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Employee Retention:
The team at Xecutive Search are experts in
finding you the best people for your organisation. However successful businesses
must also ensure that they put in place strategies to ensure that they do not
lose their most valuable employees.
The financial implications of replacing a valued
employee are considerable, further it is also very important to realise that a
high-profile exit could cause much damage to your company’s competitive
position. Many leavers will go to your rivals, taking with them knowledge that
is irretrievable and potentially critical to the success of your business.
In order to prevent such a vital loss, companies
should not forget the basics of a good retention strategy. It is therefore very
important that you...
- Plan
To Retain Your Employees -
The retention process should begin even before an employee
arrives. An induction pack should be developed that will provide a broad
picture of your organisation, its
people and its goals. This should reinforce the new employee’s belief that
they have made the right decision.
- Pay
the going rate - The
financial package needs to meet new and existing employees’ expectations,
in terms of individual worth and of the marketplace. In addition to this
employees need to know how further reward and progression are linked to
performance. This will help to remove any uncertainty as to what is expected
of them.
- Be
creative with your Remuneration package - The inability to
step outside set pay and compensation structures can make your company
uncompetitive, especially when demand for skills is high. Look at other
forms of compensation as well as salaries and bonuses. Extra holidays,
internal loyalty schemes and other creative benefits can all be very
attractive.
- Recognise
success - If you are asking for exceptional performance you
should show exceptional appreciation. Job satisfaction and personal
recognition are vital to most employees and often produce greater levels of
commitment.
- Communicate
With Your people - Create an environment where open
communication is the norm. Keep all employees aware of the business goals.
Make sure that they are relevant to them and that they are set objectives
that are clearly linked to these goals. Communicate all changes whether
large or small, good or bad. Employees should be involved in the company’s
business processes as they are often an overlooked means of communication
and can convey important messages to potential customers.
- Have
regular performance meetings - Appraisal systems and
performance management tools provide a valuable framework with which to
nurture staff. Such meetings provide Managers with the opportunity to tell
individual members that their contribution is valued and appreciated and
that their long-term prospects in the organisation is good. Remember -
people dont know what's expected of them, unless you tell them what's
expected of them!
- Create
Career Development Opportunities - Create a development plan
for each individual based on abilities and needs, so that everybody,
regardless of their level within the organisation is encouraged to learn and
develop new skills which can support the business. If possible, individuals
should also be given the opportunity to take part in further assignments
such as secondments or the organisation of one-off events. An awareness of
the importance of initiatives of this type is vital for the retention of
valuable employees. Talented individuals are more likely to stay if they
receive development opportunities that enhance their skills.
- Build
a sense of belonging - Emotional factors are very important in
binding employees to organisations. It is therefore crucial that managers
take time to engage employees’ commitment and energy. Ideally this should
ideally be done from day one, by allocating a ‘buddy’ who has the time
and commitment to make them feel welcome, or by arranging informal meetings
to help new employees build networks within the organisation.
- Help
improve the work-life balance - It is also important to
recognise that increasingly, employees want to strike a balance between
their personal and professional lives. This can be used as a great motivator
and can boost both productivity and efficiency.
In this ever more competitive world it is
essential that all organisations take pre-emptive action to stop valued
employees from leaving.
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