In a tight talent market, retaining talent is of utmost concern. It's important to know how to keep your most valuable business asset: your employees.
A committed employee is extraordinarily valuable. You can gain staff commitment by meeting people’s key needs: paying attention to people at all levels; trusting and being trusted; tolerating individuality; and creating a blame-free, can-do culture.
But why go through all these? What is the importance of gaining trust and commitment?
It all goes down to the fact that when a company gains the trust and commitment of their employees, they establish employee retention.
Employee retention is vital in establishing a firm foundation as the company proliferates and achieves its goals. The payoff for organizations that focus on employee retention is well worth the time and investment, according to the Society for Human Resource Management (SHRM).
Increased performance, better productivity, higher employee morale and improved quality of work, not to mention a reduction in turnover, are all organizational benefits.
1. What Is Employee Retention?
Basically, employee retention is all about encouraging people to commit themselves throughout the company. Through employee retention, the company is able to lessen the additional expenses of hiring and training new people and at the same time build trust and commitment within coworkers, the result of which is happier, harder working employees.
2. The Basics Of Gaining Trust
The quality and style of leadership are major factors in gaining employees’ trust and commitment, thereby, initiating employee retention in the long run. Clear decision-making should be coupled with a mutual and emphatic approach. This entails taking people into your confidence and clearly and honestly valuing their contributions. In turn, you gain employee retention.
As the boss or manager, you should also
- Make yourself as visible as possible - Show yourself to be approachable - Always be willing to listen to others - Never ask an employee to do something you would not be willing to do yourself - Learn to trust those who work for you - trust is a two-way street
If your employee takes pride in being a part of the organization or the company, chances are that employee will surely stay for good. Employee retention is achievable when the employee feels good about the work, loves the company, knows that they are in good hands, and takes pride in their work.
4. Holding Personal Values Consistent With The Organization
If your employees continue to take part in the company’s values and moral standards and incorporate these things within their own system, this goes to show that they are committed to the company and that they are willing to be a part of the group for as long as it exists. That is a clear manifestation of employee retention.
5. Creating A Strong Sense Of Team Spirit
Employee retention can be achieved if you know how to foster a sense of team spirit. If this is achieved, you can be assured that your employees will serve best for the interest of the group and their individual satisfaction as well. Corporate events and team development for departments are examples of how you can foster team spirit.
6. Providing ongoing education & paths to advancement
Promoting from within not only provides a clear path to greater compensation and responsibility, but it also helps employees feel that they're valued and a crucial part of the company's success.
Of course, promotions go hand-in-hand with employee development and education, and this should be another tool in your retention arsenal.
Commitment is the highest form of employee retention. If your employee is already committed to the company by expressing his or her desire to uplift the status of the organization, to boost productivity, and to refurbish mistakes and failures, then you can be sure that the employee will stay for good.
Keep in mind that when employee retention is achieved, the company should, in turn, keep that retention as well by remunerating effectively and expressing appreciation through employee recognition.
If this is all incorporated, then, a harmonious relationship between the employee and the company is at hand.