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Employers try to reatin best performing emplyees as their experience and skills will benefit immensly for the smooth functing of the operations.
Employee retention is to keep the good performing employees in the organization for long time so that the employees could contribute constantly to achieve the organizational goal.
Employee Retention strategy:
1. Provide salary and other benefits as per competitors in the industry.
2. Provide a good working environment with clearly defined role
3. A clear and consistent HRM manual and HR policy where the employees see that he is fairly treated
4. A defined career path to move up in the organization.
5. A constant touch with the employees form the Management through monthly staff meeting
Employee retention is the ability of the organization to keep the talented employees it has from leaving to other organizations. This is done by effectively keeping those employees motivated and satisfied by their current jobs. This motivation is both tangible in terms of the package they get and intangible through enough appreciation
First & foremost there must be a good working environment. No one is afraid of hard work, but all hard work must be appropriately acknowledged. An employee should feel to be part of a great organisation where all his needs are by & large met. The employee needs to be trusted & given responsibility to enhance his growth in the organisation which includes honours, awards, promotion, pay & allowances consistent with his job profile & similar ones in other companies. In case the employee has problems of any nature, he should be sympathetically dealt with to help resolve his problem. Such gestures go a long way towards employee retention as word gets spread.
Md. Fazlur Rahman answer is the best.
Most of the people's attrition in a organization is due to the mis-management of middle managers or the reporting managers. Even though other factors like salary, career growth, area of interest and location may affect attrition but reporting managers are distant first in terms of attrition.
Every organization should address this issue of reporting manager by improving the man management skills and their appraisal methods and recognition methods along with daily monitoring and follow up.
I agree with experts answers, thanks for the invitation. .
Very basic:
1. Know your employees and give respect
2. Analyze your workforce and do not be supriesed when a high potential after 3 yrs is leaving your team as you have giving him/her the same tasks without encouragement and to use the talents and skills in a more comprehensive way.
3 train managers to act as a leader and to differentiate between employees
4 be smart with a broad compensation & benefits strategy which not only provides the best salaries but is attractive for all
There should not be any mis-managementation in the organization especially between middle managers and top management . Even though other factors like salary, career growth, area of interest and location may affect attrition but middle managers are distant first in terms of attrition.
Every organization should address this issue of working manager by improving the man management skills and their appraisal methods and recognition methods along with daily monitoring and follow up.
A defined career path to move up in the organization and constant touch with the employees form the Management through monthly staff meeting
In my opinion, the best thing is to hire people according to their talents.Man has need of continuous development, so I'd go in providing good career path.
Thanks
I support answers given by Mr. Fazlur and Colleague Norildin
