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Malini and Vijay are upcoming solicitors at different law firms. They’ve each been at their respective companies for five years, and are well-recognised in their field. Malini was recently head-hunted by Vijay’s law firm and has decided to make the switch.
Malini’s organization isn’t happy to lose her, but they’ve failed to create circumstances that would help retain such a valued employee. Malini’s discontent was growing over years. Her compensation package was no longer competitive, her work-life balance was unhealthy and senior management was indifferent to her concerns.
Vijay’s organization, on the other hand, has maintained a culture of hiring the best people, providing employees with regular incentives and listening to their opinions. Not only have they been able to retain employees like Vijay, they’ve also managed to recruit a valued professional like Malini.
Malini’s firm lost her because they failed at executing effective employment retention strategies. Vijay’s company got many of its employee retention policies right.
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What Are Employee Retention Strategies?
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What Happens In The Absence of Strategies To Retain Employees?
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Employee Retention Policies That Work
What Are Employee Retention Strategies?
Employee retention strategies, also known as employee retention techniques, are the methods adopted by organizations to hold on to their best employees in such a way that they remain happy, loyal and productive. These employee retention techniques are dependent on several factors such as pay structures, work culture, health benefits and growth opportunities.
Strategies to retain employees should be a top priority for organizations. Employee turnover costs are steep, and the inability to implement proper employee retention policies affects a business’s ability to scale up and function at the highest levels. It isn’t always possible to prevent employees from being lured away by rival businesses. But employees who’ve been thinking about leaving of their own accord can be convinced to stay with the help of a good talent retention strategy.
Let’s look at some of the reasons why employees leave. Then we can discuss the best employee retention techniques for organizations to keep their most valued workers from leaving.
What Happens In The Absence of Strategies To Retain Employees?
Businesses sometimes wonder why they’re losing their best talent. The truth is there are several reasons employees leave that may not have been adequately addressed. Exit interviews often provide valuable insights into these reasons, some of which are:
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Inadequate Pay And Benefits
While this isn’t the only motivation behind employees leaving, it’s a primary concern and should be factored into every talent retention strategy. Employees are responsible for driving businesses forward, so if their income affects their ability to maintain a stable quality of life, it’s also going to adversely impact their job satisfaction and productivity.
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Lack Of Recognition And Respect
When employees don’t feel valued or respected, they’re likely to leave. Businesses that frequently recognize and reward a job well done tend to have employees who stay on. Fostering a culture of regular, specific recognition is one of the best employee retention ideas.
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Lack Of Growth Opportunities
Few employee retention strategies will work if workers don’t feel like they have a future at their organization. Several businesses prefer to recruit people from outside for senior positions instead of training their existing employees for those roles. This leads to disillusionment and alienation among employees, as they see their avenues for advancement closing off.
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Poor Work-Life Balance Leading To Burnout
The stress caused by an inflexible work schedule can cause burnout among employees. This has been heightened by the pandemic, with people around the world working from home and finding the boundaries between office and home getting blurred. Employee retention techniques that don’t factor in work-life balance are bound to fail, causing valued workers to leave.
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Now that we’ve identified some of the causes behind high employee turnover, let’s focus on suitable employee retention policies.
Employee Retention Policies That Work
No two employees are alike. Their problems will be varied, requiring businesses to consider multiple employee retention ideas to put into action.
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Listening To Employees’ Concerns
This is a talent retention strategy that works across the board. Businesses that regularly give employees the chance to be heard are known to boost both engagement and retention levels. Gathering and acting on feedback from employees not only makes them feel like they matter, but also yields great ideas for driving the business forward.
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Create Avenues for Growth
Among the most important employee retention techniques is creating a definitive path for growth and development. Feeling like they can grow along with the organization fosters a sense of belonging among employees and boosts company loyalty.
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Ensure Managers Aren’t Driving Employees Away
It’s often said that people leave managers, not companies. This is true in many cases. Whether it’s playing favorites, micromanaging employees, using harsh language or taking the credit for a group member’s work, supervisors are often responsible for the company losing great talent. A good talent retention strategy would be to closely evaluate candidates being considered for leadership positions.
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Prioritize Employee Wellness
In many cases, this is one of the least considered employee retention ideas. But when employees feel their company values their health and well-being, they’re eager to return the favor by working harder. Sound employee retention strategies involve giving workers flexible hours, checking in with those who are struggling and encouraging them to take some time off to recharge before returning to work.
Strategies to retain employees are fundamental to team development. Harappa’s Managing Teamwork course is designed to help learners do that and more. Guided by a stellar faculty, ambitious professionals will learn how to imbibe team culture and use emotional intelligence to collaborate with people with different working styles. With the help of frameworks like the Skill-Will Matrix and the Bruce Tuckman Model, learners will be taught how to assess teams’ skills, navigate conflicts with empathy and encourage open dialogue. The Managing Teamwork course is the gateway to becoming the person everyone wants on their team.
