A high employee turnover seems to be as much a reality today as lay-offs and pink slips. Just as employees are expected to remain constantly alert so that there is no perceptible decline in their performance, employers too need to stay vigilant in order to retain their best employees and not lose them to the competition. Given this scenario, new age retention tactics that can help organizations hold on to valuable employees might well top the list of an organization’s priorities.
Of course, it is difficult for any one entity to be everything to everyone. An organization, too, cannot hope to provide an individual set of incentives tailored according to the requirements of every individual employee. So sometimes an organization is better off adhering to the time-tested means of retaining employees, such as offering financial incentives for superior performance or providing recognition for being an outstanding employee among his or her colleagues. But there are some further incentives too that can help boost employee morale and facilitate better performance.
Matching an employee’s unique talent with the type of job he or she is assigned in an organization is important for keeping an employee happy and ensuring that a particular task is done in the best possible manner. Since a happy employee is also usually a loyal employee, similar measures to provide an employee with job satisfaction are likely to be rewarded with a low employee turnover for a company. Providing an employee with further training in a field he or she shows promise in is also a good means of engaging employees in what they do within an organization. Such training might be provided by the company itself, or in the form of a university program that the company pays for.
Furthermore, keeping a deserving employee in the loop about goings-on within the organization fosters a sense of belonging which is more likely to help retain an employee than an atmosphere of secrecy and mistrust that often alienates promising employees.
Apart from these, there are certain perks to a job that have proved themselves rather effective over time in retaining employees. These might include paid time offs, daycare facilities for children of employees, especially working mothers, paid vacations, good retirement benefits and healthcare facilities.
At the end of the day new age retention tactics might be extremely effective in helping retain employees for an organization where a somewhat healthy employer-employee relationship already exists. They cannot indefinitely extend the employment period of an individual who is totally unsuited for the job. Nor can they dramatically alter life choices. For example, an individual looking to quit a job to go into business for himself or herself, is not likely to change his or her mind simply because of company retention tactics. That said, a large part of the workforce does exist that makes the choice between staying and quitting even in the absence of a sizeable difference in salaries simply because of the added incentives a company has to offer. New age retention tactics need to address the needs of these people in order to be able to retain a loyal and competent workforce.