How to keep your best staff stick to your organization

The most crucial factor that most organizations are facing today is high turnover rate. Why employees are always in surge of better opportunities? What are the factors that are causing lower retention rate? In this article, we will discuss the reasons and ways to retain your best employees for longer period.

It’s a game of both sides. In higher turnover, either one or both the parties are involved directly or indirectly. From employees perspective there may be following reasons to leave the job:

• Employees may be over ambitious
• They are not entitled with right goals as per their expertise and skills
• They might be overburdened with work
• They might surge for better career opportunities
• They might not be satisfied with their current compensation and benefits package
• They might want to go abroad for better opportunities or
• There are some other reasons that disintegrate employees and increase turn over

On the other hand, from employer’s side certain issues or unplanned policies or neglected behavior may cause employees to leave their organization. Employers have to look at their companies policies beforehand so that they should know where they are lacking behind. According to an article published on The Wall Street Journal on Employee Retention it is said, “High employee turnover costs business owners in time and productivity.”

Therefore, employers have to see what are the causes for spontaneously increasing turnover rate? Some of the reasons for your review are listed below:

• No Career Path for employees
• Improper policy for employee retention, promotion, transfer and demotion
• Inadequate working environment
• Inadequate Salaries (Compensation and Benefits Plan)
• Poorly designed employee goals, tasks, duties and responsibilities
• Shortage of training and development program
• High Competition- as competitors might be offering high compensation packages
• Ineffective communication channels and
• Other reasons depending on industry and other factors

Now the main question arises is how to retain employees for longer period of time? In an article published on Harvard Business Review they have mentioned five steps for employee retention that are: Responsibility, Respect, Revenue Sharing, Reward and Relaxation time.
In another article by Forbes, they have mentioned four retention steps: Align talent with goals, improve communication, reward your best people and find a better motivator than money.
In distinct articles you will find different ways of retention. However, in this article we will discuss some mot significant ways to retain your best employees.

1. Set Career Paths and Convey to your Employees

The foremost point of employee retention is their career path. Organizations who have designed proper career paths for every position have higher retention rate. Employees who know their career directions or paths and are effectively communicated by Human Resource Manager at the time of hiring have high expectations and are satisfied with their growth.
These career paths awake hope among best employees and they know the hierarchies where they can move forward. Such employees are intrinsically motivated. Employees without career direction are disengaged in their work related activities. This further lower their morale and they lose hope. Instead, they spend more time in searching for a new job.

2. Goal Setting

High potential employees are more focused. If your company has set and provided employee goals that keep your employees engaged positively then your business productivity will increase. Best employees always want to work in their best possible manner so that healthy results would be generated. If your employee is not having proper work than obviously it will demotivate him/her and it would result in job leaving. Effective goals’ setting is necessary for both your organization and best employees’ retention.

3. Create Trust

Being an employer you should create trust among your employees by effective communication, respect, delegating authorities, and reward and recognition. It will result in employees intrinsic and extrinsic motivation. Reward doesn’t mean money all the time; you can appreciate your employees’ efforts via memorandum, certificate of appreciation or from a gratitude speech. Bonuses, perks and other benefits also add value to it. Allocating vacations with family also help them in maintaining work life balance.

The more you will create trust among both the parties, more the risk of losing them reduces. Trust will strengthen your company’s bound with your employees. So work on it so that you can take benefit from it in longer terms.

According to an article published on Forbes, it is stated that employers should help their employees in understanding their own goals and contributing to the company strategy in a meaningful way. This line of sight will nurture greater engagement among employees and company.

In short, if company communicates its goals and objectives to its employees effectively, entitled them proper assignments, provide clear growth opportunities plan and proper relaxation time. Then, employees’ retention rate will increase. Engage your employees directly, keep them involved, show them career path and make them happy so that they not only increase productivity but also generate healthy returns for your business.