HOW TO RETAIN YOUR BEST EMPLOYEES

Employees have always been valuable assets for any firm. They might be considered the life-blood of an organization due to their vital nature. The majority of businesses are becoming more and more technology driven as a result of technological advancement. However, technology depends on human resources to function, this circumstance does not lessen the worth of personnel in an enterprise. The toughest challenge that organizations encounter nowadays is not only how to manage the people but also how to keep them on the job as long as possible and how to maintain them vigorous and ambitious (Bodjrenou.K,2016).

An organization's biggest asset is its workforce. Therefore, every organization must treat their employees as ends and not means to ends, because they add value to the organization. Keeping top performers on staff is a primary concern for businesses right now, and significant efforts are being made in every country and every organization.

Figure 1: Employee retention

According to Mita, (2014) employee retention as “a technique adopted by businesses to maintain an effective workforce and at the same time meet operational requirements” 

In the view of Acton et al., (2003) the Human Resource Department plays an active role in retaining its employees. It makes policies for employee betterment such that employee would be satisfied with the organization and stay with the firm for longer time. This shows that it is not just retention of employees but also retention of valued skills.

According to the Denton, (2000) employees who are happy and satisfied with their jobs are more dedicated towards their work and always put their effort to improve their organizational customer’s satisfaction.

Determinant of Employee Retention

Different research and studies show that there are many factors in employee retention.

Many studies concluded that employee commitment and retention is not determined by a single issue but by a cluster of factors.

According to the Christeen, (2014) he identified eight retention factors: management, conducive environment, social support and development opportunities, autonomy, compensation, crafted workload, and work-life balance.

Ghapanchi and Aurum, (2011) explained that retention factors include remuneration and benefits, training opportunities, fair and equal treatment and organizational culture.

Figure 2: Employee retention

keep the best workers

Keep employees is often one of the most important tasks for managers and human resources professionals. Increased retention can help companies lower their costs, build a stronger corporate culture and build a stronger and happier workforce.

According to Jennifer, (2023) a stronger workforce, increased productivity, improved morale and decreased costs are the major benefits of the employee retention.

Zean.L, (2020) explains 8 simple ways to retain employees. Those are;

Pay above – average salaries, allowing employees to speak their minds, show appreciation and respect, encourage input and feedback, don’t micromanage, identify and invest in high performers, offer the ability to grow and provide flexibility

 Hillary. H, (2018) elaborated 9 tips for keeping best employees

Hire the right people

Finding the ideal candidate for the job is the first step in the process. Work descriptions must to be thorough and frequently revised.

Show them opportunities

Pergamit and Veum (1989) in their study found a close and positive correlation between promotions and job satisfaction and which in turn helps in retaining employees.

Figure 03: Tips for keeping your best employees

Offer benefits for employees

Employee retention is higher for businesses that provide greater benefits.

Manage with trust on employees

Employees are less likely to quit if they believe that the organization is heading in the correct path. Building trust and fostering a sense of ownership inside an organization require open communication.

Create a great work environment

Ramlall, (2003) explained the need for recognizing the individual needs of an employee in an organization as it will encourage commitment and provide a suitable work environment..

Prioritize a work-life balance

Work-life balance is increasingly important for engagement and affects retention. Hyman et al., (2003) in their empirical research in the UK found that interventions of work demands into personal life (e.g. working during the week-end) resulted into heightened stress and emotional exhaustion among the employees

Establish two-way feedback

Hewitt, (2002) has mentioned that modern businesses always keeps its employees well informed about all the important affairs of its business and involves them in decision-making at all levels which can exploit the talents of its employees.

Make employee feel valued

There are many small ways to show that organizations value their employees. Just acknowledging their contribution and saying ‘thank you’ can make a big difference.

Don’t micromanage

The best way to manage is often to give your employees clear direction, allow them plenty of space to do what they have to do and offer feedback.

Conclusion

Human resources are complex and not easy to understand. These are the assets which can make as well as break an organization. Retaining them will help in the long-term growth of an organization and will also add to their goodwill. But the most difficult task faced by an organization today is retaining as well as satisfying these resources. The field of employee retention and it by taking into consideration the factors like hire the right people, growing opportunities, create a great work environment, work life balance, two way feedback, flexible working hours etc. It goes without saying that HR specialists should lead these initiatives

References;

Acton, T., Golden, W.(2003). “Traning the knowledge worker: A descriptive study of training practices in Irish software companies”. Journal. Eur.Ind. Train, 27(4):137-146.

Bodjrenou,K. Ming,X.Bomboma, K.(2016) Study on Determining Factors of Employee Retention. Scientific Research Publishing Inc. Vol.04, Article ID:66904. [Online] Available at: https://www.scirp.org/html/18-1760883_66904.htm [Accessed April 2023]

Christeen, G. (2015) Retaining Professional Workers: What Makes Them Stay? Employee Relations, 37, 102-121. [Online] Available at: http://dx.doi.org/10.1108/ER-10-2013-0151   [Accessed April 2023]

Denton, J. (2000), "Using Web-based projects in a systems design and development course". Journal of Computer Information Systems, Vol. 40 No.3, pp.85-7

Ghapanchi, A.H. and Aurum, A. (2011) Antecedents to IT Personnel’s Intentions to Leave: A Systematic Literature Review. Journal of Systems and Software, 84, 238-249.
[Online] Available at: http://dx.doi.org/10.1016/j.jss.2010.09.022   [Accessed April 2023]

Hillary,H. (2018). 9 tips for keeping best employees. TalentLyft [Online] Available at: https://www.talentlyft.com/en/blog/article/188/9-tips-for-keeping-your-best-employees[Accessed April 2023]

Jennifer,H.(2023). How can I retain my employees.Indeed[Online] Available at: https://www.indeed.com/career-advice/career-development/how-to-retain-an-employee [Accessed April 2023]

Mita, M., Aarti K. and Ravneeta, D. (2014) Study on Employee Retention and Commitment. International Journal of Advance Research in Computer Science and Management Studies, 2, 154-164.

Zean,L.(2020). 8 simple ways to retain employees. CO, U.S Chamber of Commerce [Online] Available at: https://www.uschamber.com/co/run/human-resources/how-to-retain-top-employees [Accessed April 2023]