It costs too much to recruit, hire, train and develop new staff. Retaining the best and the brightest is worth your time and resources. Excellent retention strategies can also demonstrate your organization’s care and concern for its loyal people and can increase your productivity.
We compiled this top 10 list from interviews with top-level executives and successful HR managers. I hope you can find some strategies worth trying in your organization.
Treat your employees as you treat your most valuable customers. It is cheaper to retain your good employees than to hire and train new ones. Your top 20-25% should be courted as you would your top customers.
Get your employees to “fall in love” with your organization. Communicate your vision in a compelling way. Show everyone their role in contributing to this vision. Create opportunities for people to connect with each other to support each other and improve communication in work teams.
Strong retention strategies turn into strong hiring benefits.
Retention is much more effective when the right person is placed in the right job. Get to know the job! Get to know the employee and their motivations.
Money is important, but it is not the only reason people stay with an organization. If your compensation plan is in the top 20-30% of your industry, then money will often not be the reason people leave.
Employee committees to help develop retention strategies is a very effective strategy. Get your opinion! Ask, what do people like about working here? What would you like to change to make your company a better place to work?
Leadership must be deeply invested in retention. Management must be adept at communicating company policies in a way that creates “buy-in” from its staff and be open to employee input. Help create “ownership” in your employees.
Recognition, in many ways, is a powerful retention strategy. It doesn’t have to cost a lot. US Department of Labor – 46% of people quit their jobs because they feel underappreciated.
Remember, the “fun factor” is very important to many employees.
Learn about the trends in benefits packages. Do your best to provide the ones your employees need. Consider offering the best of the rest.
If you have great strategies that have not been included in this list, please contact me so I can update this list. Find more information in this article about withholding in [http://www.dstress.com/RetentionArt.htm]
Thanks in advance.
