Employee Retention Plan

Keeping your employees - especially your top performers is critical for your business success

. Smart companies develop Employee Retention Plan to improve their current Employee Retention Rate and develop high performance organizations. Companies can improve in many ways but it is critical for the companies to understand that having an Employee Retention Plan in place is an important project.

In one area list all of their Motivators, the things they like most about their job and make them want to stay. The second section is for De-motivators. Here you want to list the things that if not dealt with might lead them to look elsewhere for work. The third area covers what the employee wants to see added to their job.

Okay - what about your business? Have you anticipated and responded to the challenge of employee retention? Or are you like too many businesses that do not focus on employee retention until turnover increases. The successful businesses today have a formalized employee retention program as part of their business strategy. They take a proactive approach to prevent unnecessary employee turnover.

Although most companies are experiencing the effects of the recession, some HR thought leaders did not hesitate to ask for bonuses for high and average performers if they are adding to the bottom line. This they defended as a powerful motivation and retention tool in a recession when others are cutting back.

Exit Interview Surveys (employee complete the employee exit interview survey prior to leaving your company). Exit interview surveys identify why staff are leaving your company, where they are going and why, what could have been done to improve their work experience at your company, and other pertinent information and insight.

Even though their talent management plans don't include hiring new employees now, some employers will make special allowances to hire valuable employees away from key competitors.

Nothing is more discouraging to employees than to be asked for their feedback and see no movement toward resolution of their issues. Even the smallest actions taken to address concerns will let your staff know that their input is valued. Feeling valued will boost morale, motivate and encourage future input.

Offering room for your employees to grow, both personally and professionally, will allow them not to feel stuck at their jobs. Another top reason given for leaving a job is the feeling of going nowhere in their career. By offering tuition reimbursement you will give your team members the opportunity for growth, if they so choose.

They say you only have one chance to make a first impression. Take the extra time to make your new hire feel pulled in and part of the team. You went through all of that effort to recruit them, interview them, and hire them, you wouldn't want to lose them before they ever really got going.

by: Broderick Bell

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