In any economic climate employers face the main challenge of recruiting, retaining and rewarding the right people.
When the economy slows down the employers work very hard to retain their best employees. Management knows who these people are and also competitor knows who these are and ready to hire them. A strong retention strategy will keep
that from happening and ensure that top performing employees stay with companies in any economy. Employee retention and all of the elements associated
with job satisfaction should become primary. Some theories say human resources focus may stop once companies have finished their recruitment efforts, but the reality is that recruitment and retention challenges are tend to be
ongoing. The companies will create facilities that attract highly skilled and experienced employees who tend to be the favorite targets of competitors.
SOME OF THE CREATIVE RETENTION STRATEGIES USED BY ORGANSATIONS TODAY ARE:-
* Flexible work schedules/job-sharing: Today the organisations are giving their employees work schedules which are conveniences
to them when the organisations got a clue of exit of an employee for a company which gave him better work schedule. This strategy is used and developed by companies by job sharing technique, from which they can retain employees and
* Promotion from within:
The organisations provide promotion within rather than outside as doing this they can retain their trained employees and can prevent them from flowing out. As there are many employees going out because of promotion, this is the best strategy for them.
* Cafeteria benefit plans: These are the benefits given to employees to motivate and make them pleasant to think that the organization is concerning more about employees' necessities. Organizations use this
strategy by providing cheaper yet qualitative and customized food for each employee.
* Employee input to decision making:
As the organisations try to retain the employees by making them as a part of decision making process. Before making a decision employers bring the employees for putting their ideas in decision making which makes employees loyal to the organization.
* Timely and thorough communication: There is lot of miscommunication happens between employers and employees. When a communication process happen in an organization it should happens at appropriate time and
there should be a clear and concise information i.e. clarity in communication.
* Safe and attractive facilities: Today the manufacturing organizations are using safety facilities as their retention strategy. As
many work hazards are happening employees feel uncomfortable and so leave the organization. Because of this reason companies provide safe yet attractive facilities in the work place.
* Employee recognition:
organizations are showing their employees that organization can value them. They recognize the outstanding achievements promptly and publicly, but also
they take time to comment on the many small contributions their staff makes every day to the organization's mission. They shouldn't forget — these are the people who make the organization look good!
SOME OF THE CREATIVE RETENTION STRATEGIES THAT THE ORGANISATIONS CAN USE ARE:-
vacation time/sick time which could be paid instead of taken as time off or give employees their birthday off
* Providing all employees with the same level of respect and courtesy, regardless of their position in the company
Acknowledging employee achievements more frequently
* Provide free lunches to employees
Connect with the younger generation
Ask for feedback from employees and use the information
Proper new hire orientations.
As this competitive era makes organizations more and more competitive not only in recruiting but
also in retaining them. Retention strategies should be more concise and should had a competitive strength and unique from competitors. "Retention Retains the Productivity and Efficiency".