For any company, finding talented and productive employees is like a dream come true. While finding good employees is one thing, keeping them is another. Employees have various reasons due to which they switch companies. Retaining good employees has become a challenge for all companies.
It is natural that employees want to grow. Peoples’ needs and wants from their work change with time and the situation. The definition of a good job has changed these days. People not only expect good salary and financial benefits, they also expect professional growth. Like earlier times, people aren’t staying in the same job and position for ages.
In current times like these, it has become essential for employers to retain good employees. The good ones are the ones that the company can trust to help them during the hard times. Well, now the question is, how do the companies retain the employees? This is quite a challenging task. It is said simply, but to execute is difficult. Here are some factors to be considered by employers to reduce the challenges of employee retention:
Compensation Packages
Employees always seek equitable pay for their work. As a result, the first step towards this is to enhance the compensation packages. The company can have compensation packages that include salaries, insurance, a retirement program and employee leave. An employer can give a larger portion of employees’ health insurance premiums or introduce a new bonus program based on their performance. However, any business needs to ensure its compensation and benefit packages are in line with those of the competitor companies.
Recognition
Recognition is a very important factor to consider. If employees don’t feel appreciated they tend to seek acknowledgment elsewhere. An employee recognition program can have a significant impact on the ability to retain top employees. Most organizations lack this feature of recognition, which makes the employees feel unappreciated. In the case of a risk analysis in such organizations, the top employees are at the highest retention risk. The process of hiring new and good employees is tedious. To avoid such circumstances companies must invest time and energy in forming recognition policies.
Self Development
Skill development is another major factor. Employees quit a job when they feel there are no more opportunities left for them in their current company. Skill and talent development is a basic need that people wish for from their jobs for self development. It also helps them increase their personal and professional opportunities. As a result, implementation of self-development programs is an effective tool to increase employee retention rates. Funded education programs, in-house training, offsite training, seminars, skill development conferences, etc. are things that attract employees to stay.
Hygiene Factors
Job satisfaction is one factor that employees of all sectors and income brackets seek. Hygiene factor is one main element that can cause employee dissatisfaction. The hygiene of the company must be maintained in order to retain employees. Every company must revise their hygiene policies every now and then. The hygiene factors mainly include work environment, the company policies or particular physical aspects of the job. Limiting the physical or emotional dissatisfaction for employees must be the main aim of the employers. A company may introduce environmental safeguards and associated audit programs to best protect the health of the employees.
Small things like those stated above can keep the employees morally sound. The company can retain its employees by just doing a few simple things that are usually overlooked. Simple care of the well-being of the employees can also influence them in their decision to stay in the job. If such things are done then employee retention can become easy to an extent.
-Shreevarshita Gupta
