Hiring good employees in a company is only half the battle won, keeping them there is a bigger challenge. Ritu Mehrotra gives you some tips on how to retain best employees in the company
COMPENSATION & AWARDS
Providing monetary benefits has an effect on many employees, but there are also great deals of employees out there who are looking for something that money can’t buy. On top of that, it’s nice to have something to offer employees when you can’t afford to simply off them more money.
The human resources experts can offer a competitive benefits package that fits your employees’ needs. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees. But other perks such as flexible timings and the work from home option, go a long way to show employees you are willing to accommodate their outside lives.The employer should have contests and incentives to help keep workers motivated and rewarded. Recognition awards for superior performance should be established beyond compensation. Timely recognition of contributions and input is important to reinforce the sense of importance and personal contribution to company successes.
lEADER THAN A BOSS
Be a leader rather than just the boss. Make your employees a part of the company, the community or the project. Use techniques such as giving regular updates on the status of the company, its ups and downs, its vision and objectives. This type of forum gives staff members a sense of their importance, breeds loyalty, and is an opportunity to share thoughts and participate in decision making.
COMMUNICATION
Create open communication between employees and management. Hold regular meetings in which employees can offer ideas and ask questions. Have an open-door policy that encourages employees to speak frankly with their managers. Communicate your business’s mission. Feeling connected to the organisation’s goals is one way to keep employees mentally and emotionally tied to your company.
FOSTER EMPlOYEE DEVElOPMENT
This could be training to learn a new job skill or cross-training for multiple roles within the company can provide richer job satisfaction through variety and opportunity for advancement. Designation/certification-related training can be of particular value to some employees.
KNOW EXPECTATIONS
Make sure employees know what you expect of them. If they don’t know exactly what their jobs entail and what you need from them, they can’t perform up to the standard. live up to the employees expectations. This may result as the disappointment and the early departure of the new employees from the company.
STAY INTERVIEWS
Conduct “stay” interviews. In addition to performing exit interviews to learn why employees are leaving, consider asking longer-tenured employees why they stay.
The writer is VP global HR and talent management of Bristlecone, a Mahindra Group Company