His opinions are his own. Employee retention is one of the most important—and most overlooked—facets of running a successful company. Research consistently finds that retaining top talent is essential for maintaining institutional knowledge, high morale, satisfied customersand even sales growth. While the majority of managers assume that employees are most likely to leave a role because of inadequate salaries, the reality is that a number of factors can contribute to employee turnover, including a lack of effective management, a dearth of advancement opportunities, feeling unappreciated, being chronically overworked, and so on.
Employee Retention Strategies Some businesses realize how much employee turnover impacts their organization bottom line. Replacing a key manager may costs the same as buying a new Honda. The question then arises, how can a business survive when the cost of turnover Retention strategy recruitment runs into the millions of dollars each year?
Employee Retention Strategies Employee Reward Program- You can make a provision of Monthly or Quarterly Award depending upon the budget for the best employee, Awarding 2 or 3 best workers each month.
The award can be in terms of gifts or money. Sensing the need to retain talent in a tough market, companies across sectors are tying the performance and fortunes of employees with their own, and are attracting mid to-senior-level employees with a substantial hike in variable pay in comparison to fixed pay, without taking a hit on immediate costs.
A successful reward and recognition program does not have to be complicated or expensive to be effective. This creative way to reward employees has a bigger impact than cash. When someone gets to drive my car for a week, they never forget it.
These rewards shall be considered at the time of appraisal. Flexible working hours- 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 daysa 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. Retaining working mothers to fight talent crunch works: Survey A large section of women employees, especially working mothers, feel more engaged and productive in a supportive and flexible work environment says a survey conducted by TJinsite, research and knowledge arm of TimesJobs.
Employee promotions plays a key role, especially in the public sector and government organisations. As a corrective measure to stop flow of resignations and for employee retention in Defence Research and Development Organisation DRDO in India planned for fast track promotions through performance appraisal of its employees.
Employee Engagement -People may show up for work, but are they engaged and productive? People are more committed and engaged when they can contribute their ideas and suggestions.
This gives them a sense of ownership.20 Customer Retention Strategies The easiest way to grow your customers is not to lose them The average business loses around 20 percent of its customers annually simply by failing to attend to customer relationships.
20 Customer Retention Strategies The easiest way to grow your customers is not to lose them The average business loses around 20 percent of its customers annually simply by failing to attend to customer relationships. Then use that information to strengthen your employee-retention strategies.
— Promote from within whenever possible. And give employees a clear path of advancement. Retention Strategy generally includes a plan for redressing employee grievances and ways and means to address employee issues. Employee Retention strategies followed by the organizations are discussed in detail.
Managing your customer retention rate is an incredibly important part of growing a sustainable business. Before we look at strategies for improving customer retention, let’s raise a few questions and put a critical data point front and center. According to research from Harvard Business School.
Jun 29, · Providing incentives to managers who retain desirable employees is a component in overall retention strategy. Retention Measures Retention measures consist of actions the company is willing to take to keep certain employees.