Employee retention is the heartbeat of productivity in every business. Irrespective of the size and type of your company, turnover is a big disaster to handle. From manufacturing to sales or service rendering, employees must be trained and familiar with their job routines to perform excellently, that calls for effective talent retention. So what are the tips for retaining employees?
Here are seven (7) effective tips for employee retention
1) Show appreciation
The cost of underappreciated employees is a business threat that should be avoided by every employer. Showing appreciation is one of the most proven tips for retaining employees; it swiftly drives motivation and commitment. You can show by offering raised wages, bonuses, commissions, gifts and financial rewards.
2) Never threaten an employee’s job or income
Uncertainty in a job and income security is a top reason for talent drift from one firm to another. Another top strategy for talent retention in your workforce is giving them assurances of their jobs and income security by not ever in whatsoever circumstance threatening them with a sack, deductions or pay cuts. Once assured of their job or income security, you have already earned their loyalty which makes their retention easy.
3) Promote their success
Once you bring to the notice of the appropriate audience in the management hierarchy the outstanding performances, skills, and abilities of such employees who you seek to retain, they will feel a heightened sense of dignity and will readily stay on if you ask them to.
4) Offer the opportunity for growth
A good employee never wants to stop improving and acquiring new and better skills. Every good employee would seek an exit from a work environment that does not stimulate growth or improvement. You should offer opportunities for growth by allowing them to try new opportunities; engaging them in challenging tasks, and capacity building and also enrolling them for external development programs.
5) Define your expectation
An employee who does not have a definite job description or assignment of duty will likely want an exit from your company. One of the basic tips for employee retention is to define in clear terms what their job entails. It gives them a clearer picture of how much they are contributing and how they can improve to be more productive.
6) Never gag employees
Nobody wants to be suffocating at work for lack of avenues to vent their resentment or present views. You must create an avenue for your staff to speak out freely if you really have employee retention plans. Learning from their experience and ideas will help you to understand better ways of keeping them.
7) Provide adequate tools and allow them to innovate
If you do not provide your staff with adequate tools to get the job done, they will definitely leave for somewhere where they can access better working tools. Even when you provide the adequate tools, allow them to use their skills and talents to stimulate their creativity and innovativeness. No employee will agree to be retained in a rigid workplace.
We will be fair to ourselves to acknowledge that some employees must move on, regardless of the structure of your employee retention plans. However, such employees should not just be allowed to leave without exit interviews for further review of your employee retention strategies. For these tips for employee retention to be effective, your workplace must be free from poor policies, bad corporate culture, and other features of toxic workplace.