The capacity of a business group to keep their workers from resigning is called employee retention. Failure to implement effective retention programs often leads to the company losing money; it is cheaper to maintain an employee than to look for a replacement.
Methods for retention are numerous and vary greatly. Depending on the specific kind of employee problem a company is experiencing, these methods could be mixed together or be adjusted. Employee retention programs are not “one size fits all,” but they are effective if implemented wisely. Viable programs include the following:
This would involve making true leaders out of those who already carry or are going to be given the title. It might come as surprising that there would be a need for such. Presumably, a leader would be selected based on his or her previously observed leadership qualities.
That isn’t always true however. Sometimes, leaders are made out of top performers, and being a good worker does not always translate into being a good leader. Sometimes too, even those already in position require training or retraining in order to keep them in top leadership shape and continue to arouse respect and loyalty from their subordinates.
Making exemplars out of the team leaders or managers would decrease the chance that an employee opts to leave because his or her leader did not inspire confidence.
Assimilation and on-boarding
In this employee retention method, each new employee would be swiftly and competently brought into the fold of the company. Again, it seems silly given that the workplace is populated by grownups, but complexes like “new kid on the block” may still operate now and again, and that could prove detrimental to the hoped-for longevity of the new employee in the company.
It is important that new hires find their footing within the first seven to ten days of work. It is also imperative that the impression they make of the company during this time is favorable, as that could also set the tone for how he or she would think of the company, in particular: should he or she stay working there for a long time or should he or she quit at the earliest opportunity?
Female employee concerns
It would be worthwhile for companies to develop employee retention programs for specific female concerns. These should be tailor-made for the females in your workforce.
Society and women’s role in it is evolving—it started in the Second World War and at the present, we are nowhere near the end of this evolution. This means that the power and contributions of women in the workforce hasn’t reached its peak yet. As such, it would be in the best interest of corporations to maintain good working relations with their female employees.
Since it is still a reality that married women, even while also working, are the ones in charge of running their households, retention programs that could make this dual responsibility possible for top performing females to shoulder must be developed and rigorously implemented.
Regardless of gender or performance, this method for employee retention should be extended to every employee. Majority of the people who get a position in a company have career advancements in their minds—unless there is more than adequate monetary compensation involved, no one wants to remain in the same position years after they’ve been hired.
Taking note of your employees’ career aspirations early on and then doing your part in helping them achieve it—or at the very least, not actively hindering them from working towards it—could lead to greater satisfaction in the company and lesser chance for employee turnover.