How to retain good people!? People retention is vital for growth in all teams, groups and organisations. Without a continuous synergy of like minded people working together, a business is not likely to achieve its potential and optimum growth. Some HR related initiatives to retain good people include:
- Understanding the potential of each employee and encouraging them to achieve that potential as a fundamental part of a business;
- Empowering employees with a framework to be creative, passionate and engaged;
- Clearly articulating the overall goals of the business and what the team is striving to achieve through effective employee communication, for example, regular one-on-one conversations between managers and employees;
- Involving employees in opportunities for learning and development to maintain their interest, especially with Gen Y who are always looking to the next step; and
- Providing competitive remuneration or the opportunity to achieve competitive remuneration, by paying close attention to the salary trends in the market for your employees.
Some of the resulting benefits of the initiatives above include:
- Employees who are passionate, engaged and empowered to take responsibility and ownership which means they are more likely to:
- Actively participate and help drive a business forward meaningfully.
- Be flexible and have self-confidence to adjust to changes and hard times and continue forward; and
- Employees who are happy in their work are more productive. Managers need to acknowledge that employees themselves change as do their interests and goals, but if they take time to listen to employees they can focus on nurturing their interests to keep them happy and productive in their work.