Among the large corporates it is now taken for granted that management is now able and willing to look beyond saving costs. Since now management is looking beyond costs they are now arriving at different outcomes to retain their employees.
HR is nowadays encouraged to have a free rein in developing strategies which are employee friendly and boost employee morale.
When we specifically consider retail business (which is now becoming as large as any corporate sector) a good policy would be to study employee needs and build a structure that enhances each and every employee’s talent.
Why are employee retention programs needed? It is indeed a poor business strategy not to think about employee retention and welfare beforehand. Statistics indicate that many businesses’ take about 7 to 9 months to find a new good replacement employee again, train them, nurture them and bring them up to the mark if they remove an old one.
5 Strategies to improve employee retentions
1. How to hire the right employee? Use of management consultant methods that identify right aptitudes for the job
The latest trend in hiring, that HR managers are recommended to use before hiring - is to utilise many behaviour analysis methods which identify employee aptitude, capability and prepare an employee profile before hiring. A new employee aptitude towards the given tasks at hand - such as retail sales, inventory, stocking, managing etc. can be tested. This aptitude analysis can be done from an outside management consultant.
Once the aptitude criteria are in place hiring and retaining an employee becomes an unhinged, professional process.
2. Growth and Personal development of Employees
Over all it is beneficial for every organisation to retain an employee for many years. What is the single most thing that employees seek beside the salary? Perks and fun filled atmosphere are always the obvious answers. But keeping an employee’s long term development in mind he must be handed over an employee growth plan.
For example they must be given the hierarchy or organisation structure as they join and it must be explained to them on how they can attain promotions to become a manager, or even a Director.
As the employee gains an understanding of the job he has an opportunity to progress. Employee Appraisal Programs given by peers and seniors must be unbiased. The appraisal programs are designed to promote the employees. They can be given promotions to management as well as given increased salary, bonus reward, packs.
3. Selecting and training a management hire right from the start
Right from the beginning a new hire should undergo a company specific training process. It should take him step by step throughout the company as he learns all the steps in the job thoroughly, learns team work and company culture. He is then given a mentor manager besides his work manager who has abundance of knowledge, imparts organisational culture and acts as guide. This helps the new hire to achieve management promotions satisfactorily.
4. Work and Life Balance HR programs
People take up a job to enhance their standard of living, to earn and to bring up their families in certain comfort. Many employees want to avoid managerial discords. A manager who always allows an employee to discuss problems with a warm, open smile and open door policy can provide a better work life balance. Family problems like sickness, children’s school functions are viewed with beneficial eyes. Giving personal attention to an employee a manager can sanction sick leaves, doctor’s visits, offs etc. till the employee becomes fit to work again.
Communications is the best tool in employee welfare management. It is HR responsibility to communicate benefits and compensation. If an employee has a grievance regarding promotion HR must learn the issue and give him direction to achieve the required competent skills to gain a promotion he desires.
5. Businesses which believe maintain fresh environment
More retail businesses are spending more and more on employee retention. It is now almost a need for every organisation to give appropriate training and tools to the employee who can then do the job to the best of his ability.
Along with training a good work environment such as management promoting belief in healthy food, green environment and even small things like maintaining a fresh garden create employee friendliness. Allowing them a casual dress code and fun filled outings are some of the perks. A cared and concerned attitude towards employees retain them for a long time.
Conclusion: HR must prepare a hand book of policies after studying all the necessary points that differentiate our organisation from others.