In a competitive business world, best talent is extremely high in demand. Employees are your company's most valuable asset. But if you don't make them happy, don't be amazed if they decide to leave your company or a company may come along to attract them.
A constant recruitment and training new employees is expensive and adversely effects on productivity, customer satisfaction, manager effectiveness and engagement metrics, impacting the overall business operations.
Recognizing hard work, establishing a continuous feedback system or an open line of communication and being transparent about the company objectives are some of the ways to keep your employees cheerful and your turnover rate low.
Increasing retention means employees serving for long term in your company. When the employee retention is high, you not only retain the person, but you also retain their talent, which usually grow stronger and more valuable by the year.
Below are some of the strategies you can execute to increase employee retention at your company.
As a team head, giving and receiving feedback from your team members on a continuous basis is imperative. They want to know how they are performing, how they can advance within the company, whether they're valued and how they can add value. HRMS software that facilitates feedback system can allow you to regularly provide feedback to your team members so they can know where they stand.
Solve Employee Concerns
It's not a good thing when a manager dismisses an issue that appears very tiny and unimportant to himself, he should address all simple to complex issues and include HR when possible. Ignoring concerns of the employees could result in awful consequences within the company.
Training and Development
Provide ongoing programs for employee training and development. This is one of the ways to show that your zeal as a company to develop your most valued asset—your people. HRMS software can be used to easily identify employee training needs.
Conduct Exit Interview
Employees often skip to mention the actual reasons for leaving when exit interviews are conducted face to face. Conduct exit interviews via an HR software to make employees feel free to give honest answers for leaving. The software can allow you to track exit interviews to easily spot patterns of dissatisfaction.