The 3 must-know essentials for effective and sustainable employee retention

Besides costing considerable time and money, the loss of talented employees results in immense damage to organisational knowledge and learning. How can you hold onto valuable human capital?

You’ve gone to great lengths to attract and hire the best, but you have to put the necessary effort in if you want to keep them on-board for the long haul. As with many things in life, of course, this is easier said than done. Drawing on SDP Services‘ many years’ experience in the field of human capital discovery and management, we’ve distilled 3 essentials that need attention if you’re aiming at effective and sustainable employee retention.

Create a Culture that Promotes Real Value Creation

Words like “culture” are often vague, but think about what makes Google a place where people are knocking the door down to work for free? With pay taken out of the equation, the fundamental element that’s left is the fact that the tech giant is doing great things and employees feel as if they’re changing the world for the better. In other words, employees see that their work is creating real value and not simply serving a (soulless) bottom line. If you communicate and demonstrate how your services or products bring tangible value to people’s lives, your employees will be engaged and their efforts rendered meaningful.

Go Out of Your Way to Appreciate and Motivate

Showing that you appreciate the dedication, hard work and talent of your employees goes a very long way in motivating them to achieve even more in the future. We all know intuitively that people want to be acknowledged for good work, so make a public fuss when an employee has gone above and beyond expectations. Formalised incentive schemes have proven extremely effective in this regard, but you don’t have to splurge; even gathering the company around (N.B. this includes senior managers) and offering an applause and a “thank-you” can be an incredibly powerful motivator. Your employee will feel like a million bucks, and others will want to receive the same public acknowledgement and distinction.

Become an Ally in Your Employees’ Efforts to Reach Their Full Potential

We all strive to actualise our latent potential and are grateful to those who help us along the way. Letting your employees know that you have more than a business interest in their attainment of high levels of personal fulfilment inspires loyalty, trust and appreciation. Try to promote from within, encourage managers to build personal relationships with their staff in order to understand their individual aspirations, let employees give their input with regards to training or professional development programmes, conduct feedback sessions where employees air their frustrations without fear of repercussion, outline possible career trajectories, and reward employees with adequate compensation (and bonuses or equity if applicable). Your message should be, “you are more than just an employee to us and we want you to succeed”.

If you’re able to implement these 3 essentials, your employees will feel that their work is meaningful, that their contribution is recognised and appreciated, and that their personal development is a true priority. In our experience, get these right and, in your employees’ eyes, you’ll transform from “typical employer” to “trusted long-term partner”.

Source | https://sandtonchronicle.co.za/190043/3-must-know-essentials-effective-sustainable-employee-retention/

Regards

Pralhad Jadhav  

Senior Manager @ Knowledge Repository  

Khaitan & Co 

Blog | http://pralhad-fyilibrarian.blogspot.in/  

Website | https://sites.google.com/site/pralhadjadhavlib/home        

Twitter Handle | @Pralhad161978