A successful organization is one that aims at retaining its top employees. Key employee retention is good for a company’s success and long-term health. This is because it is your best employees who help the company achieve and exceed its product sales and customer satisfaction.
If supervisors can allude to these facts, then why do they at times act in such a manner, which more often encourages good employees to put down their papers? Retention of good employees does matter to the organization as a whole. This is because organizational issues such as fresh resource search, training time, lost knowledge, bonding between the old team members and the new employee, trust between the team members, new employee loyalty, etc., takes a lot of time and is definitely a costly affair, when compared to finding suitable methods in retaining good employee/s. Studies indicate that losing a senior executive is quite costly for a company, while losing a mid-level manager is a very expensive for the organization and may cost a full 100% of the mid-level manager’s monthly payout.
Retention of good employees is primarily important for the health of the organization and its success in the market. The reason being, once you start losing important members of the staff, you are likely to see a trend of other employees from the same department looking out for other options as well. The Human Resources staff when conducting the exit interview of the departing employee, can collects valuable information. They can find out the reasons he/she is planning to quit and amend the necessary steps within the organization in order to avoid losing any more good employees, or to put a full stop to all those who wish to quit for similar reasons. There is no better source that your own employees (in this case your departing employee) to know the reason for his/her dissatisfaction in quitting the organization.
The following are a few important points that help in retaining the performers of your organization:
A well informed employee is always a satisfied employee
An employee who is well aware about his roles and responsibilities, goals and objectives towards the organization is always satisfied, as he/she knows what is expected out of him/her on a daily basis. A changing environment with constant change in the roles and responsibilities keeps the employee on the edge and adds to unhealthy stress, as he/she ends up feeling more and more unsuccessful at executing a job. Thus, a well informed employee who is aware of his/her daily work has a lesser chance of putting down his/her paper, when compared to the one who is lost in the chaos of changes.
Quality of supervision
Another key factor that plays a very important role in employee retention is the quality of supervision. Most often it is seen that employees are frustrated with their reporting supervisor or manager and have nothing against the organization. In other words, most often good employees leave their supervisors or managers rather than leaving the organization. Thus, a well-informed manager who is good at effectively managing both, people and process shall be successful in retaining his good staff members.
Transparency between the employee and manager and organization
Offering every employee an environment where he/she can express his/her thought is very important for the success of an organization. When an employee is offered the chance of expressing their mind over a particular problem, process, project, etc., the organization as a whole, tends to gain the confidence of the employee by soliciting his/her ideas. Thus, an organization that recommends transparency between the employee and manager and organization, has a better hold on retaining its best employees when compared to an environment where employees nod on to their supervisors wish and will, with no choice, but by holding back their thoughts/ideas.
Utilization of talent/skills
Motivation and contribution go hand in hand. Thus, an employee who is given a chance to contribute his/her skills/talents for the particular process/project is far more motivated and happy with the team/project/organization, unlike the vice-versa scenario, where the employee is not allowed to express his skills and feels demotivated and eventually puts down his papers in order to find a place/organization that appreciates his talent/skills.
Thus, retaining your top performers/employees is very critical and essential for the success of your organization. In order to achieve a good percentage of employee retention follow the points discussed above, these are crucial and important points, though simple most effective in making your organization the most preferred among your employees.