how to retain good employee for company

How To Retain Good Employees

Thien Nguyen

Some concepts concerning the importance of employee retention

The reasons employees leave

How to retain good employees and minimize the turnover

CONCEPTS

People don't really work for companies; they work for a boss. A good boss can keep employees, make them happy and reduce the costs associated with employee turnover

The perception of equitable treatment is important in employee retention

Many surveys suggest that employees often leave a company not because of dissatisfaction with the company or work itself, but because of poor relationships with a boss or unpleasant interpersonal issues.

CONCEPTS

Employees are one of a company's largest expenses these days. The cost of replacing a bad hire far exceeds the marginal additional cost of hiring the best person in the first place

Employee retention is critical to the long term health and success of the business

The best employees seek frequent opportunities to learn and grow in their careers, knowledge and skills. They never stop learning and crave new challenges

CONCEPTS

Almost everyone works for money. People always want employers to pay them above market rates

When the employees recognize a good boss and a real leader or the company is a place people want to come to and work for, they will stay around. Company culture can be a powerful recruitment and retention tool

Boss might want to pay his good employees a bit more than the norm

CONCEPTS

HR professionals were asked which programs or policies they use currently to help retain employees. The following three are the most common programs employers are using to retain good employees:• 62 percent provide tuition reimbursement• 60 percent offer competitive vacation and

holiday benefits• 59 percent offer competitive salaries and

bonus.• …

CONCEPTS

Employees cited the following three top reasons they would begin searching for a new job:• 53 percent seek better compensation and

benefits• 35 percent cited dissatisfaction with potential

career development• 32 percent said they were ready for a new

experience• …

The leave reasons

Lack of :• clarity about expectations• feedback for performance• challenge in work, with boredom of low workload• support from their peers and managers when

have excessive workload The company is experiencing a downward spiral Company policies and procedures are not clear

and communicated well No training and development opportunities

Relationship with management team is damaged Insufficient recognition for the level of

contribution and effort provided Stopped having fun and enjoying their job Pay isn’t commensurate with performance.

Benefits package is not satisfactory Anxiety about the promotion, income and

retirement security Concerns about management’s ability to lead the

company forward successfully

The leave reasons

The Causes of Job Dissatisfaction

• Negative affectivity• Core self-evaluations

Personal Dispositions

• Role• Role ambiguity• Role conflict• Role overload

Tasks and Roles

• Negative behavior by managers• Conflicts between employees

Supervisors and Coworkers

• Pay is an indicator of status in the organization

• Pay and benefits contribute to self-worth

Pay and Benefits

Job Withdrawal Process

How to retain employeesand minimize the turnover

Meet employees periodically to learn about their talents, abilities and skills. Help them feel welcomed, acknowledged and loyal

Communicate goals, roles and responsibilities so people know what is expected and feel like part of the in-crowd

Make the workplace fun Set goals for employees that can be achieved Provide an environment that people are comfortable

providing and receiving feedback

No matter the circumstances, never, never, never threaten an employee's job or income

Provide appropriate rewards and recognition for jobs done well

Demonstrate support, listen and respect for employees at all times, never ridicule or shame them

Pay for what they deserve Enable employees to balance work and life. Allow

flexible working times and core business hours Hold exit interviews with departing employees to

retain remaining staff

How to retain employees and minimize the turnover

Provide employee with new challenges, cross training, growth opportunities and career progression. A career-oriented, valued employee must experience growth opportunities within the organization

Involve employees in solving problems and making decisions that affect their jobs and the overall direction of the company whenever possible

Offer performance feedback and praise good efforts and results


Recognize and link attractive pay to excellent performance, celebrate success.

Offer an attractive, competitive, benefits package with components such as life insurance, vacation and flexible working hours

Nurture and celebrate organization traditions. Celebrate good news such as new business wins and other significant milestones

Make promotion system is fair and that employees know exactly what they need to do to get ready for the next opportunity


Questions & Answers