Smart Retention Strategies:
Before going into the details of how to retain your workforce, the first thing you must understand and realize is that each person working for you will have different expectations, perspectives and demands about his job, work environment and compensation respectively. Right at the time of recruiting and selecting the employee, his ideas must be taken into consideration and then it becomes the prerogative of the management whether to hire the person for that particular job. So the first step will be the right person for the right job, giving due importance to the anticipation of the employee who is going to become a member of your business family.
Need for Open Conversation:
In case of a small firm or company, it is easy for the manager to have a one on one conversation with each employee to settle his score of grievances then and there. Managers must have an open conversation without room for any ambiguity in the minds of his workers. The manager should try to protect the interest of the employees by representing their demands to the management at the right time. Many employees quit their positions because they have a nagging feeling at the back of their minds that their immediate boss is not the right kind of person to whom they can look up to and ask for support.
In big corporates it is not easy to go for a one on one approach. A unique corporate culture that
will help the managers to have a healthy relationship with the employees.
Human Wants and Needs:
Human wants are unlimited and when one want is satisfied, we want more of the same or yet another of a higher order. Approach your workforce to satisfy their craving either in terms of compensation or recognition which will also help to retain your workforce to a greater extent. There should be room for growth, especially for entrepreneurial minds and minds that have parallel thinking.
Self-Motivation is the Key:
Although motivation brings cheer amongst your workforce, self-motivated employees produce better results. Job satisfaction is a relative term; it differs with individuals, some like challenges and some are easily satisfied with an increase in salary quotient. A comprehensive appraisal on the personality of your workforce will give you a clear picture of the IQ (Intelligence Quotient) and EI (Emotional Intelligence) range of your employees which helps in designating employees in the appropriate slots. Such human rationing saves you a lot of time, energy and money as the employees are guaranteed satisfaction in their jobs.
Contracts and Agreements:
Contracts and agreements bind the employees to the firm only legally. How is that going to help you in terms of productivity? If one of your employees is going to work with discontent, he becomes a problem source spreading the same kind of feeling to others working with him. So it is also necessary for the management to spot out these problem persons either to bring them back into the groove or fire them without any further delay.
Rising costs of living and unemployment ratios are really of economic concern, but still we find employees just like that quitting their jobs. So what is that they want from a job? Everybody cannot be satisfied in all the areas and disciplines in terms of pay, promotion or work. It is on the part of both the management and the employees to come for a certain compromise so as to run the organization smoothly and to toast for the success of their firm as a team.
Note: Infosys Technologies has emerged as the best company to work for in India, according to the BT-Indicus-PeopleStrong 9th Annual Survey of India’s Best Employers. The rankings are based on what employees think of their present, past and future employers.