Have you included Retention Strategies in your Game Plan?
The need for robust retention strategies is all the more important as economic conditions improve, spurring individuals to seek new jobs and also as a result of global mobility, particularly amongst Generation Y, who are proving keener than ever to embrace the globalisation of business.
Successful Retention Methods include:
- Career Advancement Opportunities– Nowadays individuals are very aware that career advancement / investment is one of the main primary factors for individuals in the workplace today. It acts as a motivator and when careers paths are clear, individuals have tangible goals that they can work towards. Employees feel valued if they are on a specific career path within the organisation ensuring that they are fully engaged and are an active participant in their own career.
- Relationships with Managers / Superiors– Managers / Superiors are critical to the success of organisations today more than ever before and they play a vital role in maximising an employee’s engagements with and contribution to the organisation. Effective managers can boost morale, increase productivity and reduce turnover. It is incumbent upon all organisations to ensure that their managers are equipped with the necessary skills and training required to successfully manage their teams.
- Non Work Influences– Organisations need to be cognisant that non work influences have a substantial impact on employees. Many people now seek a work-life balance (i.e. flexible work arrangements) & if successful in securing same then as a result the impact of financial incentives is not as effective as a retention strategy for a significant proportion of employees.
It is critical that organisations understand how valuable it is to retain talented employees by understanding why employees are leaving and how they can improve their employee retention methods. Responsive retention strategies will need to entail longer term incentives for their respective employees given their ongoing value to the organisation.
While monetary incentives may still be important for retention, they may not be the most effective as they are easily imitated by competitors and therefore insufficient to protect employees from alternative job offers. While there are multiple suggested methods for retaining talent, approaching retention on many different levels and in many different levels it is noted that at its most effective, corporate retention is a sophisticated juggling act.
It is my belief that retention strategies do not necessarily need to be expensive; they can be simplistic in their approach including how people manage their staff on a day to day basis, ensuring solid communication processes and visibility for both employees and employers alike.