With the global economy improving at a good rate, companies can expect mushrooming iteration rate, with people switching to other companies in search of high pay and job satisfaction. In such scenarios, retaining the valuable employees should be at the radar of every organization’s radar. Every organization, big or small should try to cultivate a positive environment for the employees, where they can learn and grow. Moreover, keeping into consideration other lucrative proposals, firms should take note of their own salary structures and mend them wherever possible.
No employee is good or bad, every individual working for a company is important and losing any one of them can wreck havoc on the overall organizational functions. Here are some of the strategies that are being adopted by leaders of today, which will be the saving grace till the end:
- Programs For the Newly Appointed Staff
Corporations often lack resources-including time & money to develop and execute an orientation program sort of thing for the new hire. Such programs will not only voyage the new entrants through the company history and anatomy but will also foster employee retention in the long run. The programs include mentorship programs that guide the newly appointed professionals on company policies, regulations, expectations and company vision.
- Tracking Retention Rate
Leaders or the managers heading a department make use of this method to measure the employees’ problem as well as excellent areas in his/her professional arena. The tracking retention methodology helps a leader to know about the employees who need immediate coaching and who don’t. This will help in tracking the exact number of dis-satisfied professionals and tapping on their requirement in a timely fashion will keep the chances of resignations at bay.
- Show Employees A Path to Success
A leader can prove his worth by showing the employees a road to success. It is true that not everyone can rise to be a CEO or a VP level employee, but skills can definitely be built. An employer can enlist those skills and can motivate the employees or the team working under the hierarchy to attain those skills. Motivation from superiors and a little encouragement can actually coax employees to perform even better. A positive environment can help employees do a great deal of self-assessment as well.
- The Debatable Work-Life Balance
Though this still remains a dream of some of the big corporations in the world; still work-life balance can help in employee retention. A leader should find ways of offering his department an opportunity to find solace in the arms of an environment that has great work-life balance to offer. Not completely, but a leader can try moulding the regular environment into a positive one by planning out flexible timings, shuffling of projects so that employees entangled in stringent projects may get relief. Other techniques that a leader can opt for are:
- Training employees to release stress from their work settings
- Plan out crèche and other similar helping divisions within the organization so that working moms and female co-workers can work with ease.
- Professional Development Opportunities
Such opportunities help to retain employees in a big way. The training programs that benefits employees by expanding their skills. Organizations are benefited by getting a more productive and versatile workforce. With a range of new skills added, the employees feel motivated and attain a stage where he feels his worth in the company. The retention tracking method gives out better results and the employees on the other hand come out bright and professionally satiated.
- The Open-Door Policy
The employees should be comfortable while putting their voice and concerns on record. This can be done if the leader chooses to build strong working relationships with the team by giving them a voice. Moreover, companies can ask for regular feedback and a chance to ask questions whose answers can change their professional lives for good. There are surveys and face-to-face sessions that leaders do with the employees. This way their problems are sorted out and new ideas are incorporated for the betterment of the whole department.