What are the tips for Retention of employees ?

In today’s competitive world, hiring and retaining good and skilled employees is of paramount importance for any company that wants to be successful. Constant demand for skilled workers results in companies vying for one another’s employees. The result is, a stream of individuals leaving the companies and new employees joining their place. The loss of a good employee with great skills is a loss to the company. The loss of a senior and experienced sales person can cost the company in lost orders. The loss of a skilled design engineer can slow down the design process temporarily. This turnover of employees is expensive and in many cases it is a loss to the company. The process of hiring, training new employees is an exercise that drains the company of vital resources and money.

While addressing the issue of employee retention, it is useful to first understand why an employee would want to change his job. Some of the reasons which make employees to leave their jobs are: 

- Incompatibility between the employee and the job 
- Low or unfair remuneration. 
- Unfriendly and hostile work environment 
- Lack of job satisfaction 
- Inability to balance work with family

The above mentioned reasons are the chief factors which cause an employee to leave his existing workplace.

However, there are a few methods which, if followed, can significantly improve employee retention. All of these methods are aimed at addressing the reasons why employees want to leave their place of work in the first place. 

1. Respecting your employees: When you respect your employees for what they are as individuals and for their skills they bring to the organization, they feel a sense of personal involvement and ownership in their work. This helps them to bond with the company and the work environment. Employees who develop emotional bonds with the company are less likely to leave the organization. 

2. Fair compensation: While there are many factors which hold people to a particular organization, compensation is an important one. A compensation system that is seen to be fair and unbiased goes a long way in motivating employees to perform better and achieve results. 

3. Opportunities for growth: Employees who feel a sense of routine and monotony in their work soon lose interest and may seek more challenging job profiles. Creating growth opportunities is an effective way of retaining people. Encouraging employees to acquire more qualifications and giving them opportunities to attend short term classes can bring a sense of fulfillment and motivation 

4. Showing gratitude: Showing gratitude and saying thanks either verbally or with a special award or remuneration is a good motivator. Employees who feel that their contribution to the organization is recognized and appreciated feel a sense of attachment to the organization. 

5. Be flexible and understanding: By being sensitive to your employees needs and personal responsibilities, you develop trust and affection. Show genuine concern and care for your employees’ family commitments and responsibilities. 

6. Make the work place creative: The best guard against monotony is an environment that is challenging and rewarding. Introduce schemes that reward ideas and innovations.