10 Effective Employee Retention Strategies.

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Employee Retention Strategy: 10 Ways to Improve Employee Retention.

Introduction.

Do you have talented employees and are you afraid of losing them? Do you want to learn how to recruit the best and at the same time keep the best? Below are smart employee retention strategies and plans.

 Finding good employees is not an easy task and even when you succeed; keeping these good employees becomes your next headache. Keeping good employees is difficult nowadays because employees are people with needs, priorities, and lives that can change from time to time. Today, an employee may not worry much about money, but tomorrow it may suddenly become their priority. At the moment, an employee could remain in this city. But the next day, you may need to move to another city, so you may need your need to move to another company in a closer location.

“ Increase in the years to come. Companies that offer more flexibility to their employees will have the advantage in this area. “- Bill Gates 

Second, giant companies constantly need skilled, talented, and good employees; and because this is a rather difficult task, most of these companies with billions of dollars in revenue have resorted to poaching employees of other companies with promises of better benefits. Considering all of this now, you will come to agree with me that small businesses on a tight budget are almost at risk of losing their good employees without warning. Now how can you prevent it? How do you make your employees want to be with you forever? Well, you'll find out.

1. You can't force good employees to stay.

There are many variables in an employee's life and it could hurt your business if one or a couple of employees leave every so often. Some companies force their employees to sign a contract saying they can't leave the company for the next few years or else they will have to reject a portion of their benefits, or they will have to pay a bond.

 But that's not the best way to keep employees - if a company wants to encourage their employees to stay, forcing them to stay isn't the best idea. Aside from that, it might not be a good idea to hold back someone who doesn't want to be held back. This agreement could adversely affect that employee's performance.

2. Keeping employees is not just about money.
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Most companies think it's about the money but they're not. It can be a great motivating factor, but it won't make a person stay if they already feel the need to leave. Money is something very important, but it is an interesting factor. However, you need to keep in mind that if a person is no longer happy working in your company, no reasonable amount of salary can keep him or her staying.

3.  Make your employees part of a family.

Keeping good employees means making an employee feel that they belong to a community, and is part of a family. At one of the largest companies in the United States, management prides itself on having the majority of its employees in the company for more than a decade. People who are accepted into that company do not resign until they reach retirement age. In fact, those who had already left found themselves returning after about a year. The main reason that employees of that company end up staying for so many years is that they found a family among their colleagues. Being part of something meaningful, true and sincere is priceless.

4. Pay them well and compensate them.

It is true that money matters. If you've been given the choice between one occupation that pays $ 5000 a month and another that pays double, I bet you'll go to the latter. But the truth is, there will always be a better offer from your company. And when that happens, these employees will definitely jump ship. But an employee who has found a home and family in his workplace will not leave the same for any insignificant reason. Take Google, for example, a top management at Google recently revealed that the company has a post-death compensation plan for employees who work for Google until death. This alone should make you realize how important it is to keep your employees.

5. Operative model.

To keep up with the market, always have a strategy and a talent acquisition plan in real-time. Think about what your operating model is, how your structure aligns with it, and where the critical roles in your business are, including areas of vulnerability where it is difficult to attract talent. It is important to have a plan for what kind of talent you are trying to attract at each level within the company. Think about the mix of skills needed at different levels, across functional areas of the organization, and with the right proportion of industry experience to match your customer base.

6.  Target performance management.

From paper-based approaches to online systems and fully integrated talent management approaches, there are multiple options available for companies to measure performance. It is especially important for small businesses to link the strategy to the performance plan and target some key performance indicators. Focus on innovation. Pay attention to the behavioral side of the performance in addition to the financial and tangible aspects.

7.  Identify the talents.

The bottom line is that small businesses need to be more selective about where they invest their money. Recruiters need to identify critical roles and develop talent paths and succession plans. Automate what can be automated and focus your development investments on your critical roles and employees to ensure you're getting the most out of limited budgets and human resource capabilities.

8.  Share the success.

Concepts such as crowdfunding have enabled consumers around the world to simultaneously create an environment where employees can be much more demanding than previous generations. Currently, most employees belong to an increasingly curious and aware generation that has more likelihood of being genuinely interested in the organization rather than a flat, inflated salary. 

Whether it is cash or equity, employee rewards must be in line with the financial success of the company as a whole. This way, you make sure everyone involved in the company feels like they've been involved in a truly worthwhile project.

9.  Recognition on social networks.

Today everyone is on social networks. So, a very clever way to appreciate your employees is to post a recognition post on social networks where their friends, families, and acquaintances can see it and be proud of them. You can create a page on Facebook or any other social network of choice and then use it to display pictures and brief comments on deserving employees. The good thing about this method is that other people can actually add their comments, further increasing the effectiveness of the program.

10. Self-chosen awards.

Many employers make this mistake: They buy gifts and design reward programs without really considering what employees would really like or like. A gift is most appreciated when it satisfies a need or desire, so you need to design a system where deserving employees can actually choose their gifts. To avoid overspending, you can limit the value or cost of the gift to a specific amount.

Employee recognition programs don't have to be expensive. You will be surprised that even the little things would mean a lot to your employees. A very good and inexpensive way to reward your employee is through gift cards. Not only would they appreciate the gesture, but they would also appreciate being able to independently select their gifts.









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