Employee Retention Strategies

employee retention strategiesThere are two main problems concerning human resources today. The first one is the unemployment rate which causes grossly underqualified people to apply to your company and the second is employee retention. For business owners, retaining your best employees may pose as a challenge.

Entrepreneurs know how competitive hiring is in the business sector and the fear of employees jumping the fence to join a competitor is more palpable now more than ever. It is hard to find good employees but it is even harder to promote company loyalty. Once you find top quality people to work for you, you have to ensure that you can keep them because retaining quality employees is one of the keys to ensure the growth of your business.

Here are some tips on what you can do to keep the best employees under your wing:

1. Give compensation where it is due. Not all employees are all about the money. You have to be fair in giving out compensation but you also need to ensure that you are within your budget. If your employee deserves a raise because of their performance and you can see that you are well within budget even after you’ve given the raise, then do so. Giving your employees fair pay makes them feel that their contributions to the company are being appreciated which in turn would make them more committed to the company.

2. Enforce an open desk policy. You need to make your employees feel that what they have to say is important because it really is. Whether they need to air a grudge or would offer you some suggestions for the betterment of the company, you need to hear them out. Some of the best ideas come from employees themselves since they are already familiar with the ropes of the business.

3. Provide growth opportunities. The most common reason for employees leaving jobs they have had for the longest time is because of dissatisfaction when it comes to growth opportunities. Do not impede the growth of your employees just because they’re already doing a great job where they are. You need to implement seminars and conferences which would promote self-development. You also need to constantly give challenges to your employees by way of giving them new responsibilities every now and then. This would help your employees acquire new skill sets, make them feel good about themselves and eliminate boredom and monotony in the workplace.

4. Be a flexible and transparent employer. You have to realize the importance of having a work-life balance. You might be a workaholic who needs to work 24 hours a day, 7 days a week for you to be productive, leaving little time for your personal life. While that might work for you, you cannot expect the same from your employees. If needed, you have to let them take some time off for a well-deserved vacation or other situations which needs a little understanding on your part. Do not begrudge your best employees of the time they need for themselves. This would help solve unease and stress in the workplace.

These tips are only meant to be a guide of what you can do to help foster loyalty. Whichever method or tactic you may take you need to remember one very important aspect: always lead with your heart.

3 Comments Employee Retention Strategies

  1. Mark

    These are excellent strategies, Amanda. Thanks for sharing them. The nonprofit I work for runs an annual Top Small Company Workplaces recognition award, and your readers may be interested some of the top retention strategies we uncovered from our 2010 winners of this award. I wrote about them in July on our blog: http://bit.ly/d8auP4 There’s notably a good deal of overlap between what you shared and what we learned from our winners’ award applications. Thanks.

    Reply
  2. mark allen roberts

    Enjoyed your post

    Market leaders are focused on keeping those team members that add value.

    One way I have helped teams get fired up, regardless of the economy, is to help them create a “passion statement “as I discuss in my blog http://nosmokeandmirrors.wordpress.com/2010/05/26/do-i-need-a-passion-statement-for-my-business-take-the-short-quiz%e2%80%a6/ where I discuss what I look for to see if a business needs a passion statement.

    Create a passion statement today!

    Mark Allen Roberts

    Reply

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