Hiring a best resource might be tough task but retaining that best resource for company is even tougher. The mantra might be Communicate, Communicate and Communicate. We can communicate better to encourage employees to be more open about their professional goals. As a manager, you need to encourage an ongoing, two-way dialogue that’s based on trust – about assignments and projects, of course – but apart from that, about an employee’s career goals and aspirations. If, as a manager, you don’t know how an employee would like to grow professionally, you can’t tailor opportunities to meet their needs, and you risk losing them.
We do ask people while interviewing them that where do you see yourself after years. It’s kind of top list of “Must Asked Questions”. Many people would agree that employees should be asked this question frequently so that you are always aware of their career planning. Career Planning is very important for every individual. According to a survey, mostly people leave their jobs because of career growth and better opportunities as stated in their feedback sheets. Providing a good training curriculum in support of the career plan will help retain your employees. People stay where they are nurtured and developed.
Mentor rather than manage, try to balance giving your team members the authority, the tools, the space and more important the ownership they need to do their jobs – empowering them – and mentoring them – as they execute their responsibilities. Be accessible and open to problem solving. Your employees are your main asset. At the end of the day it is not capital or technology that differentiates company performance, it is the people!
Finally make sure our team feels rewarded, recognized and appreciated. Frequently saying thank you goes a long way. Monetary rewards, bonuses and gifts make the thank you even more appreciated. Raises, tied to accomplishments and achievement, commissions and bonuses that are easily calculated, and easily understood, raise motivation and help retain staff.
Underscore positive feedback with something tangible: Beyond salary/bonus/equity, think about “rewarding” employees for truly superior performance — How about dinner on the company as a spot award? Or, recognizing employees’ start-date anniversaries? Or, awarding a personal day after completion of a ‘hairy-scary’ assignment? Or, giving an extra holiday on weekdays after accomplishment of target. At the end of the day – words are just words. While feedback is important, people also need to feel appreciated in a tangible way. The return in terms of employee loyalty and commitment will far outweigh the financial cost of these “spot” awards over the long run.