How to Retain Existing Employees

How to Retain Existing EmployeesThe “job hopper” label is usually perceived as negative because the job hopper will let the company lose money in the long run. Usually, it will be costlier to hire a new employee rather than keeping an existing one. If an employer can listen to their employees’ needs, provide essential training programs, pay them fairly, and regard them as assets, job hoppers can disappear.

 

People may think HR is responsible for hiring new talent, but one of the primary challenges in people management is retaining current employees. It is cost – effective to retain talent because hiring and training a replacement is a costly pursuit. Because it needs time and training fees for new employees to know and get used to a totally new working environment. Various estimates suggest that losing a middle manager costs an organization up to 100 percent of his salary. The loss of a senior executive is even more costly.

Here are some good tips to help employers to keep their employees.

Firstly, provide essential training to keep employees stay because they want to learn and grow.

A comprehensive introduction training will help new employees to know the company as soon as possible. A skill training program will improve employees’ performance. It allows employees to strengthen their skills so that can help the company become sustainable in the future.

Like a flower in a flowerpot, employees need to be watered and fertilized with training.

Secondly, treat employees fairly.

If a new sales representative is given a higher rate of commission, other sales staff will feel being cheated.

For example, under the same sales project, if staff with 3 years’ experience is given a $15,000 commission, whereas, staff with more senior experience just received $10,000. Then, the morale of the senior employee will be negatively impacted by this kind of unfair treatment. There will be a potential risk that the senior employee will leave the company. Therefore, setting up an effective incentive system and performance management is essential.

Thirdly, offer an open-minded work environment.

Employers need to be open and listen to new ideas from employees, it will create more suggestions for the problem – solving. Employers also need to be open when the employees ask them for guidance. No matter what the size of the organization, communication between the employers and employees is central to build and maintain credibility. Also, the intensive feedback from employers and employees will be helpful to improve the interaction between both parties.

Last but not least, make employees feel they are valued.

It is important for employers to acknowledge their employees’ efforts. Sometimes, employees will do extra work if they feel responsible for the results of their work, have a sense of worth in their jobs, believe their jobs make good use of their skills and receive recognition for their contributions.

 

Although it will be a long way to go for retaining existing employees, it is better to teach employees, treat employees with equal way, be open-minded to listen to employees and keep employees as an asset to the company.

Companies need to have comprehensive methods (magnet) to retain the valued employees.

retain the valued employees

 

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