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As per my experience Most companies think and focus retention is based on compensation issues--wage and salary levels, incentives etc. We have experienced that in reality the drivers go much deeper into the human psyche. We have seen that employee turn overs are much low when employees feel successful, secure and appreciated. We affirmed that a sound retention strategy should focus on three key factors--performance, communication, loyalty.
1. Performance. People should be able to sense their actions are fulfilling goals of the company, they begin to develop a sense of belonging and a feeling that your company is their own company. This is a most important factor for the retention of an employee. We found that employees when felt secured in company never looked out for a change
2. Communication. The second essential factor in a retention strategy is communication, company must evolve a communications process that's structured to inform, emphasize and reaffirm to employees that their workplace contributions are having an impact. It boosts self esteem and confidence of employees and we have seen this action improves their commitment and performance levels.
3. Loyalty. The third factor in a successful employee retention strategy should be loyalty towards employee. When you demonstrate loyalty towards your employees, they'll reciprocate with commitment and will remain loyal to your business. Its absolutely mutual as I experienced. Companies provide medical assistance, soft loans for purchase of residence etc to generate loyalty and commitment from employees.
I do hope you find my answer useful.
