The relation between employees and success is not over-emphasized. With the rising number of businesses cropping up in our nation, the key to being at the top, is not only getting the right employees, but the challenge is to make employment retention strategies . SMEs, globally descirbed as being firms with less than 100 employees, wholly uphold specialiazition, making it very vital to retain quality employees.High employee turnover results to an increase in operational costs and loss of ‘business time’ to a firm, especially in training. Therefore one of the objectives of employee retention is to cub these costs.
The following tips are a guide to ensure employee retention for SMEs so they emerge as winner in the battle in the booming industry. Put your army to work for good.
Get the right people
Hiring individuals who are truly fit to succeed in the position for hire will dramatically increase the chances of employee satisfaction with his or her work and remaining with the company for a longer duration. Hiring on basis of one being a close relative, ignoring the skill required, is recipe for disaster.
By far, we have found this to be the biggest predictor of future employee retention.
Communication, communication, communication
Communication has become so heavily stressed in the workplace. Be sure that team members know their roles, job description, and responsibilities within the organization. Communicate any new policies or initiatives to all employees to ensure synergy. Nobody should feel left out.
Include employees in decision making
It is incredibly important to include team members in the decision making process, especially when decisions will effect an individual’s department or work team. This helps create a culture of employee involvement, generation of new ideas and sense of company ownership.
Shorten the feedback gap
Do not wait for a performance evaluation to give feedback on how an employee is performing. Most team members enjoy frequent feedback about how they are performing. Shortening gap will help to keep performance levels high and will reinforce positive behavior.
Offer a competitive compensation package
With the increase in cost of living, every employee needs a package that wholly tends to his basic needs. Be sure to research what other similar companies are offering in terms of salary and benefits. A less competitive package is key ingredient for quality employees to seek jobs elsewhere. Remember, a good package, and periodic appraisals are ways to employee motivation.
Balance work and personal life
Family is incredibly important to team members. When work begins to put a significant strain on one’s family no amount of money will keep an employee around. SMEs should stress the importance of balancing work and one’s personal life. This will positively impact on an employee’s performance.
Provide opportunities for growth and development
Aspire to offer learning platforms and opportunities for team members to acquire new skills and knowledge useful to the organization. This shall limit boredom in relation to work, and show employees that the company wholly values them. Nobody wants to feel stuck in their position where there is no possibility for advancement or new opportunities.
Recognize team members for their hard work and let them know they are appreciated
The feeling drawn from appreciation of effort at work cannot be ignored. This can be as simple or as extravagant as a supervisor may desire. Often time a short e-mail or quickly stopping by a team member’s desk and saying “thanks” can do wonder for morale. Whatever the mode of appreciation, it goes a long way.
The quality of supervision and mentoring
It has been said so often that people leave people, not their jobs. Supervisors play the largest role in a team member’s development and ultimate success within an organization. Therefore, presence of a respectful, concise, friendly and just supervisor, would impact positively in employees looking forward to work and going the extra mile.
Fair and equitable treatment of all employees
One of the surest ways to create animosity and resentment in an organization is to allow favoritism and preferential treatment of individual team members. Whether family, or friend, all employees should have an equal eye in front of management, limiting resentment by other colleagues and promoting teamwork.
Organization need to have flexible timing and supportive policies. Create a positive work culture by team leaders and managers in the organization. Industries and businesses are becoming more and more desperate in finding required skills and attitude. Use this as a business strategy for employee retention.