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Staff Retention in a Competitive Environment

Dec 18, 2007
A skilled staff is regarded as one of the most inevitable commodities for the longevity of a business organization. Regardless of the size of the organization, key staff retention is highly essential for the long term health as well as the success of a business enterprise.

Retaining your best staff in today's highly competitive scenario is extremely unavoidable, since it guarantees enhanced customer satisfaction, improved sale of your products thereby ensuring increased profit, and carrying out of other activities in an organization such as staff reporting and job planning in an effective way.

Further, as considerable time and money is required to recruit an appropriate employee and train them in order to make adaptable to the existing working environment, it would be better to retain the existing competitive employees in the organization. In other words, losing key staff may sometimes even affect the reputability as well as profitability of your business firm. Discussed further in this article are some of the effective ways to retain staff in today's competitive environment.

One of the effective ways for staff retention is to recruit right personnel to fill the positions in an organization, via methodologies such as competency tests and behavior tests. Another key step for the successful retention of staff is to follow the policy, 'Hire Only the Best,' ie never recruit an employee unless you as well as your organizational team are satisfied with a job applicant.

Once you have appointed the most suitable employee for your business, it is important from the part of the employers to impart them pre-work training covering policies and procedures of the company. Further, a good operating system consisting of the rules and procedures of the organization must be established. This in turn allows the employees to handle a myriad of activities pertaining to organization in an effective way.

After you have determined the competency as well as ability of employees, it would be more effective if you provide your employees with bigger responsibilities than they have anticipated. This would help to make working environment more rewarding and challenging.

For the successful retention of employees, it is also important to determine the needs as well as what actually motivates an employee. For instance, money would be a means to motivate majority of the employees, while recognition or fulfillment may be a tool to motivate other employees.

Also, a great way for retaining key employees or staff is to develop such an environment that allows for professional learning and growth, ie, the opportunity to constantly procure professional knowledge and skills. This in turn not only paves way for the success of an organization but also enables to improve the loyalty of employees towards the organization. As a part of employee retention, it is also important for the employers to give considerable freedom to employees in order to speak out his mind freely within the business organization.

Let it be an executive or an ordinary staff, an employee always likes to be praised. Anything in the form of a sincere thank you note or gift certificate would be effective for employee retention.

Similarly, an employee must be given competitive salaries and that too attached with substantial bonuses and perquisites. It is therefore important to frequently review and restructure compensation programs in order to remain competitive in the market.

In addition, one of the best ways to retain an executive is to conduct surveys, which enables to know the actual requirements of employees. Feedbacks in the form of written procedures as well as online surveys would be helpful for assessing the needs of employees.

Aside these options, many companies spread across such leading destinations as Hong Kong, India, and China, have now adopted many innovative methods for the retention of employees, such as,
- Adopting the service of a professional employee training coach
- Devising excellent recognition programs and innovative compensation programs
- Deployment of high-tech measures
- Fun-filled working environment
- Providing opportunities for employees to be a part of the community programs sponsored by the organizations
- Concierge services

Scores of benefits can be derived through employee retention such as
- Employee retention significantly reduce the cost of recruiting new personnel
- Considerable savings in advertising expenses
- Increased employee tenure
- Heightened productivity
- Enable to deliver excellent client services
- Improved customer satisfaction
About the Author
Hunt Partners is a high end Executive Search firm providing search and human capital solutions for global and regional clients who require discreet search of top management and board level positions.
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