Retention of a positive and motivated employee is very important for the success of an organisation. An efficient and experienced employee is an asset to a business. When a senior or experienced member decides to leave the organisation, its effect can be felt throughout the organisation, which in some cases even lead to more resignations. But understanding why employees want to resign may help to prevent them from leaving. Thus for a manager who is in charge of the human resource or man force, it is essential to know the effective managerial techniques to retain his/her employees year after year. simple managerial
THE EFFECTIVE METHODS OF STAFF RETENTION :
In a tight talent market, retaining talent is of utmost concern. All companies compete to get hold of talented employees and hence employee retention is a critical issue. The cost of employee turnover is quite high and there are other ” soft costs” too, like lowered productivity, decreased engagement, training costs and cultural impacts.
Thus the bottom line is, by focusing on staff retention, organisations will be able to hold back motivated and talented employees, who truly want to be the part of the company and are focused on contributing to the organisation’s overall success. Some of the important steps of staff retention are
• Implementing a well-designed assessment and selection process :
The method of retention starts right from the beginning, from the application process to screening applicants to choosing who to interview. It actually starts with identifying what aspects of culture and strategy you want to emphasis e and then seeking those out in the probable candidates.
• Offering the right benefits :
Benefits and perks play a large role in keeping employees happy and contented. Benefits not only imply health care coverage and paid sick leave but more conspicuous ones. You could consider offering stock holding options or other financial rewards for employees who exceed performance goals. Incentive compensation and bonuses play key role to employee retention.
• Improving manager and employee relationship :
Creating open and clear communication between employees and management foster a sense of community and shared purpose. Help them feel valuable and appreciate their achievements. Encourage them, be sympathetic and try to boost their morale. They should feel that they can come to you with ideas, questions and concerns. Make sure you connect with each staff member on a regular basis.
• Training and development :
Make it a priority to invest in your worker’s professional development and seek opportunities for them to grow.
• Work life balance and flexible working arrangements :
Expecting staff to regularly work long hours and be at the beck and call of the manager is not conducive to employee retention. A healthy work-life balance is essential to job satisfaction and people need to know that their managers understand that they have lives outside of work. A little flexibility in the working hours or the option of working from home in case of some demanding situation can be significant retention booster.
OUR GOAL : TO CREATE A SENSE OF BELONGING
We, KFM PVT LTD, is a Facility Management organisation and hence for us, man management is a vital aspect. We provide an amicable working environment and try to cater to all their needs. We try to inculcate a sense of belonging in our employees. Belonging is what allows employees to feel like they can be their authentic selves without any fear of differential treatment and it has a major impact on performance and retention. simple managerial