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| Home >Jobs > Employee Retention |
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Nowadays, people are getting smarter. With various options available to them they can shift their jobs very easily. The employee turnover rate is increasing. Thus, the employers are always worried about retaining their valuable employees. Human resource is the most vital resource for any organization. Organizations should practice the human resource management principles of motivation, performance appraisal, training, rewards, etc. to retain their valuable employees.
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Efficient Recruiting
Organizations must select committed human resource. They can go for psychometric tests such as personality tests, ability tests, etc to know more about the candidate. These tests will help the recruiters to judge the candidate as an individual and his/her personality traits that are likely to affect the job behaviours. The recruiters should select candidates who are really interested in joining the organization. This can help the organization reduce the employee turnover.
Compensation Package
Employees join or leave the organization for a good salary package. Organizations should offer a handsome competitive salary package keeping in mind the industry standards. The employees may be given other benefits, such as medical reimbursements, insurance coverage, travel allowances, mobile allowances, company’s vehicle, company’s accommodation, etc.
Training & Development
Employees should be provided with training whenever necessary. This can be on-job training, a coaching or mentoring. They should be given opportunities to develop themselves in the organization. For example, some organizations collaborate with institutes/universities to offer on-line courses, degrees and diplomas to their employees.
Performance Appraisal
Organizations should keep a track of employees’ performance. There should be a standardized process for measuring employees’ performance and providing them the feedback. For the purpose, human resource management practices such as 360° feedback etc. can be implemented. The feedback provided to employees helps them carry out self-evaluation and gives them a clear picture of their value to the organization.
Rewards
Employees who perform well should be rewarded. The appreciation can be in any form, monetary or non-monetary. Managers can appreciate their performance orally or in writing. Their salary can be increased; they may be provided incentives; they may be promoted. If the employees are developing themselves well in the organization in all respects (social status, knowledge, compensation packages, etc.) then they will not be leaving the organization without any serious cause for complaint.
Social Treatment
Employers should treat the employees, as they would want themselves to be treated. They should give credit to the employees wherever desired . All the objectives and outcomes should be clearly explained to employees.
Authority & Delegation
The employees may be empowered and given authority to take their decisions themselves. The level of control depends on the nature of work, organizational policies, etc. Usually managers do not want to delegate the authority to their subordinates, but at times it becomes very difficult for the employee to work without the authority to take decisions on their own.
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