Successful businesses become successful because of several factors. One cannot pinpoint a specific formula for success. Is it because of the extraordinarily intelligent founder? Is it because of the unique product? Is it because of the incomparable customer service? Is it because of the timeliness and importance of the business?
Sometimes one of the biggest factors that have brought about the success of a business or company is left unnoticed.
They often remain faceless, unnamed, and disregarded.
Yes, behind every successful enterprise is a group of hardworking employees. These individuals often produce output that is even beyond what is expected of them and even beyond what they are paid for. These individuals think about work even during Sundays. These are the individuals whose efforts are often not recognized because most companies only see, appreciate, and care about dollar signs, arrows pointing up, and large shares in pie charts.
These are the individuals who must be at the top of the list once a company thinks of employee retention. These are the individuals who must be retained because they are the ones who will keep the business running. A company must see beyond figures. A company must start recognizing the people behind those figures.
Employee retention is one of the key factors in developing a solid group that will continue to be competitive regardless of the industry’s situation. A core group of experienced, open-minded, diligent, and flexible employees will stand the challenges of the fast-changing world. They will know how to adapt. They are more or less objective and practical than ideal. They will know the best strategies. It is also safe to say that the longer they stay with a company, the deeper their concern for it will be.
Doing things for the sake of employee retention is not always as easy as it seems. Some employers think that by giving above-minimum salaries and benefits, employees will not think of leaving. These employers must recognize the fact that there will always be a threat that some other company will see the said employees’ potential and will give them blinding offers that are hard to resist. The challenge for the employer is not how to match that offer, but how to make that offer seem non-existent.
How should it be done then? The first step is to recognize the importance of the company’s existing employees. A company that does not appreciate in full the value of its employees will find it hard to keep them. Why would you think of ways to keep something that you do not even value? Therefore, if the company considers their employees as precious gems, then keeping them will be a priority.
Next, before thinking of programs that will address concerns about employee retention, the company must be aware of the factors that motivate each employee. Why is this important? The company might be spending on retention programs that do not address the needs of their employees. Should a firm offer travel incentives? What if employees appreciate monetary incentive more? Should it offer valuable gifts? What if employees appreciate promotion more? The idea is to try to figure out the specific thing that will make an employee happy. If the company can give it, then why not give it?
Lastly, once the company determined the most effective employee retention program, they must implement it consistently and fairly. Remember that the purpose of the program is to keep the employees who are worth keeping. Therefore, the program, if implemented properly, will produce long-term results. In the long run, employees will perform at their best not only because they are after the incentives they can receive, but because they believe that it is their privilege to be working for the best company there is. Truly, it will be a win-win situation.