It’s no secret to our regular readers that employee retention is one of the primary factors – and one that is often overlooked to a large degree – in maintaining a competitive and thriving business, but once your HR department has been through the process of hiring and training your staff in order to get the best out of them, how do you then keep them happy and avoid losing them to your competitors? In a developing market such as ours, and one that is quickly picking up pace in terms of economic expansion, demand for your brightest talents is going to be high – whether you like it or not – so it’s time to focus at least some of your efforts on providing the required incentives to keep them onboard. So what are the keys to keeping your talent?
‘Center of Attention’
A company that is ruled by someone who wants to create a system in which orders from management must be followed without the opportunity for feedback and development, and essentially create an army of corporate, faceless robots, is never going to be that attractive to potential employees, and once those already on staff become aware of such a system, it’s inevitable that they will eventually want to jump ship – often at the first possible opportunity. Instead, when the working environment is centered on the employees themselves, not to mention their desires and their requirements, then they will not only feel valued, but they will also develop a deeper sense of loyalty to what will undoubtedly become another ‘family’ for them.
Flexible working hours, increased time off/benefits for excellent performance, perks such as parking privileges and office lunches – while remaining sufficiently enough within the corporate structure so as to allow the task at hand to remain the focus – can work wonders in keeping your team happy, motivated, and productive. Employee of the Month awards, travel expenses, and other such benefits also provide additional motivation for employees while simultaneously creating an environment in which they actually want to work.
Potential for Growth
Practically nobody wants to be in what they would consider a dead-end job, and without the potential for advancement, that’s exactly what they’ve been presented with. In this same area, the ability to realize one’s abilities (and have them recognized) is also a major factor in employee retention – after all, who wants to be in a dead-end job and have their talents go unnoticed?
When it comes to growth, this can be either in the form of a promotion, a raise, increased responsibilities, or all of the above. This can also include, however, opportunities for self-growth in ways that provide training to enhance their current abilities, membership to associations, participation in conferences and seminars, and the list goes on.
If you demonstrate that you are invested in the employee’s future – both personally and professionally, as people and as prized assets to the company – the loyalty that you will get back in return is virtually priceless.
Lead by Example
As the head of any firm, no matter how large or small, leading the team effectively is perhaps the most important thing any employer can do. Aside from wanting to know that they are working for someone who is competent and qualified to lead them, it gives them a sense of being a part of something that is moving forward and which will allow them to achieve whatever goals they may have set for themselves.
Conversely, working for a boss that comes off as incapable, lazy, inept, or any other attribute that would be deemed ‘undesirable’, will have the opposite effect, and any capable and driven employees will soon be seeking a way out of the door as soon as possible.
Effective and friendly communication, a keen sense of motivation, implementing and overseeing HR hiring practices with regards to finding the right department managers/supervisors, and a strong visual presence in front of the workforce can be incredibly beneficial when it comes to keeping the best available people in your industry.
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