KEEPING YOPUR BEST EMPLOYEES AND REDUCING TURNOVER
There is a shortage of qualified people in various professions leading to corporate raiding and quick turnover of key employees. This of course is affecting many organizations in terms of their ability to maintain product quality and service customers. In addition the cost of retraining, rehiring and customer retention is taking a heavy financial too on many organizations. Turnover of key employees also affects other employees in your company since they often feel pressured. This leads to a feeling of insecurity and they too begin to look for other jobs. In an environment of scarcity you can ill afford the loss of key employees. The loss of employees also affects your succession planning and often also results in a loss of organizational knowledge. The issue of employee retention is a real one in Trinidad and Tobago. The health of your organization is a matter of the way you strategize to retain key employees.
How do you retain key employees? The reasons I am about to advance may surprise you:
1. Too many employees do not know what is expected from them every day of work. Too many managers by not being clear to their employees of what is expected are creating insecurity, are keeping employees on the edge and creating stressful working environments.
2. Supervisors and managers do create hell for employees. As much as people leave organizations because of opportunity elsewhere, they also leave because of the quality of supervision and management. Managers and supervisors can make people feel undervalued.
3. The fear of speaking one’s mind creates a feeling of discomfort for high performing employees. The lack of opportunity to freely provide feedback creates de-committed workers, who eventually leave.
4. Most times people are hired for their talents, but unfortunately those talents are not used, resulting in a frustrated employee.
5. Employees leave because they do not get justice in the organization, or are treated unfairly.
6. The need to grow, to learn and develop one’s talent is crucial to motivation. Organizations that don’t provide for this need to grow find that their key people leave.
7. People leave when they feel ignored.
8. People leave when they feel that they are not being appreciated and rewarded for their efforts. People are still driven by money.
9. Constantly threatening an employee to fire them is rally a strategy of driving the employee out of the company.
10. A lot of employees leave because the company has not provided the resources and therefore are creating environments for failure.
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