Key employee retention is critical to the long term health and success of an enterprise. Apart from the usual ways employed by the firm to retain employees like increasing the organization’s level of professionalism and transparency and conventional ways of measuring employee satisfaction, mentioned here are some 10 ways to effectively retain your employees:
1. Ensuring employee satisfaction – An unhappy and insecure employ is worse than your biggest competitor. In the long run for competition and meeting project deadlines, IT firms miss out on the comfort level of their employees. A comfortable employee knows clearly what is expected from him every day at work. The firm should provide an ambience where the employee can voice his opinion freely and appreciate their efforts, thereby making them comfortable.
2. Ensuring proper feedback – Clarity and feedback is an important area where executives go wrong. Hence employees complaint about lack of clarity of expectations and earning potential, lack of feedback about performance and failure to provide a framework within which the employee perceives he can succeed. These flaws should be handled effectively.
3. Promoting employees from within – A company that constantly fills vacancies by hiring from outside is certain to face retention problems. Employees who realize that they are unlikely to be promoted to fill the vacancies will leave the organization. Promoting employees from within is a sound retention strategy.
4. Balancing Individual and organizational goals – Many companies fall into the trap of expecting their employees to subsume their individual objectives before the organizational one which forces employees to leave. This should be balanced by offering them acquire new skills and providing comprehensive knowledge on projects which at least promotes a feeling that their objectives are satisfied to an extent.
5. Acknowledging your employees – A common place grievance during an exit interview is that the employee never felt senior executives knew he existed. Its challenging since IT is a highly structured hierarchy. But senior officials should see to it that employees are met with and briefed periodically.
6. Fresh Workplace ambience – Employees are as much family people as they are workers. A firm sans fun environment may lead to attrition. Also a thickly packed project, a cubicle or office space may add to their woes. A fresh office space will in turn make the workplace more fun.
7. Ensuring a match between authority and accountability – Decentralization of task is synonymous to an IT project. Most companies fall into the trap of holding a project leader accountable for a specific activity without empowering them with the authority to perform it well. Even worse, another employee assigned the same task may be left unaccountable which will add only to the attrition rate.
8. Involving employees in the decision-making process – People like to work in organizations where their opinions count. Employee’s involvement in decision-making is directly proportional to the organization’s retention-level. A participative decision-making process is good and total empowerment, better.
9. Making performance appraisals objective – Employees like to know how, when, and by whom their performance is going to be measured. An appraisal process that lists objective and measurable criteria for performance appraisal removes the uncertainty in the minds of employees that their superiors can rate their performance any which way they please.
10. Competitive pay package – Pay hike comes last in the list for me let alone ESOPs. Money isn’t a motivator, but it is an effective de-motivator. While organizations that pay best-in-industry salaries may find themselves unable to use that fact to motivate their employees, those that do not could find their best employees leaving