Employee Retention Strategy – How To Retain Top Talent?

by Srikant Chellappa Dec 22,2016

The People Strategy Leaders Podcast

with Srikant Chellappa, CEO

Receiving a resignation from one of their best employees is every manager’s nightmare. Why a nightmare? After all, it is so easy to hire someone else. People get hired and fired all the time!

But some employees are just irreplaceable. Managers put in so much effort and time to hire and train their employees but sometimes fail to understand that retaining those employees is more important than anything else.

When your best employees leave the organization, it affects other employees too.   They are going to have to work twice as hard, to pick up the slack, until the position of the employee is filled. And this is just one of the problems that you might face. To prevent this, you need an employee retention strategy for your organization.

Also Read: How To Conduct An Effective 360 Degree Feedback

To succeed in your employee retention strategy, you need to think from the perspective of an employee. Why do employees quit in the first place? Here are a few possible reasons.

  • Lack of decision-making power
  • Little/ no opportunity for career growth
  • Unchallenging work
  • Bad Relationship with boss/coworkers
  • Work-life imbalance
  • Unbearable work pressure
  • No recognition
  • Too little feedback

Here’s what you can do to prevent the above scenarios and build an employee retention strategy for your organization.

1. Recognize and Reward

Everyone craves recognition when they accomplish something. Employees feel undervalued when their efforts are not recognized or rewarded and this might result in them leaving the organization eventually. Thanking employees for their contribution is a simple way to keep them motivated.

Engagedly can help you keep track of your employee goals and allows you to reward them with points and badges which can be later redeemed for free goodies. So make your employees feel valued by rewarding and recognizing their good work.

2. Communication

Communication is key when it comes to employee retention. Employees want to feel valued and acknowledged. It is important to understand that the employees who work under you are people, not robots. Casual conversations help employees and managers connect.

3. Clear Performance Metrics

It is important for both the manager and employee to know where they stand concerning each other’s expectations. It is the manager’s responsibility to share clear performance metrics with their employees. Frequent feedback on their performance motivates employees to constantly improve themselves. Engagedly’s Performance Review feature helps you gain a clear understanding of your employee’s performance and allows you to share the same with them.

4. More Growth and Learning Opportunities

Many employees leave their organizations because they do not get enough opportunities to learn and to improve themselves. In most cases, there is either too little coaching or too little feedback. Most managers do not have an idea about their employees’ career goals. Knowing these goals helps you understand what they are actually looking for in a job and what would actually challenge them.

Allow your employees to improve themselves by providing them with frequent training. Engagedly’s Learning feature allows you to create courses in different formats and assign them to your employees.

5. Trust Your Employees

Employees do not quit their organizations, they quit their managers. Sometimes employees feel that they do not have enough liberty to make even the smallest decisions by themselves. It is time to place bigger responsibilities in your employees’ hands. Trust your employees and give them a sense of ownership and decision-making power.

Also Read: Smart On-Boarding Practices That Go A Long Way

6. Track Retention

You can track your employee retention by knowing how satisfied your employees are with their work and the organization. Conduct an employee satisfaction survey and know what problems your employees are facing at workplace and try to solve them. The Survey feature in Engagedly allows you to conduct employee surveys and evaluate the results. By conducting an employee satisfaction survey, you can know what your employees are thinking and you can use the results of the survey to improve your employee retention program.

If you do not want your employees to quit your organization, you need a good employee retention strategy. Request a demo and find out how Engagedly can help you retain your employees.

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Srikant Chellappa
CEO & Co-Founder of Engagedly

Srikant Chellappa is the Co-Founder and CEO at Engagedly and is a passionate entrepreneur and people leader. He is an author, producer/director of 6 feature films, a music album with his band Manchester Underground, and is the host of The People Strategy Leaders Podcast. He is currently working on his next book, Ikigai at the Workplace, which is slated for release in the fall of 2024.

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