- Poor retention means leadership problems.
- Affects profitability and goodwill.
- Must be resolved before too late.
Employee Retention matters a lot. A poor retention rate is not only devastating for a business’s goodwill, but also for profitability.
For how long you keep your best teammates with you simply indicate the work culture of your organization. A business with poor retention rate means there are corporate culture problems. From the last few years, companies are tremendously working for making things better. Here-under are a few strategies to retain the best employees.
Welcoming The ‘Fresh on Boats’ In An Appropriate Way
Being an entrepreneur myself, I can say this with my personal experience that giving good treatment from the start fills every new employee with a sense of obligation and loyalty. All you need to make sure, a good treatment on the day one, and rest is assured. By offering them a warm welcome you are actually making them feel at home and this is surely going to positively influence their productivity.
From the very first morning, make sure the new employee finds a computer prepared with passwords and directories, and programs turned on. Put a list of active projects at your fingertips. Try to make him feel like he’s been working here for a long time and let him start right away. This is an awesome strategy to retain the best employees that I have been using from last few years.
ALSO READ – Top Reasons Why Good Employees Quit
After a warm welcome and team introduction, instead of asking him to read administrative documents, it is better to give some real tasks right away. This will make them feel that they are going to be a part of an organization, where productivity matters from the day one.
You can always arrange a welcome cake in the afternoon or before your second tea break. The point is, activities that have nothing to do with productivity must be done later.
Never Ignore The Importance of Safety, Recognition, and Involvement
In order to keep your best employees, you have to meet the three main needs of your workplace – safety, recognition, and involvement. These factors play an important role, when it is about employee retention rate.
Let me explain this to you. The first is the need for safety. People want safety, comfort, and protection from the company or their boss. They want to work with managers they can trust.
The second need is recognition. Never hesitate from praising a good worker/employee. Every employee desires to stand out, to gain recognition, to feel important in the eyes of others. Every time you tell him something that makes the employee feel more important, you satisfy this desire.
And, finally, the most important need is – involvement. Make them feel that they are an essential part of the team. Employees love when you make them feel important. Organize group trips, parties, or meetings.
From time to time, create teams between employees who do not work together for a long time and give them a project. This strategy to retain the best employees always worked for me.
Give Them A Place Where They Feel Good
As an entrepreneur or a manager, your first task is to create excellent working conditions. And, trust me, I am not saying about furniture and fixtures at all. I am taking about removing the feeling of fear. Your duty is to create an environment where people can trust each other and can work happily.
You cannot blame your employees about the office politics or corporate culture problem because it is you who have given them an environment where they are always in a fear and uncertainty.
Personal Attention To Employees
Now, most business owners are not interested in knowing their staff and hearing their grievances. They have managers for that. This is an obvious case when the number of employees is in thousands. But, if you are running an organization, where you can reach every employee, you should do that.
The reason why I am saying this is – before you allocate responsibilities, you need to know who can handle that. You cannot always rely on managers. Sometimes, you need to listen your gut feeling as well. Knowing both positive and negative parts of your employees will help you in arriving at a right decision.
I am saying this with my personal experience; sometimes even an employee from the lower designation can offer you the best advice.
Motivate Your Employees
One of the key management skills is to motivate your employees. If the employee is motivated, he/she will have a higher productivity. Do I need to tell you that success depends on the productivity and productivity increases when you are happy? So, you need to motivate your employee in every possible way.
Sometimes, monetary benefits are the best motivators. Many successful companies use different ways of financial incentives for employees.
Like, if any of our client appreciate a team-member, I honor them on the spot.
You need to know what makes them feel motivated. It could be a bank check, a family vacation, a movie ticket, etc.
ALSO READ – Job Security Is The Biggest Motivator Than Money
Management Structure Reformation
Besides decentralizing the decision-making process, you can do much more to prevent stress. Teach your employees to not worry too much about things that cannot be changed, especially for the “little things” that cause them daily and irritate. You need to have a clear flow chart of authority and responsibilities flow. Instead of making it complicated, make it as clear as possible.