Term Paper: Employee Retention Strategies

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Term Paper

Employee Retention Strategies

The hiring of employees is the initial step in building a strong workforce which is followed by a crucial phase of retaining the employees. High employee turnover rate adds cost to productivity and time. The following strategies can be utilized for employee retention.

  • Provide competitive benefits package that fulfill the needs of the employees- Providing benefits such as retirement saving plans, life insurance, and health insurance play a significant role in retaining employees. However, other perks such as the option of telecommunication and flexible working give an impression to employees that the organization in which they work is willing to accommodate their outside lives.
  • Use incentives to enhance the motivational levels of the workers-Providing incentives to the employees in respond to their performance keep employees focused and excited towards their jobs.
  • Carry out stay interviews with the employees- Apart from performing exit interviews to determine the cause of quitting a job, companies should also conduct stay in interviews with the long-tenured employees to find out what caused them to stay back.
  • Design small growth plans- It is a good practice to provide employees with a clear path for career progression. Employees who see no clear future often get frustrated and quit their jobs.
  • Promote employee development-Various training and development programs should be arranged on a regular basis with an organization to ensure that its employees are continuously being equipped with new skills.
  • Establish an open communication among the management and the employees. Conduct regular meetings where employees can share their opinions about a certain project or strategy. Employing an open-door policy always encourage the employees to participate in decision-making process.
  • Effectively communicate the vision and mission of your company to your entire workforce- Communicating the organizational goals to the employee keeps them emotionally and mentally tied to the organization.
  • Offer financial rewards An effective strategy to minimize employee turnover is offering financial rewards to the employees. Nothing dashes employee enthusiasm more than a paltry raise. However, the companies who cannot afford to raise financial rewards can arrange a bonus system through which employees can gain a bonus if they accomplish pre-specified performance goals.

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