How to create a winning employee retention strategy

Abstract

In this article I would love to share the possible outcome in retention or we can retain the employee for the longer period of time. Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool. The truth is that employee retention processes must focus on what the employee gets out of the job. The process must be a benefits-based approach that helps employees answer the question, "What's in it for me?" The retention processes must be ongoing and integrated into the daily culture of the company. The best way to keep your employees is to treat them like customers. Customer service works for external customers. We treat them nicely. We work to satisfy them. We help them achieve their goals. Why not do the same for our employees? If positive customer service policies and practices can satisfy and keep external customers, why not adapt these policies and practices for employees? And, there is a service/satisfaction link between employee retention and higher levels of customer satisfaction. Customers prefer dealing with the same employees over and over again. Employee turnover destroys a customer's confidence in the company. Just like a customer does not want to have to "train and educate" a new provider, they do not want to do the same for your "revolving door" employees. So, the key is to keep employees so they in turn will help you keep your customers. Because the techniques of this process mirror the activities of customer service and customer relationship management, I call the combined process C/ERM for customer/employee relationship management. Both activities must be going on simultaneously to create a loyalty link that ensures customer satisfaction and retention through employee service, satisfaction and retention. Introduction "Retention is the best step to improve the level of growth and career perceptive of an organization". Retention strategies are policies and plans that organisations follow to reduce employee turnover and attrition and ensure employees are engaged and productive long-term. The key challenge for businesses is ensuring a retention strategy aligns with business goals to ensure maximum return on investment. Good human relations cannot be either window dressing or deliberate manipulation. Unemployment is at record low levels. Great news for employees, but rough water for employers trying to hang onto a steady workforce. Every month, about 3 million Americans quit their job in search of something better. 31% of employees quit before making it to the half-year mark! This kind of turnover is extremely expensive. By some estimates, it can cost an employer double an employee's salary to replace them when they quit. That cost varies across different industries, but for some employers, it can be even higher. Consider the employees you have working for you who have mission-critical skills that your business relies on, employees who have reinvented their job or who are such a linchpin that the thought of them leaving terrifies you. 25% of all employees are of this nature, what you might consider "high risk" when it comes to retention. A recent Glassdoor survey of people in recruitment, HR, and hiring managers found that for 45% of employees who quit, the top reason is salary. This reason was followed by career advancement opportunities, better benefits, and location. Is it always about the money? According to a collection of recent surveys on employee retention, only 24% of "Generation X" employees say that financial stability motivates them to stay in a job. Yet 56% of employees say that health care and insurance concerns keeps them in their job. Benefits that are actually beneficial matter. Money matters. What you offer your employees in this area must be comparable to other businesses in your industry in your region.