Retention Plan for your Best Employees

Retention Plan for your Best Employees

The following Workspirited article will take through some techniques of employee retention and help garner an employee retention plan. Continue reading for more details.
Workspirited Staff
Last Updated: Jan 13, 2018
What are the factors that lead to the growth of a company and lend to its success? There is the infrastructure and the employment of the latest technologies and such and such, but at the base of it all are its employees. Any good firm will require the support of its employees if it wants to be a success. All the technologies and infrastructure cannot be put to use if there are no employees to do the needed. And with adequate passage of time, employees become adept at the tasks that they handle and therefore become assets for the company. Every organization, no matter how small or large, needs to understand that employee retention is one of the smartest moves that they can make to ensure the success of their company.
Employee retention statistics have shown us that this is one of the most success-ensuring methods. And that is why several companies are drawing up employee retention plans so that they can continue to have a symbiotic relationship with their employees and ensure that the companies grow and thrive well into the future.
Employee Retention Ideas
There is a great connect between employee turnover and retention and therefore, there needs to be a plan drawn to ensure retention of employees. Here are some tips which can ensure that.
Motivating Factors
An organization needs to study the varied motivation factors that keep the employees happy at their job and the reasons why they continue working there. Along with that, there has to also be a study done of the factors that contribute to demotivate them. This can either be done by observation or by employing a more direct method of collecting a feedback for the same. Have the employees fill out a questionnaire (anonymous, if needed) on employee job satisfaction and then study the trends that are being portrayed. This will key you in on the varied factors that are motivating them as well as those that are demotivating them.
Studying Growth
Studying the growth of every employee will let you in on a lot of things. It will show a trend in the way employees grow in an organization and that will provide for an important base in formulating a retention plan. For example, a simple gesture of providing transport for home drops might make employees feel indebted to the company and thereby the employee performance will improve. This is only an example. There are several other factors that will lead to happy employees and an observation and study of their growth chart will key you in on what these are.
Communicating with Employees
Communication with the employees is another important factor that is often not given its due. Open communication with an employee will keep the management informed about whether they are happy in the job or not. It will also keep them keyed into the fact whether an employee is planning to leave and therefore, they can employ ways of employee retention. Maybe by way of relocation or offering more incentives.
Ensuring Job Satisfaction
If a company provides its employees with all those factors that lead to job satisfaction, then it is pretty much understood that there will be effective employee retention taking place. Here are some of those job satisfaction factors that one can look into to draw a good plan.
  • Ensure that the environment in which they are working is one that encourages and motivates.
  • Recognition of the work that they do by way of encouraging them as well as in terms of incentives is seen to be a high factor for employee motivation.
  • Satisfactory salary and periodic appraisals is an important factor that lends to employee productivity and is a great employee retention example.
  • Constant innovation and employing of newer trends helps employees to come out from a rut and perform better.
  • Providing opportunities for improvement and recognition is also seen to keep employees happy.
  • Good working conditions that include effective communication opportunities with colleagues and the management, as well as satisfactory ergonomics in the workplace are seen to be motivating factors for employees.
Following all these factors will help an organization draw up employee retention plans. Every company needs to recognize the important role that employees play in the success of the company and therefore, make sure that they have plans prepared to bring employee retention into force.