Just imagine, an important project is running under your command with a pool of talents. Then you got the news that one of them has resigned.
This is like a nightmare, right?
Because you know if anything happens like this, it might cause chaos in the project.
Then you have to get a replacement real soon. The replacement you find will also take time to understand the project. Any delay in the project delivery harms yours and the company’s image.
A hunt for replacement costs 33% of the annual pay of an employee. (Source)
This is why every organization knows how important it is to retain the best talents of your organization. It is not just affecting the project but also leaves an impact on other employees.
In this article, you’ll find some ways that will help you to retain your employees.
1. The Leap of Faith
Mutual trust is one of those factors that play a vital role in connecting your employees with you. The confidence you show towards your employees gives them a challenge and helps them grow.
It’s like providing them opportunities from which they can learn a lot. As you increase responsibility, they try their best to prove them and with the right time give them a generous promotion to prove that.
2. Money Has its Own Language
Of course, a good salary is important for anyone working for you. With attractive compensation, you can attract talent, but retaining it is a whole different story.
Try to provide them bonuses or rewards for completing projects or some particular task. Some organizations also provide health benefits and retirement plans too. It shows that you care for your employees.
3. Perks of Being an Employee
Every employee expects something from their employers. They are not working to make money. Moral and values are also important. To build these morals and employees, you need to show that to care for them. Whether you are providing occasional lunches, or free snacks and coffee.
Besides just salary, you have to show them that there is a lot more here for them. Some basic things are working hours, paid leaves, sick leaves, coupons, or whatever fits you and your organization’s code. It shows that you care for them even after office hours.
4. The Perfect Balance
Work and life need to be in perfect harmony. It is the organization that initiated the balance here. Some organizations run for a total of 9 to 10 hours with a 6 days week policy. That’s a nightmare for an employee.
If an employee finds an opportunity on the same package but is now getting 5 day weeks and 8-9 hours of job, then he will go for it.
They also want ‘Me Time.’ This balance makes employees satisfied with the job and more productive too. Also, you can discuss policy with employees too. It eliminates any kind of ambiguity.
5. Awards and Recognitions
Everybody loves appreciation for the effort they have put into their work. A survey has shown that 1 out of 3 employees are not happy because they didn’t get recognition for their efforts.
This appreciation and employee recognition can be done monthly, quarterly, or yearly. It increases competitive behavior among employees. It makes them put more effort into their work.
Try to keep all of them happy, like if someone got an award in Q1, he or she would not get for rest quarters. But he or she is eligible for the Employee of the year award.
Try to do this the way it fits your organization. But remember, think about the employees first, here.
These are some of those ways that help you in retaining your talents. Employee retention not just increases the potential of employees but also helps you with your organizational growth.
Keep checking your retention strategies. Keep it updated with the current scenario. Keep a frequent check on your employees’ mental state. Try to find a relevant employee engagement tool to build a positive culture at the workplace.