One of the Human Resource challenges experienced today is the retention of employees and talent. Employees are your greatest asset as they are the ones who deliver the value to your clients with their unique skill-set.
The key questions that are facing Human Resource Managers and Human Resources Directors today are how to retain talent or retain employees?
It is important to understand the impact of a high employee turnover rate for your company. The high employee turnover can result in low morale amongst staff, loss of knowledge, and inconsistency with clients as they are dealing with new employees who have to build up a relationship again and decreased productivity.
“Clients do not come first. Employees come first. If you take care of your employees, they will take care of your clients" - Richard Branson.
The real work and main task for any Human Resources department starts once the talent or employee has been employed and it is to find and implement the best solutions to retain the existing talent within the company.
How do you protect and retain the talent in your organisation. Research states that it is a combination of company culture, remuneration and incentives.
Firstly, have a retention strategy or plan in place that will reduce the turnover rate and that covers the areas of company culture, environment, incentives (monetary and non-monetary) and recognition.
Here are a few ideas to get you started to create a good retention strategy:
The adequate resources must be available for your employees to do their work.
Incentivise managers to have a low turnover rate. By incentivising managers to focus on lowering the turnover rate, they will be more focused on looking after the needs of the employee and investing time into the team.
Provide a clear path of opportunities for employees to work towards and increase their skill set, it should be and environment of growth and recognition.
Money is not on the top of a list to keep employees but it does play a role in the final decision as to whether they will stay.
An environment where employees feel appreciated, valued and empowered is a great way to retain employees and enhance the culture of the company.
Does your company provide a training plan with employee personal plan of training that they will attend regularly? Employees want to learn and be equipped to do their job well.
Ongoing Employee feedback is vital to keep the communication channels open with every employee – understand how the environment can be improved or even gaps exist for skills training or to get work done well.
Employee retention can also include other benefits like wellness days, having a care centre for your children, in house sports facilities and gyms.
Employees are what make your company and business work, they are the ones who do the hard work and speak to your customers, and their happiness at work will affect the customer experience. Create an environment that will help employees grow and flourish, the benefit is a win- win for all parties involved in the process.