You must be aware of the fact that any company facing poor employee retention has to pay a huge cost. The power to retain good people has a rigid competitive advantage. No matter if the market is up or down or the nature of business, turnover is an important factor for all employers. If you are not sure that you need to invest your efforts on retention, know that if you pay heed to the path of employee retention strategies and tactics by using Tervene, you can:
- Keep the predictable restaffing costs and gaps at bay.
- Protect the intellectual property
- Retain customer relationships
- Never trigger your competitors
- Develop positive trends and news about your company.
These advantages can assure you some significant wins for sure. And each one of them contributes to better business performance. This is why you need to get this right. But that doesn’t mean you need to increase the paychecks, stock options or bonuses. These factors will never fix your retention issues. Not everything is about money. All you need to focus is on building confidence in the organizational culture. There could be many other issues leading to low retention rates. With no practical employee retention, companies can lose a major chunk of their best and most qualified talent which leads to losses in productivity, time as well as money. Hence, you need to focus on people rather than the financial factors.
Engagement is all you need
The numero uno factor that most companies get wrong is engagement. When people leave, this is because they never had job satisfaction. They want to feel an important part of something. Countless researches have proven that compensation and benefits could be important, but it is always about being able to contribute with meaning and purpose when it comes to job satisfaction. So, pay heed to the same.
Here is what you can do
There are numerous way to improve employee retention. Begin by including people in activities like process mapping which can be a golden opportunity for them to contribute their insights. Indulge them in hands on tasks which need determining improvements with the help of small focused projects. In order to guarantee energy and support for these initiatives, leaders should be trained to make them understand that it is alright to delegate and let the company contribute more from the frontlines.
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