salary hikes, bonuses, benefits, and other perks that the company may offer their employees. However, there are other ways that are worth considering for effective employee retention strategies. They are:

·         Encourage employees to grow their skills

·         Recognize employees who are doing great work

·         Offer perks that the company can afford

·         Create a work environment that values collaboration and creativity

·         Give regular feedback on performance and career progression

·         Reinforce employee satisfaction with regular bonuses or rewards

·         Provide opportunities for growth within the company

·         Provide opportunities for professional development

·         Have a great company culture

·         Provide a work/life balance for your employees

·         Ensure your employees enjoy their work and feel appreciated by their employers

·         Ensure that they have enough time to do all their tasks effectively without being overworked or stressed out by any pressure from managers or deadlines.

 

 

According to the ‘tutorialspoint ‘ “Retaining a motivated and optimistic employee is vital to any organization's growth and success. There will be a negative effect on an organization’s morale if employee turnover increases expenses. Implementing an employee retention program is an effective way of making key workers remain employed while maintaining job productivity and performance. For creating a strong workforce, hiring employees is the starting phase of any organization. Next, you have to keep them retained. High employee turnover costs business owners in productivity and time.”

 

 

Reference:

 

[online] Resources for employers What is employee retention?[ Available from] https://resources.workable.com/hr-terms/what-is-employee-retention Access on 6th Dec. 2022

 

[online] The human resources report How to Retain Employees and Why is it Important? [ Available from] https://humanresources.report/articles/how-to-retain-employees-and-why-is-it-important Access on 6th Dec. 2022

[Online] tutorialspoint How to Retain Employees? [Available from] https://www.tutorialspoint.com/employee_retention/employee_retention_how_to_retain_employees.htm Access on 6th Dec. 2022

 

Comments

  1. Jayashanka HerathDecember 6, 2022 at 11:06 AM

    Yes Ajitha. Employee retention is very important thing for all the organization to reduce the expenses.

    ReplyDelete
  2. Nilindra FernandoDecember 9, 2022 at 12:33 PM

    Good post Ajitha, employee retention not only retain employees within the organization , but also create brand for the organization and attract outside talents too.

    ReplyDelete

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