The phrase “finder’s keepers, loser’s weepers” is a good way to explain the importance of Employee Retention Programs. Finding talented people and keeping them in your organization is very important or else your competitors will take the first opportunity to grab your qualified staff. Organizations invest a lot of money in training their staff and losing them to the competition is like a blow in the stomach.
To keep up a healthy working environment you need to keep your employees happy or else they may leave for another company. Once one goes, others may follow and this could have an adverse effect on your customers as well. Especially if a member of the sales team leaves, customers who used to deal specifically with that employee may also walk away. In order to avoid this from happening, organizations need to use the following tips to keep their profit-making staff.
- Reward, recognize and appreciate your employees for their efforts. Along with monetary incentives, more personal rewards can go a long way to motivate and keep employees happy. This may include time off, a trip or an invitation to a company retreat. Also take time to recognize achievements…even a hand written note with a simple thank you is greatly appreciated.
- Employees are always looking for opportunities to increase their knowledge and so you as the employer need to encourage them to attend seminars and training sessions so that they can meet their personal goals for growth.
- Many company presidents and CEO’s don’t know who does what in their organization, especially the junior employees. Although it is impossible for the CEO of a multinational company to know the names and designations of all the employees in the organization it is important for the well-being of the company that he should make an effort to meet and interact with the staff in a visible way.
- Finally, treat each employee in a fair and equal way. Distribution of incentives should be carried out in a way that is fair to all staff members.