The ability to retain the best talent is one of the most important aspects that shape a corporate success story. If the management or the promoter or the investors has the ability to look at things from an employee perspective they would be enlightened to find that retaining the best talent is not all that difficult. However, just finding out the right way to do so is not enough as it is equally important to have the desired level of commitment and willingness to put in required efforts and resources for achieving the same.
1. Make them feel important – Give Recognition
An employee is not working just for earning money, and it is essential to recognize that his needs are beyond that. Recognition is not just about an annual appraisal meeting where you decide the salary increment and bonus for the year. Employees cannot remain motivated for a year long just in wait for that one single day which will judge their performance for the full year. An employee would feel recognized when incentives and feedback are given throughout year. The incentives or feedback may not necessarily mean doling out huge money, but there are better and more cost efficient ways. A simple thanks or a congratulating letter to an employee in writing is very encouraging. To recognize the special role of an employee in a specific challenging project, a thanks / congratulation letter to the family in praise of the employee will be considered as very special and encouraging.
On a regular basis, a bulletin board can be used to appreciate an employee on the special task that he would have executed. When a large project is successfully executed, it should be followed up with some form of celebration.
2. Provide a challenging work environment
Talented employees who are conscious about their career progression are always on a look out of higher challenges, which can help them further their career. If you go fail to fulfill your talented employee’s requirements, they want to leave their job. Hence it is important that you consistently raise the bar for employees.
3. Make them feel secure
An employee is working as an employee for the sole reason that he is seeking security of his basic needs. Hence the foremost thing an employee would need is job security. In absence of job security an employee gets nervous and stressed, hence he might waste his energy in unnecessarily getting concerned about matters not related to his job responsibilities. It may not be fair to expect an employee to plan for the long term when he is uncertain about his employment status in the company. Hence while you assign targets, be sure that you do not attach conditions which stress him for the wrong reasons like losing his job if he fails to achieve the targets.
4. Ensure regular and effective communication
Some bosses have the habit of speaking less with the employees as they believe this helps to create an aura around the boss, making him more relevant in the organizational structure. However, to keep a congenial atmosphere in the office, it is important to ensure two-way communication. Employers must not only clearly state their expectations from the employees they must also give a patient ear if the employees have something to say. When you listen to your employee’s ideas and suggestions they feel important and recognized in the office, this definitely improves employee’s morale and keep them motivated.
Similarly, if the bosses are not happy with an employee’s performance they must let the employees’ be aware of it and give them a chance to improve. It is quite probable that the employee will use the opportunity to perform better.
5. Provide opportunities for improvement of career prospects
Nominating an employee for attending an educational course, which is likely to enhance his career growth prospects, is also a way to recognize the employee’s work. This works as a great motivator for ambitious employees keen on enhancing their prospects. Besides, the effort also helps in retaining employees for a longer term.