Do you have some talented employees and you are afraid to lose them? Do you want to learn how to recruit the best and equally retain the best? Then below are two smart employee retention strategies and plan.
Finding good employees is not an easy task and even when you succeed; retaining these good employees becomes your next headache. Retaining good employees is difficult nowadays because employees are people with needs, priorities and lives that may change every once in a while. Today, an employee might not care much about money but tomorrow, it may suddenly become his priority. At present, an employee may be staying in this city. But the next day, he might need to move to another city, thus his need to transfer to a different company in closer location may be needed.
“The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.” – Bill Gates
Secondly, giant companies are constantly in need of skilled, talented and good employees; and since this is quite a herculean task, most of these companies with billions of dollars in revenue have resorted to poaching employees from other companies with promises of better benefits. Now considering all these, you will come to agree with me that small businesses with limited budget are almost at the risk of losing their good employees without forewarning. Now how do you prevent this? How do you make your employees want to stay with you forever? Well, you are going to find out.
How to Retain Employees: 2 Smart Employee Retention Strategies, Plan
You can’t force good employees to stay
There are many variables in an employee’s life and it might hurt your company if one or a couple of employees leave every so often. Some companies make their employees sign a contract saying they could not leave the company for the next few years, otherwise they will have to forfeit some part of their benefits, or they will be made to pay a bond.
But this is not the best way to retain employees. If a company wishes to encourage its employees to stay, forcing them to is not the best idea. Aside from this, it may not be a good idea to retain someone who does not want to be retained. This arrangement could negatively affect that employee’s performance.
Retaining employees is not all about the money
Most companies think it is about the money but it’s really not. It may be a great motivating factor but it will not make a person stay if he already feels the need to leave. Money is something that is very important but it is an attractive factor. However, you must bear it in mind that if a person is not happy working in your company anymore, no amount of reasonable salary can make him stay.
How to retain employees without breaking the bank – The insider secret
Make your employees part of a family
Retaining good employees is about making an employee feel that he belongs to a community; and is part a family. In one of the biggest companies in the United States, the management takes pride in having most of their employees stay in the company for more than a decade. People who get accepted in that company do not resign until they reach the age of retirement. In fact, those who already left found themselves going back after a year or so. The main reason why the employees in that company end up staying for so many years is because they found a family among their colleagues. Being part of something that is meaningful, true and sincere is priceless.
Pay them well and compensate them
It is true that money matters. If you were given an option to choose between an employment that pays $5000 a month and another that pays double, I bet you will go to the latter. But the truth is that there will always be a better offer out there than your company. And when that happens, these employees will surely jump ship. But an employee who has found a home and a family in his place of work will not leave the same for whatever petty reasons. Take for instance Google, a top management of Google recently revealed that the company has an after death compensation plan for employees that work for Google till death. This alone should make you realize how important it is to retain your employees.
Want to still learn how to retain employees? Career growth is another way. Happiness in the corporate world means being able to see yourself growing and climbing the corporate ladder. No matter how big your employees salary are, if they are not growing or moving up, they will eventually lose motivation and desire to continue working for your company.
In conclusion, these are two smart strategies you can use to retain employees you cherish. Implement them today and I will see you at the top.