by 1 Cylivers
Retaining workforce is a challenge for every employer. In fact, employee retention is a key driver of success for any enterprise. Here are the five P’s that will help you retain employees:
- Pay: The first thing you should know is that money is not always the only motivator. While compensation is an essential pre-requisite, it is not a sufficient criterion for retention. Employees do care for monetary rewards in the short run. Eventually, their need for adequate opportunities for growth will play a significant role in their decision to continue working for you. Having said that it is also important to realize that if the remuneration package is below prevailing market rates, employees are likely to quit.
- Pat: Employees value the occasional pat on the back for a job well done. It inculcates a sense of belonging in them. It reinforces in people the feeling that their contributions are valued.
- Praise: If the work warrants it acknowledge the contribution. Praise the employee to express your appreciation (particularly amidst his peers). This creates great team spirit.
- Promote: Offer good growth opportunities for employees. Keep them involved in an ongoing process of career planning. Career growth can be a great motivator for employees. Make sure loyalty is factored into the career planning process; but not at the cost of competence.
- Prepare: It is also important to prepare your employees for job challenges. This can be done through adequate training. Training also insures people from getting outdated in their skills. It is important to remember that training a new employee is always more expensive than paying more to an existing employee.
