Posted in Human Resources Articles, Total Reads: 2607
, Published on 17 July 2011
For any organisation, its employees are its biggest assets. People are ambitious and always on the lookout for a better opportunity to move ahead in their career. Employees switch companies in order to find better jobs, better salaries, better position etc. But for the company it means the loss of a valuable asset. The employee's experience is something that goes with the employee once he leaves. And hence, as a critical process in human resource management, employee retention is one of the most important tasks which have to be performed in an organisation.
There are 2 broad categories of employees in an organisation depending upon the time that they've spent within the company. One set of employees are the new recruits whether the other part of the workforce is the old and experienced. The attitude new workforce is enthusiastic, energetic and willing to learn the tricks of the trade. Since they have so much to learn, motivating them to perform is not a big concern. They have to be guided and shown the way, and out of enthusiasm and willingness to learn, they perform well. Thus, retaining a new employee is not a very big issue. And even if a new employee wants to quit, he doesn't hamper the work flow or operational dynamics within an organisation. However, retaining an experienced employee is essential and very important.
The experienced workforce is a tremendous asset to the company. An employee who has been with a company has considerable industry knowledge and knows about the fluctuating scenarios in the market as he has been a part of the organization at different levels due to promotions. He has compatibility with not only people within the hierarchy, but also has industry contacts. Also, finding a replacement for an experienced employee would cost atleast five times more in terms of money, effort and time as compared to simply retaining them.
Organisations thus concentrate a lot on retention strategies, especially for the employees who become an integral part of the system. A few ways in which organisations can boost employee motivation and can encourage retention are discussed below:
Accolades for achievements- Employees should be lauded for not only their professional achievements but should also appreciate their personal milestones as personal support helps in bonding.
Felicitating duration achievement- Appreciating employees who have worked for a long duration shows a strong bond with the company.
Transparent processes- Experienced employees don’t like rigid processes and expect transparent processes as they feel respected if they become an integral part of the organisation.
Workplace flexibility- Another retention technique is to provide workplace flexibility to the employees as it gives them an opportunity to contribute even if they don’t attend office for a while.
Better decision making power-Experienced employees feel respected if they have better decision making power, more authority and a good team to work with.
In a battle between education and experience, there would always be a dilemma on which one is more important. But in any industry, an experienced employee knows the trick of the trade. And this why companies make sure they appreciate the talent pool in their company by retaining the employees.
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