Employees are the backbone of all every institution around the globe. An Employee is not only a worker but a free brand ambassador of the firm. Every organization aims at keeping a talented person with them for long term benefits of the firm and turn it into a leading and developing company in the market. HR needs to work day and night for recruiting the right talent. After spending time and effort in the hefty recruitment process, an ideal employee is hired. However, the task isn’t over yet. The compensation management process begins from here. The HR department of the companies has to devise a few techniques in the form of compensation and benefits (C & B) or salary benchmarking to prevent an employee from leaving in search of better job prospect. Nowadays you can find many books, and exit interviews of the employers have been conducted to find the most cost-effective employee compensation to retain their unique talents and provide them with job satisfaction. Retirement plans, vacation benefits, future security, bonus, and total rewards are a few things offered by the employer in the form of employee retention scheme. These terms are high on the list of why great employees took the job, but these are reasons aren’t enough to keep them in your employ for the long term.Salary is the most important factor which leads to job satisfaction and hence increases the employee retention rate. The main aim of human resource management is to advance flexibility, innovation, and competitive advantage of the employee to retain them in an organization. This will develop a fit and healthy purpose organizational culture & improve business performance as well.According to studies conducted, it is evident that employee seek out for new jobs when they feel undervalued and unappreciated. The employer should know the fact that their employees need to think that their contributions to the business are essential. However, the given feedback and praise must be sincere and honest. Top talented employees are smart enough to know the difference between sincere appreciation and platitudes. Please read further to find a few employee retention strategies.
Are you rewarding your employees?
To retain the employee, check that do the employees are getting the rewards of their good work from their employer. This will help the company to keep its talent with us.
Don’t be too cynical
Constructive feedback is necessary, even if it is negative, but regular criticism will take down even the most active employee also. To keep your employees happy and motivated, aim to be positive and lead by example.
One should also need to study the future, as impossible as it might sound. Using a management HR technology like PPP— Progress, Plans, Problems—helps to be aware of your team’s plans.
Are you set clear objectives and goals?
It is difficult for the employees to give their best if the task was given to them or the goal changes more often than they change their shirts. An employer should communicate their expectations clearly and set explicit goals.
Allow the star employees to explore opportunities inside the company to learn something new, such as joining seminars, or picking up another skill.
Let the employees know what going on in the company and how their work impacts the customers.An employer should maintain a friendly and healthy work environment along with transparency. It is the best thing which will help the employees to share the views, and they feel free to work with the organization, and they will be keen on providing the quality work and see the bright future in the firm.
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