2 March 2015

Zero Cost Retention Strategies

Author: Antony Xavier

In today's Scenario Retention has become very important and challenging. Many organizations react to the retention issue by addressing it only when a problem arises. When they do react, they often develop enormous incentive packages or promote to entice key employees to remain onboard. This creates a financial burden, as it costs the organization more to retain these employees than to benefit from them. A continuous improvement process cycle can help focus on consistently bettering the current talent retention situation. The below mentioned strategies are very simple and not so costly.

 Create Trust: Organizations that have trust among employees are usually successful, those that don't frequently are not

 Give and Receive Feedback

 Involvement: People do not want to be just treated as a number. Most of them enjoy belonging to a team and participating in teamwork.

 Recognition: It has to be meaningful and specific.

 Career Development: Hold career development discussions with employees. Set the Objectives clear.

 Onboarding and Induction: This is where most of them fail. Both the Onboarding and the Induction process has to be well organized.

 Communication: Properly done, communication with your staff will provide you with the insights you need in order to know how your employees feel about working for your business.

These simple elements can provide you with a retention strategy capable of producing amazing results. You may even have some of them already in place. The key is to make sure you've integrated all the elements into a strategy for retaining employees that's grounded in a genuine commitment to serving your customers and employees well over the long haul.

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