Wednesday, March 8, 2017

What Should Employers Do to Retain Competent Employees

In the present-day context, employee attrition has become a major problem. Companies are finding it difficult to retain their employees. Especially, when employees, who belong to the creamy layer and who have demonstrated and proved their competence, quit a company, it may be a huge set-back for the company. They may find it difficult to recruit a suitable replacement. 

Companies should realize that this problem can worsen because the number of employees who are hopping jobs is on the increase. This also means that companies should take suitable measures for retaining competent employees. One of the vital measures they must take is to help these employees in their career growth efforts. Let us see how they can do this.

1. Increased monetary benefits may not help always 

As an employer, you must understand that increased remuneration alone will not prevent employees from quitting. Nowadays, many employees want to learn and grow. A study reveals that 75% of those employees who are enthusiastic about their career growth look for learning opportunities. The only caveat is they want to learn at their own pace.

If you do not make such opportunities available to them, they may be reluctant to engage themselves fully in your company's affairs. If this disenchantment is allowed to grow, they may decide to quit your company soon. So, you should constantly keep reviewing the learning opportunities available in your company so these employees will understand that you value their aspirations and are ready to help them in achieving their goals. 

2. Creating a two-way path

Many organizations commit the mistake of discussing the career goals of their employees only when the annual ritual of reviewing their performance is conducted. In fact, many employers do not discuss the career goals of their employees at all but they just assess their performance during these annual sessions. In other words, employers are oblivious of the fact that circumstances keep changing constantly and not just once a year. This means the goals of the employees may also undergo changes often. That is the reason you, as an employer, should create a two-way path so you can have ongoing discussions with your employees. Such an ongoing arrangement for communication will help you keep track of their career goals and also in checking their progress.

You must also guide your employees suitably so their career goals are in complete synergy with the goals of the company. This means when an employee achieves his career goal, your company will benefit also. 

3. Be ready to invest in inclusive and holistic development

This means you must not only help in the professional development of your employees but in their personal development as well. For example, some of your employees may be interested in reading and updating their knowledge. You can create a budget for setting up a library so you can fulfill the desire of such employees. Similarly, there may be employees who may be interested in fitness and so, you can put in place a well-equipped gym for fulfilling their desire. This approach may also help in retaining employees.

4. Recognize and motivate

Never fail to acknowledge and recognize the unique achievements of your employees. Remember that no achievement is trivial. Recognition at the workplace will go a long way in motivating them. Apart from appreciating them verbally, you must make it a point to offer perks they are interested in.

When employees realize that you are interested in helping them grow intheir career, they may willingly stay with your company for a long, long time.

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