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One of the topmost priorities to HR managers in any company is to ensure that the turnover of employees is reduced significantly. If a majority of employees are unable to find joy and stability working with the company, then the growth rate, though stable and impressive at the moment, can be jeopardized. Employees leave organizations for various reasons. Some of them might be personal or due to the unsuitable working conditions in the business premises. Lack of motivation and loss of trust and confidence are some of the main reasons employees opt for the door when they feel trapped. Other reasons may include a general mismatch between the job offered and the employees, little coaching and feedback, and the feeling of not being recognized by the management. For whatever reason offered in the wake of employee turnover, it is a costly affair. A lot of resources used to initially train and recruit the employees go to waste, while the company is left ruing opportunities lost. It costs more than the wages of an individual employee to find a replacement. This estimation is true considering emergent aspects such as fresh recruitment, severance, lost productivity and opportunities. Numerous measures and strategies should be put in place to facilitate employee retention in the company. Some of those strategies are as discussed in the following paragraphs;
Training. Organizations find themselves at crossroads on whether to invest more on recruiting high profile employees or use the resources at their disposal to improve the talents they have. In my opinion, if we improve the human resources we already have through intensive, it shall lower their chances of packing. Training instills a heightened sense of value and self-worth (WSJ). It will show a unity of purpose in employers and employees through the willingness to work together in achieving the company’s objectives. through training, employees get a better grasp of what they are supposed to do, always thinking of employer’s expectations.
Promotion and hiring from within. Consider an individual who has faithfully served the company for over ten years. When instances of promotion and recruitment occur, the first person to be considered should be such a person by virtue of longevity. Such a move will encourage more employees to stick around in the hope that they too will be rewarded in the future if they stick around (WSJ). Filling vacant positions with fresh faces serves to demean the abilities of current employees. As a result, the employees might feel devalued and unappreciated for the efforts they make for the company, necessitating the urge to leave.
Offering rewards. When the company’s employees are “bribed” with financial rewards for meeting performance goals and assignment deadlines, they develop a sense of enthusiasm and vigor to go through workdays. Financial rewards also include pay raises and bonus programs, either set out periodically or randomly to motivate the employees (WSJ). These benefits underline the importance of employees in the company, which translates to longer retention.
Encouraging open communication. A free flow of information between employers and employees will encourage the development of trust in the company. Employees need to talk about issues affecting them. They should also be allowed to table ideas and suggestions aimed at improving the workplace. Managers should be willing to listen in to the issues raised and attempt to solve them as a sign of cooperation and willingness to accept employees; opinions. A frank communication culture in the company will help in promoting retention, through a fostered goodwill platform (WSJ).
Employee satisfaction goes hand in hand with retention. If an employee feels that the company is aiding his ambitions in life, he or she will continue to work in the same environment. Employee satisfaction encapsulates on motivation, goal achievement, and morale while mitigating notorious company malpractices such as absenteeism, termination, and complaints. (Patel 1-10). How therefore can we improve employee satisfaction in the company?
Giving employees more control. Employee satisfaction is determined by how happy he is. Part of being happy involves being let to control their lives by managing their schedules, environments, and habits at the workplace. It is important that the employees are given the liberty to exercise oneself freely as long as they adhere to a strong code of conduct and professionalism. By championing for implementation of individual mechanisms to arrive at a common goal will boost employee morale and levels of satisfaction.
Providing alternatives. Options such as telecommuting, teleworking and teleconferencing serve to convenience employees when they are withheld by unavoidable circumstances. If the company can incorporate these options into its culture, employees will not come up with excuses and complains about the inability to deliver, even under mean circumstances.
Integrating personal lives. Most employees have families and relationship ties in their personal lives. Children and the elderly present a challenge, especially if one is working long hours. The company can initiate childcare and elder-care programs either on or off the premises to help employees concentrate less on secondary issues. This will lead to reduced stress levels since their loved ones will be constantly in contact. Employee satisfaction can also be achieved by allowing for visits from family members during specific hours.
Job enrichment. This refers to the general upgrade of an employee’s responsibility and scope of operation while providing challenging experiences. Job enrichment will keep the employees on toes; making them eager to learn and carry out their duties responsibly. This will lead to the creation of a stimulating environment where personal achievements will matter to the employee.
CONCLUSION AND RECOMMENDATION
Both employee retention and satisfaction ought to be the company’s leading priority. The two aspects will contribute to further growth of a company. A workforce that is constantly motivated will remain committed to high-quality performance leading to high productivity. Proper retention strategies such as those mentioned and many others such as mentoring and clear mission and vision statements will impact positively on the company that is already delivering unequivocally. The company should aim at making the employees feel valued, appreciated and loved at all times. Employee retention should be intertwined with job satisfaction. This way, an equilibrium can be struck between the company’s growth and individual prosperity. It is recommended that both employee retention remedies and improvement of employee satisfaction be handled simultaneously because they directly influence each other’s performance. if the company will satisfy its employees, they will not seek to leave and vice versa. A holistic approach towards these employee variables can be instrumental in strengthening the company. In return, the company gains a competitive edge in the modern world because employees have the capacity to either make or break a company.
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- PATEL, PRIYANKA. Employee satisfaction: impact on organization. 1st ed. 2017. Print.
- WSJ. “Employee Retention – How To Retain Employees – Small Business – WSJ.Com.”.