Tips to Increase Employee Retention

Employee retention has become one of the most concerned topics these days and  switching jobs has become very common these days, sometimes  by wish and sometimes because of dissatisfaction.The attrition rate at most of the companies irrespective of the size of organization is peaking and it is a big reason to worry. Here are a few tips on how you can work on employee retention, while some may be familiar, some would be new. Nevertheless, the goal is to inspire long term loyalty from your best employees.

Hire the best talent: The best way to retain employees starts with the hiring itself. While hiring the employees, define the role clearly to the candidate and make all the possible efforts to know that the potential candidate fits into the culture of your organization or not. This would prevent you from making a bad decision that you may regret afterwards.

Fire the ones who don’t fit:  It is a truth that no boss wants to fire his or her employees, but sometimes it becomes mandatory to do the same in good health of your company. Certain employees don’t fit in the culture of your organization and its always better to cut loose those employees. If an employee is a bad fit for your culture, he or she would cause damage that would be difficult to mend.

Provide good compensation and other benefits: Remuneration is one of the prime reason why most employees switch jobs. Therefore, ensure that you offer them fair going wage for their work and in addition to this, you should also offer them other competitive benefits from time to time. Good remunerations and other privileges make employees stick to one organization for a long time. 

Reward employees who excel: Show your employees that are valued and appreciate them by offering them recognition to celebrate their success and their efforts. Praise your employees with tangible gifts and in turn you would be rewarded with their loyalty.

Be flexible: Allowing flexibility to your employees in working hours is the key to retain them with your organization. Enough has already been spoken and read about work- life balance and its high time that it should be taken seriously. Give your employees relaxation in working hours such as; allow them to leave early as and when required, don’t be staunch with shifts and rather focus on productivity.

Bring happiness to the organization: Happiness is the oxygen of any organization. If the employees are happy, then automatically the output would be great and vice versa. Many startups today keep this on their priority and they make all the possible efforts to inculcate happiness among the organization. As I have already mentioned, happy employees deliver extraordinary results.

Make opportunities for development and growth: Employees pay a lot of heed to growth opportunities and it has been witnessed that today employees value growth more than money and it is totally upto you to provide your employees the best opportunities that would let them to stay with you. 

Include your team in your vision & mission: Along with growth opportunities and happiness there is one more thing that you need to develop in your employees. That thing is, make them the part of your vision. Share your business plans with them and ask them for the inputs as well. Make your employees that they are part of your goal and they would play an important role in the journey to success.