To find an employee who is a performer is the biggest challenge, once you get, then retaining is tougher than getting.
Retaining top employees is as crucial as running the organization loss free. It not only saves cost of hiring of replacement but also increase the probability of profit maximization when an existing performer is retained.
Most of the companies are putting lot of time, energies and cost on training and development of the employees. Most of the employees when they are trained and have got some experience and tenure in the current organization they look for other opportunities. Most of the companies and HR feels that better compensation attracts them, however studies say that majority of the employees start looking new opportunities because they do not get due values in the current organization and treated like paid labor.
And vice versa most of the companies follow the practice of reward and recognition to make them feel that they are valued in the organization for their performance, are successful to retain employees for longer period.
Case studies say that companies which are paying financial compensation lesser than the other organization however with due respect, reward and recognition, are more likely to have satisfied employees.
Make sure if we keep performer getting feel value in the organization we have more chances to retain employees for longer period which may be the part of the organization as an asset.
Following are the practices which can engage employees and help to the organization to keep employees getting feel value in the organization:
- Reward and Recognition for the performers should be given on timely basis;
- Feedback session for the organization and management with employees, win the confidence of the employees in the organization;
- 1-0-1 is a very useful tool for organization and employees to have discussion on all the agendas of the organization with maintaining the confidentiality in the nature of the conversation; it make employees feel happy that organization is concerned for them and they get opportunities to speak out their heart;
- Survey by the organization is also a tool when employees feel that their voice and thought matters for the organization.
To grow in the competitive world, organization must keep their employees feel that they are equally important and valued.