Your employees are both the face and engine of your business. Retaining good employees is critical to any organization’s success.There are ways to increase employee retention rate, meaning significant savings for your company by spending less money on hiring, training and development. We look at ways to Retaining good employees.
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Recognize and appreciate accomplishments – Take the necessary time and effort to recognize and appreciate good work. It doesn’t cost much and raises the morale of the employees. Employees tend to stay longer in firms where they feel useful and valuable.
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Don’t waste time in rewarding achievements – As soon as any employee performs well, give him the appropriate monetary reward and/or salary raise. As a result the good faith employment policies being fair and transparent is bolstered.
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Inform at the onset the career growth plan for every employee – This is a very necessary and important step. This way employees will look forward to a mutually beneficial future with your organization.
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Be clear and ethical in your business’s policies – Employees prefer companies that treat them well and are honest in their dealings. Do not indulge in favoritism or encourage office politics. Honesty and fairness do pay in the long term.
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Provide the necessary resources and infrastructure – This is required if the employee has to deliver results in a timely and efficient manner. Or else he will move to a firm which provides the necessary tools.
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Praise in public and criticize in private – Certain things such as employee grievances and some work related issues are better kept private. This is necessary to preserve the morale of employees. Diplomatically handle employee problems in order to douse them.
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Provide growth opportunities – This could be in the form of performance related promotions, salary raises, learning of new skills or acquiring additional educational qualifications. These opportunities are often a high priority for most employees.
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Provide platform for grievances – No matter how calm the office environment seems there are bound to be disgruntled employees. Provide them with a suggestion/complaints box and tacitly address their problems.
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Obtain periodic feedback from each employee – Ask the employees how their professional and personal lives are faring. Is there any way you could help them? Are they clear about their job responsibilities and future career growth? Is there any issue that is troubling them? Do they have any suggestions to offer?
Following the right kind of HR policies will ensure that your business retains the best of talent longer which eventually contribute to company growth and success. Happy employees lead to happy and prosperous companies.
