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Failsafe Employee Retention Strategies
Even if the world economy is in a downturn, the importance of retaining quality employees still remains to be a priority among managers and HR (Human Resource) professionals. Even if companies have been chucking out employees month after month, the need to keep the best generals is still at its peak. After all, regardless of the state of the economy, the fact remains: you need to keep your best employees.
The employee retention function is more of a managerial function, rather than an HR function. After all, "employees don't leave companies, but managers." To this effect, it is just rational that retention strategies have to deal with the managers.
Here are a couple of great employee retention strategies:
1. Don't be an evil boss.
Once again, remember that employees leave the company because of a bad relationship with their managers. It is more likely that they will leave a job because they are not in tune with their boss as opposed to when they are not that satisfied with their compensation and benefits package.
With this, it's important that you have the proper management and leadership skills. It's important that you know when to use the whip - and when to reward your staff with marshmallows. You should be accessible, but not excessively available. You should be close to your direct reports, but you must not be too close for comfort. More importantly, you should be a good listener but still keep a certain level of professional distance.
When your employees see that you are someone to be trusted and to be depended upon, then rarely will they ever entertain the thought of transferring to another company.
2. Acknowledge their accomplishments.
Employee recognition is one of the major forms of employee motivation. Therefore, you must use this strategy in order for you to keep your most valuable finds.
When they have done something exceptional, acknowledge them. Let the other employees know that your employee is responsible for such a breakthrough idea, or for such a brilliant suggestion. In fact, do the recognition publicly so that others will follow such an example - so that others will be inspired to strive for excellence too.
Recognition, on the other hand, also means acknowledging the not-so-good things that your employees have done. Just remember to keep the reprimand in private, though. By letting the employees know that you are aware of his "failures," you are showing that you do care for them. You are demonstrating that since you are always after their welfare, nothing that they will do goes unnoticed.
As such, employees will feel that they are important to the team. They will feel that their contributions - pass or fail - are being valued. They will feel that their work is seriously taken into account. When they feel this way, then there's no way that you will be driving them away.
Being a manager is a tough job. It takes a lot of control. It takes a lot of discretion to know when to jump and help an employee and when to leave him be. It takes a lot of skill to keep the best employees satisfied and happy under your wing.
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