“The key for us, number one, has always been hiring very smart people.”
– Bill Gates, Microsoft
The job market is now largely candidate-driven, and there are more jobs available than candidates to fill them. For hiring professionals, that means it’s getting harder and harder to find that perfect candidate to join the team. According to Investopedia, training a new employee to the break-even point takes an average 6.2 months. In one study, economist Eileen Appelbaum and sociologist Ruth Milkman find that executive positions, which are well-compensated and likely have stringent educational credential requirements, have higher turnover costs than jobs with low educational requirements. So it is important to retain your existent talent in the organization.
Almost one-third workers intend to move jobs in two years, so having a proactive strategy to increase and maintain employee engagement is vital to ensuring your high-performing employees don’t get itchy feet. Here are some of the basic tips-
How to retain your best employee?
- Promotion: If your employee is getting more business than his pay scale, you should definitely think of promoting the employee to keep him going. Also, as a manager, you need to encourage an ongoing, two-way dialog that’s based on trust – about assignments and about deliverables, of course – but beyond that, about an employee’s career goals and aspirations.
- Pay right: Salary, retirement plans and vacation benefits are high on the list of why those great employees took the job, but they are not reasons enough to keep them in your employ for the long haul. Job satisfaction will increase your employee retention rate. Offer a competitive benefits package, including health and life insurance and a retirement plan.
- Internal Job Postings: Make sure employees are aware of internal openings and have a chance to apply for them if they’re interested. Create a secured working environment. Hence, as a responsibility towards employees, the organization should also look for their security especially when it is concerned to the woman.
- Celebrate success: Highlight a job well done at a weekly meeting, or create an employee rewards program.
Also, there is a possibility that while retaining one employee, you might miss out on some other talent. There will always be an option to choose, make sure you choose the right one to retain. If you are looking for a replacement for the other one, you can visit www.monjin.com and get in touch with the executive to know more about a hassle-free hiring process. (Image credits)
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