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Besides all of the great answers everyone gave, I'd like to add that nothing says we value you as an employee the way recognition does. This means promotions, pay bonuses, a share within the company (stock options), specialty treatment which means assigned parking, lunch with CEO, and any other perks that usually isn't volunteered by management.
Most of Middle East companies don't do this, AT ALL. Maybe that is why the employee turnover rate is at its ultimate high? I'm hoping companies will retain passionate and dedicated employees by using these methods. Refer to Maslow's Hierarchy of Needs if needed....
Company is expected to provide3C's which are Career, Care, Competence.
Provide a Positive Working Environment
Recognize & Reward
Involve and engage the workforce
Incentive programs
Promote work-life balance
Offer promotion opportunities
Opportunities for career advancement
Value employee input
Diversity
A company would do this by identifying the motivation needs of its employees
Keeping a good working atmosphere
Recognition
Hierarchy escalation
Salary augmentation
Help workers identify professional orientation and to identify the strengths and weaknesses in their skills and their perceptions of their career goals, in order to achieve many of the benefits of each of the institution and the individual employees and provide perimeter and environment. The company also deliberate on the preparation of the individual stages of the conduct of functional mounting and determine the required education and skills training and follow-up so that they can contribute to best achieve the objectives of the company
1. Provide comfortable working environment.
2. Provide learning & development opportunity.
3. Provide compensation and benefits.
Talented employees need to be feel valued and appreciated, be given feedback, provided with growth opportunities, be given work-life balance options, and have trust and confidence in their leaders for keeping them in the organization.
create an environment in which they should enjoy working and pay them fairly ...
After you put in the time, effort and investment to hire the best employees possible, you need to retain that talent. Many books have been written and exit interviews conducted as employers look for the secret to keeping their good employees satisfied.
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. Here are a few strategies you can use to retain your talent:
1. Create an environment that makes your employees feel like an asset to your company. Don’t make them feel like overhead. Allow them to feel secure in their job. Greet them by name, letting them know that you know who they are and what their contributions are to the company. Get their input about rules or changes that may need to be made. Encourage goal-setting and let them make their own choices as often as possible.
2. Make expectations and goals of the company clear. Be sure you have job descriptions so your employees know what is required of them. If there are changes that need to be made, don’t expect them to learn that by osmosis. You must communicate directly and clearly. Good employees want to please you, but they need to know what it is they need to do to make that happen.
3. Create an open and honest work environment. Give feedback on work performed and be willing to listen, really listen, to the concerns of your employees. Chance meetings in the hall where social greetings are exchanged are good, but do not take the place of actually sitting down face-to-face and discussing any work-related concerns. Be open and listen to new ideas. Accept suggestions for problem-solving. Be available and open when your employee asks for your guidance. Keep your top talent informed about what is happening with the company - don’t let rumors take over. If there are problems or set-backs, communicate this.
4. Provide opportunities to grow and learn, and let your employees know there is room for advancement in your company. Provide tuition for continuing education classes. Give challenging and stimulating work. Tap into their passion and allow them to focus their time and energy on projects they can enjoy. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
5. Recognize and reward good work. Monetary bonuses are always nice, but recognition of a job well done goes a long way to creating good will and loyalty. Recognition needs to be specific: “Good job” is acceptable, but “Good job on the Nelson project” is better. In order to retain talent, you must make them feel appreciated, respected and worthwhile. Recent studies show that when employees feel undervalued and unappreciated, they look for other employment. They need to feel that their contributions to the business are important. But the feedback and praise must be sincere. Top talent is smart enough to know the difference between sincere appreciation and platitudes.
Above all else, an effective hiring process builds the foundation for all of the tactics listed here. Position yourself to choose candidates who are a good fit for both the job and the organization: Be sure to determine what competencies and skills are required for success, and then use valid hiring tools to identify individuals who possess these chacteristics. You'll be rewarded, not only with a strong employee retention rate, but also with loyal employees who contribute to your organization's success - for the long-term.
Firstly, one needs to analyse why the employees leave . If it is a common phenomena then we can conclude the company is following a faulty system and the problem lie within. In this case the Company can take steps forward in improving the working atmosphere .
Secondly, leaving or staying in an organization as concerned with the employee is a personal thing and it relates to infinite other matters . Here money /bonuses might not be the solution .
And thirdly, we go back to the first point. A company should strive to see the employees are happy at all the times so that working can be made a pleasant experience ,there by increasing the production and efficiency for doing work
- Clear career path.
- Training course in his field.
- Monthly income more than the market value average.
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