How Do I Choose the Best Employee Retention Tools
Human resource is the most critical resource of any organization. Be it a big or a small organization, human resource plays a major role in the success of any organization. Any organization can cross the ladder of success if it is able to utilize its manpower in the optimum manner. Failure in the misuse or under usage can lead to a big failure for any big or small organization. So if any one wants to succeed, the best way is to hire the right resource and to retain it for a longer time. How to retain the human resources is a big challenge, because hiring of good people does not guarantee that they will stick to the company for a longer period of time. Here the company’s policies are the deciding factor that determines the stay of any employee in the organization. Alike the Japanese people, Americans do not believe in long employment in any company, because their policies are so dynamic that no one can predict whether they will be able to sustain the changing environment or not.
It is a fact that hiring a new employee is far expensive than to retain an old employee. Whenever we bring anew employee into the organization, a good amount of time, money and efforts are spent on its hiring, training and retaining. Its quite better that an organization should keep its employee happy and satisfied by giving them timely appraisals, designation hikes, perks, so that they should feel that their hard work is justified. Once they get this feeling, they will never ever think of leaving that employer, who is concerned for their well being.
It is hard to decide that whether which kind of tool should be used to retain employee for a long time, because the satisfaction of every persons varies with the profession, level and culture. But most importantly, there are 4 types of human needs which should be kept in mind while designing a best retention tool. They are their individual needs, societal needs, need to be respected and security needs.
Major retention tools are:-
A good working environment Cooperative and encouraging seniors Timely salary hikes Timely promotions Referral incentives Paid leaves Family vacations or day outs/picnics Employee recognition plans Clear employee growth plans Insurance and medical facilities
These are the major tools that can be employed to retain the employees. But it completely depends how and in which way these tools are used.