Facing Challenges In Employee Retention

 

Syed Saad Alam
Human Resource Generalist – INGENIOUSTRIBE Global Solutions

 

 

What is employee retention?

Employee retention is the ability of an organization to keep its employee on board for a longer period of time.

Why is employee retention important?

Employee retention is important because it reduces organization’s:

  1. Hiring Cost
  2. Time to hire candidate
  3. Training Cost
  4. Employee Absenteeism
  5. Employee Grievance
  6. Turnover

In turn, it increases organization’s:

  1. Profitability
  2. Productivity
  3. Customer Satisfaction
  4. Employee Satisfaction

Important Factors in Employee Retention

Hire right people:

The first step in employee retention is to hire right people so interview them not only on the basis of skills, education and experience but also on their compatibility with the Company’s culture because the concept of employees’ retention nowadays has become wider in terms of organization’s environment, culture and employee behavior.

Give benefits & Salary which are market & skill compatible

The next step is to give the salary that is matching with expertise of the candidate and also with the market so that the employees do not feel that they are deprived of the facility as compared to other organizations which is fundamental policy of retention.

Provide an exceptional First Week Experience:

Demonstrate all the policies and procedures to the employees regarding following

  • Human Resources Policies & Procedures
  • Detailed Job Description
  • Introduction with each department to reduce the feeling of being strange
  • Provide counselling and ask them that whether they are comfortable with the environment, culture and behavior of their team mates
  • Company’s Organogram
  • Departmental Organogram

Set Goals:

Provide clear vision, mission and values of your company to the employees and create a sense of trust to make them feel that they have to play a major role in accomplishments of company’s goals. Employees are the best assets, if they are happy and satisfied with their job it will reflect in their behavior & job performance.

Welcome Suggestions:

Always try to push the employees for the propositions. Once shared it must be implemented timely and if they are rejected for any certain reason give them feedback. If any advice may not go in favor of the organization don’t make them feel guilty just tell them, they would try to come with more improved ideas.