Organizations work hard to make it big. They struggle so hard to make sure that their business plan is working out. They cover different aspects with a strong business plan. One of them includes employee retention. This may not sound like a very strong tool for the success of the business but the truth is it is a very important one.
Employees are the one’s keep your organization going. As an organization, it becomes your duty to ensure that the employees are enjoying their work. You have to ensure that to the employees the work is more than just the salary that makes them stick around.
Employee retention plans are essential to make sure the employees are there with the organization.
The plans must include the following:
Reward the Employees: Any employee would love to be appreciated for the service they provide. The organization can make a provision of a quarterly award for the best employee. This could consist of awards for different profiles. Depending upon the budget they can also dedicate an award for employee of the month. This gives a boost and motivates the employees to work harder and push them to achieve larger goals. Also, these rewards if in cash or kind should be given with a delay to make sure that the employee sticks around for the same.
Career Development Counseling: Every employee is tensed about their future and career. As an organization, you can deliver certain business beneficial sessions to straighten their thought. They could also be given knowledge by having a course set up which is beneficial for the organization and of the interest of the employees. This expense should be taken up by the organization, provided they score a certain amount of a percentage during the entrance test. The course must have limited seats. The organisation can ask them to sign an agreement of sticking with the company for a number of years. This will retain the employee from leaving the organization. This will enhance the employees trust in the organization and will also increase their knowledge. Eventually, it would result in employees trusting and sticking around with the organization.
Power Their Performance: An employee would love to have an extra chunk by the end of the month or so, the organization can set up bonus targets to boost the employees to work harder for the goals set by the company. The organization must make sure that this bonus must be planned out well and not burden the company’s pockets. This eventually will lead to higher employee engagement and may deliver a good response on the company’s growth chart.
Work with a Friend: Organization can shell out an amount for those employees refer the company to their friends. It means if a person joins the company through an employee’s reference, the employee will be granted a certain monetary bonuses. This helps in reducing cost while scouting and also encourages the employees to get more and more employees for more bonuses. The employee could be given the referral bonus at end of 6 months, to ensure he sticks around while the money is on hold. Loyalty Bonus
Organizations can discuss loyalty bonus plan with its employees. If the employee serves the company for a certain number of years, then, he is entitled for a loyalty bonus (a good amount). This encourages the employee to be within the company, to reap the benefits. It can be in the form of money or position This can be in the form of Money or Position.
Availability of Managers: Most employees quit because of their bosses. The relation is a vulnerable one. If this relationship is nurtured, then the employee wouldn’t mind being a part of the organization regardless. It also means the managers must be available for doubt clarification and must encourage the employees. The building of a good team is the key to employee retention.
“A bargain ain’t a bargain unless it’s something you need.”
Maureen O’Connell, Scholastic.