EMPLOYEE RETENSION Recruiting the right employees and keeping the right employees matters, especially now.

DEFINE Employee retention is a business management term referring to efforts by employers to retain current employees in their workforce. ABSTRACT A lot of people carryout projects and work around retention and employers often spend a lot of time and money thinking up complicated business wide retention schemes. I am a believer that one of the best retention techniques a company can adopt is sitting down with employees once they know they are unhappy or thinking about leaving and being able to discuss the situation over. This gives a clear view of why the employee is making the decision. Talking to staff on a one to one basis provides the opportunity to find out the issues but also resell the business to the employee whose view might have taken a negative turn over their time working at their current employers. It is only human nature to think that the grass is greener on the other side and conducting an exit interview or speaking with the employee before they have decided to leave might make them realise that they are in the best job for them at the current time. The average daily commuting time has dropped to a 10 year low to 47.5 minutes. There are many reasons why the daily commute could have dropped but having employees living closer to their place of work has many benefits for both the business and employee. A lot of the time little decisions and pieces of information often get over looked when people seek new employment. It is important for a solid retention strategy that all areas that could affect the employees decision are identified and investigated. What is RETAINTION all about? R- emunerate competitively E- ncouragement and expectation T- raining and development A- nnual review cycles I- nform and involve N- urture

Employee Retention Techniques

Employees are a valuable asset to any organization. It is essential to protect this vital resource as talented and motivated employees play a crucial role in overall growth and success of the organization. Focusing on employee retention techniques can positively impact the organization as it increases employee productivity, performance, quality of work, profits, and reduces turnover and absenteeism. Effectively creating an engaging environment, recognizing good performance, giving benefits and rewards, promoting mutual respect are some of the ways for effective employee retention. Increase Employee Engagement Effectively implementing employee retention program by increasing employee engagement ensures that the employees are satisfied with their work, take pride in their work, report to duty on time, feel responsible for their job, feel valued for their contributions, and have high job satisfaction. As employees actively focus on their work, it increases the productivity levels in the organization and leads to improvement in several associated areas. Employee engagement ensures that the employees have a clear understanding of their roles and responsibilities in the organization. Increasing employee engagement helps to develop emotional connection, enthusiasm among the employees that promotes teamwork and healthy environment at the workplace. Motivate Employees Motivating employees by offering them better opportunities for career development can help in employee retention. Giving rewards, recognitions, promotions, and appreciation can motivate them to increase their productivity, commitment to work, and loyalty to the organization. They feel that their contributions are valued in the organization. Giving incentives, pay hikes, bonuses can also help to motivate employees. Recognizing their contributions and aspirations motivates them to work productively and increases his confidence that helps in their retention. Focus On Team Building Promoting team culture helps to actively involve all employees in achieving the goals and in overall success of the organization. Promoting team building imbibes a sense of belongingness among them that they are a part of larger goals or objectives of the organization. Team building promotes team work and team effort that help them to tackle work pressure and thus provide a competitive advantage to organization. Focusing on team building activities can help to reduce workplace conflicts between team members as they work in a team. Organizing team building games, seminars, outdoor events help to promote team spirit, unity, and reduce stress. Recognition of Performance Recognition of performance of employees is an effective method of employee retention. Although monetary compensation can act as a motivating factor, openly recognizing the performance, initiative, and good work increases the morale and motivates the employee to work more productively. Appreciating the performance motivates the employee and they

feel valuable within the organization. This helps in employee engagement and to increase the productivity levels. Following effective employee retention techniques help to leverage the most valuable asset, the employees, to achieve growth of the company and increase the bottom line profits. Various employee retention techniques increase the employee productivity levels in the organization leading to reduction in cost per item or services produced.

Select the right people in the first place through behavior-based testing and competency screening. The right person, in the right seat, on the right bus is the starting point. Offer an attractive, competitive, benefits package with components such as life insurance, disability insurance and flexible hours. Provide opportunities for people to share their knowledge via training sessions, presentations, mentoring others and team assignments. Demonstrate respect for employees at all times. Listen to them deeply; use their ideas; never ridicule or shame them. Offer performance feedback and praise good efforts and results. People want to enjoy their work. Make work fun. Engage and employ the special talents of each individual. Enable employees to balance work and life. Allow flexible starting times, core business hours and flexible ending times. (Yes, his son's soccer game is important.) Involve employees in decisions that affect their jobs and the overall direction of the company whenever possible. Recognize excellent performance, and especially, link pay to performance. Base the upside of bonus potential on the success of both the employee and the company and make it limitless within company parameters. (As an example, pay ten percent of corporate profits to employees.) Recognize and celebrate success. Mark their passage as important goals are achieved. Staff adequately so overtime is minimized for those who don't want it and people don't wear themselves out. Nurture and celebrate organization traditions. Have a costume party every Halloween. Run a food collection drive every November. Pick a mmonthly charity to help. Have an annual company dinner at a fancy hotel. Provide opportunities within the company for cross-training and career progression. People like to know that they have room for career movement. Provide the opportunity for career and personal growth through training and education, challengine assignments and more. Communicate goals, roles and responsibilities so people know what is expected and feel like part of the in-crowd. According to research by the Gallup organization, encourage employees to have good, even best, friends, at work.

Conclusion to make your organization one of the few the best organisation, than truly honor and appreciate employees. If you treat your employees wonderfully, you will never lose them.

Study of purchase influencing factors