How to Retain Valuable Employees

Smart HR Managers know how critical it is to retain those talents. Keeping the employees happy and loyal to the company may appear simple but a robust plan is needed retain valuable employees.

The conference hall was full, but unlike other times, there was pin-drop silence this time. Even the non-stop chatterboxes in the team seemed to have lost their words.

It was the farewell day of their beloved John Samuel (JS) joined the company as the 4th employee and grew with the organization. He became a Sales Head, and in every induction and orientation, he told it to the new joiners. John always wore the company name and ID card with great pride. While he guided the company’s branch heads and vice presidents, who came and went, everyone thought that JS contended with his role. Though he loved the senior mentoring and running the branch, the pandemic made him realize that he also needed professional growth and did not want to be stunted anymore in the sales head role.

His resignation came as a shocker to the senior management. JS was their go-to person, and Man Friday, and they never thought he would leave. They huddled up and even came up with an attractive package and career growth plan for JS. But it was too late.

Companies sometimes need to realize that they must take extra care to retain their valuable employees.

HR has to Pivot

The COVID-19 pandemic was a stress test for everyone. But the biggest hit was the HR. Businesses had to pivot, make remote work successful and still make profits. In the whole melee, HR had the additional responsibility of keeping the company’s building blocks intact. Making the employees stick around so they can supercharge the company’s growth.

HR teams should do things in such a way that they can retain their best people. Tenured employees know what makes your business tick; they know how to get things done. Hence, companies should do everything possible to keep their rock stars. Besides affecting the momentum of growth, replacing such an employee is a time-consuming and costly affair. The Society for Human Resource Management (SHRM) reported that, on average, a company would spend 6 to 9 months of an employee’s salary on recruiting, hiring, and training a new team member.

While the company’s CEO might hog the limelight, the fact is that successful businesses are built on the backs of employees. While CEOs are concerned about customer churn, they often overlook employee turnover. Employees who are not engaged or properly compensated move to other organizations looking for better career growth. And when the most competent member of the team leaves, the company is sure to face a disadvantage.

Now, let us discuss how to retain your valuable employees.

Conducive work environment

Companies need to build a conducive work environment. It doesn’t mean a fancy office but an environment where top team members can thrive as they work towards the organization’s goals.

Irrespective of their cadre, employees should be happy with their jobs. They should be excited to come to work and feel safe and comfortable. A nurturing and stimulating workplace makes employees stay, and productivity, performance and engagement increase when employees don’t have to be concerned about discrimination or harassment.

Conduct team-building activities to forge a genuine bond between colleagues, which will improve communication. When the work relationships are encouraging and employees know their colleagues and managers are there to help them, they can genuinely trust them. It goes a long way to retaining talent. Providing a pleasant and organized physical space ensures less employee turnover.

Open communication

Encourage employees to disclose their ideas and opinions openly during meetings and personal interviews with their managers. Besides having an environment with equal respect for all employees, companies should also promote a healthy exchange of ideas between bosses and subordinates.

Offer employees the freedom to question business models logically, strategies, and managerial decisions – without consequences. This helps team members to develop critical thinking abilities. Those who express their concerns or dissent will likely have the most respect for your business and would like to see it flourish for years to come.

HR should ensure that every employee understands their role, tasks, and whom they should approach for what.

Investing in internal opportunities.

Always recognize hard work. Identify those who go the extra mile and recognize exemplary efforts. Promotions, company stocks, incentives, or an appreciation in public- all matter. Let your most valuable employees know that their efforts are appreciated. Appreciation and recognition go a long way to keep employees’ drive and reduce their inclination to leave.

Employees who feel they are treated as assets are less likely to leave, and they will do better when they realize that the company is helping them grow as professionals. To achieve this, offer them suitable internal opportunities. Invest in training and find ways to maximize their potential. When companies provide their employees with ample growth opportunities, whether a promotion, relocation, or continuing education, it shows that they are investing in their employees’ future. This can improve productivity and work engagement. When employees feel happy that they are being taken care of, they tend to stick around for a long.

Employee well-being

Even the most competitive benefits and salaries fail to keep employees. After the Covid-19 outbreak, health has become the top priority for everyone. Give employees more than just sick leaves and free health check-ups. Craft a comprehensive health plan to take care of the overall wellness of your employees. It can include meals, fitness, travel, and more. You may remember how LinkedIn gave its employees a mental week off to cope with burnout.

It would be best if you offer your employees enough free time to enjoy the rewards. Employees need to have a life outside of work, and their employment shouldn’t rob them of time and energy. Promoting work-life balance is critical to prevent burnout and to keep your team members happy. Organize company outings, keep the workload realistic, and embrace individual working styles.

Conclusion

Retaining valuable employees boils down to how you treat them. They are humans and not mere tools to move your business forward. If your business risks losing top talent, move fast and refine your employee retention strategies.