How an Organization should withhold its Human Assets
Retention of people is an important aspect of Organization Building. If one is not able to retain the people they hire, the organization will become weak and lose valuable resources.
So, various steps, some of which are given below, can be adapted to retain high performing, experienced and valuable people in the organization:
1. Career Development:
The career development path of the organization should be so attractive that the person is not tempted to explore new options. Employees should be given ample job challenges that will help expand their knowledge in their field. Motivating and showing their growth chart continuously, will help retention because even if new options come in their way, they will compare them with the growth potential in their organization and may discard the options.
Besides money, opportunities to learn and to grow are a very big attraction for employees to stay in the organization.
2. Recruitment with Retention Money:
Under this, the new recruit is provided with a base salary and a certain amount as retention money which gets paid once the person completes the specified period – say 12 months to 18 months.
This has helped employers in retention as the employee concerned waits till his retention period expires (otherwise, he loses his whole retention money).
3. Recognition and Award System:
Having an award system motivates the employees, as their performance is recognized. This creates a healthy completion amongst the employees driving them towards achieving the best results. Recognition makes them feel valued and important and enhances their self-esteem.
Besides monetary compensation, position, working environment, and recognition are equally important factors for a person to stay in this job.
4. To take Leaders from Within:
The organization which has the practice of taking senior position leaders from within the organization is able to retain more people. This is because the employees know that they will get growth within the organization as the organization does not have the practice of hiring senior people from outside, except in exceptional circumstances.
5. Performance Linked Incentives:
Performance-linked incentives also become a positive factor for people to perform and stay with the organization. Performance-based incentives, besides creating goal congruence between the organization’s goal and employee’s goal, provide recognition to performance. They see clearly that if they perform better, they can grow more.
6. Organizational Culture:
Developing a culture based on values such as honesty, excellence, attitude, respect, transparency, and teamwork also fosters strong relationships with seniors and a feeling of peace among the employees. Employees should trust the management and have confidence in their competencies. They will then visualize a bright future and growth of the organization and along with within their own growth.
Organizations, where ideas and innovations from employees are encouraged, make the employees feel more involved and increase their commitment and loyalty towards the organization. Such employees are more likely to stay with the organization.
7. Stress-Free Environment:
Stress from overworking is one of the major reasons for discontentment. The organization should have a system of coaching and providing feedback to employees. This will help them in better understanding of the job so that they are able to meet the expectations of the organization thereby reducing stress and enhancing performance.
Higher efficiency will help them reduce the unnecessary long working hours and have a better work-life balance.
**Retention of high-performance employees is very important in organization building.
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