There are four major factors that set the business rolling. Out of these four factors human resource or labor is the only factor which sets the enterprise in to motion towards the path of profit and progress. A good skilled employee proves to be an asset for the organization thus employee retention is an emerging concept gaining prominence in recent times. No matter what the scale of business operation, employees continue to be the most crucial and dynamic factor of production.
Here are some instructions to retain competent employees:
Step1 – Every employee has his or her set of preferences. What motivates one particular employee may not at all appeal to another. Determine the specific needs of skillful employees. You have to ascertain whether they would be motivated by money, fame, recognition, promotion, change of environment, flexible timings, share in profits etc.
Step2 – Lay down a stipulated time frame for reward, recognition, promotion due to the employees. There should not be a very long gap between performance and reward otherwise employees lose their faith. The time period and the target set should be feasible and measurable.
Step3 – Employees who are more interested in peer interaction must be encouraged to participate in activities which give them maximum scope for interacting with other members of the office.
Step4 – Quality and quantity is not always the best motivational strategy. If your budget is not much you can even go for economical methods such discount coupons or gift vouchers to the local shops, restaurants or parlors would appeal as much and make the employees happy.
Step5 – Benefits given to the employees must have utility and accessibility. Reimbursement of medical expenses can be accompanied by monthly health check up of employees by medical practitioner.
Step6 – Besides above mentioned approaches, you can also make the job more flexible and adaptable to the priorities of certain employees like expectant female staff.