People as modern day assets
MOST managers would agree that people are one of the most critical factors for business success in today's fast-changing world. It only takes a cursory examination of any company's overhead costs to recognise the huge percentage of payroll expenses. Maximising the value of this investment requires effective leveraging and utilising the knowledge, experiences and energy of your valuable employees, who are really the Strategic Assets of the 21st century.
It is amazing how many times we intellectually understand these facts but only pay lip service to the importance of our people. Stop and think how infrequently most organisations fully address the needs of their employees
All organisations expect attrition. Employee migration or an expanding business base means that recruitment of new personnel is a continual endeavour. Not only is it very important to attract the best professionals for your business, it is also imperative that the top talent is retained within the organisation.
HOW TO RETAIN YOUR EMPLOYEES
Stemming attrition through retention starts with the basics: Think like your employees. Gain an understanding of what is important to them and become creative. Realign corporate thinking to revitalise the job experience.
The three key factors in effective employee retention are (1) hiring the right people, (2) reviewing employee benefits and systems and (3) providing a positive work environment.
Successful employers coordinate creative recruiting strategies with effective measures to retain qualified employees. This process begins with an honest evaluation of employee policies, practices and benefits (the keys to both attracting candidates and motivating employees to stay).
Think of your employees as your internal customers. Commit to building relationships with them. Invest in training, objective assessments and transferable skill development to cultivate loyalty. Encourage communication by using an open door approach to managing.
Compensation is no longer the most important issue, especially for high-tech employees. Greater value is now placed on career development, training and lifestyle. It's critical for employees to retain and enhance marketable skills through projects. The employees' sense of playing an active role in creating their own future and sharing in the company's vision remains crucial to their satisfaction.
Focus on renewing your corporate culture so that it promotes employee empowerment in a flexible environment. Discover ways to make the job experience more pleasurable and motivate your employees. Provide good working conditions, encourage ideas and reward creativity in your strategic initiatives.
The major factor in employee retention is personalisation. Managers must be observant and sensitive to the needs of each individual. Each employee is motivated by different factors. Managers should take time to listen to each and every employee and determine what motivates them. This done, they should discuss it with them and find ways to meet their needs while maximising their contribution to the organisation.
A comprehensive evaluation of your organisation, and the successful implementation of equitable human resources policies, programmes and systems, has numerous benefits. In addition to improving recruiting and retention, increased employee satisfaction can increase productivity, decrease absenteeism and turnover, improve morale and, overall, make your organisation more effective and competitive.
RETENTION TIPS:
Permit telecommuting.
Encourage pets at work on a pro-rata basis.
Set liberal dress codes.
Award bonuses for meeting deadlines.
Offer on-site childcare or offer financial help for childcare.
Provide a company car or corporate transportation.
Permit specific special days off as enrichment holidays.
Allow a three-month sabbatical after five years of employment.
Give them a fixed amount of money every year to spend on anything they want, to personalise their workspaces.
Offer an on-site workout room or basketball court.
Offer enrichment classes.
Structure self-development workshops regularly.
Provide training on new technology. (And let them use it on their return from class.)
Provide refrigerators, espresso machines and microwave ovens.
Providing great benefits may tend to keep employees with your firm longer -- as long as you're doing everything else right. However, benefits alone probably will never be the ultimate reason why employees stay with one firm and not another. Look at it in the reverse: if you don't provide the benefits that employees want, they'll certainly find what they're looking for, with your competitor. The talent shortage keeps raising the bar. Whether HR will choose to raise or lower the benefits bar is an organisational matter. Just keep in mind that staff attrition may be at stake.
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