Employee retention is the act of retaining employees to work in the organization on a longterm basis. In fact, every organization grooms new employees into skilled personnel and hence, wants to retain them for a long time.
Employee retention undertakes different measures so that an individual continues to work in an organization for maximum period of time. It fosters long-term effective association between the employees and the management representing the organization.
It avails the organization with skilled and experienced workforce which is useful for increasing the productivity of the organization. Organization with poor employee retention culture seldom grow as desired.
Work not as per expectation.
Lack of growth prospects and career opportunity.
Absence of motivation in the organization.
Lack of a congenial work environment.
No respect for employees’ personal life.
Lack of trust among the employees and between the employees and the management.
Recruit the right person at the right time and place in the ladder of the organization.
Fulfill all promises or benefits to the employees in time.
Make employees realize their value in the organization.
Treat employees as assets instead of liability.
Train and develop employees for next challenges.
Give timely and proper feedback of their performance and support them.
Create healthy environment, and good and effective work culture.
Design good incentive policy to retain high employee morale.
Draw a positive career graph of each employee and update it with their new skills and qualifications.
Compensation − It includes salary, advance, bonus, rewards, health insurance, and retirement benefits.
Environment − Organizational environment motivates employees to perform better. Positive environment creates positive energy.
Growth − Every employee needs growth in his/her career, and most employees look for growth within the organization.
Support − Support culture helps employees grow professionally and they perform better in their job. Organizations need to support employee financially and emotionally so that they perform better, and feel secured.