Employee retention is one of the most important components within an organization. Organizations want their employees to maintain their employment by feeling valued, motivated, and appreciated; however, most businesses lack in these specific areas. Employee retention integrates with training development and compensation/ benefits packages. Individuals within a company are more likely to stay where they are valued and groomed rather than some where they are underappreciated, overworked, and underpaid. Organizations should design an effective employee retention plan that will reduce the amount of turnovers within the company. This plan will be an analysis of why previous employees left and why current employees are still employed. "Employee retention may be greatly influenced by a variety of elements, such as job security, social support, wisdom of purpose, and overall happiness" (Siddique, Hurira, & Sakib, 2022, pg. 765). Here is a breakdown of some important components of the plan to motivate employees to remain employment:
1. Training and Development - Employees who feel that they are not getting the proper training will have a decrease in their engagement. Employees want to feel competent in their job roles and soar within their position. Employees have left companies due to having to fend for themselves. Employees ensure that a company is being ran smoothly and properly, along with any company goals being met. However, an employee can not be effective within an organization or their job role if they are puzzled on what to do. Most employees find out information second hand or through experience, when initially they should have learned this through their job training and constant supervision. Maintaining professional development opportunities is vital especially businesses continue to change with evolution, technology, and trends.
2. Flexible Work Hours - Flexible work hours have become a factor more so after the widespread COVID-19 pandemic. Individuals were burnt out from jobs and businesses did not recognize the need until everything was shut down. Offering remote days for employees at least two days out the week is important for employees to feel refreshed. Individuals go through stressful events within the workplace and their personal lives and being able to work from home can allow employees to cope better. If an employee is not able to gain some type of relief then they will not be able to focus on their job duties to their highest potential. Employees want to feel like they are being heard and understood especially when personal life events happen because no one is excluded from life mishaps. This will keep an employee satisfied within their company and remain employed with their organization because it is hard to find a caring workplace environment. Support goes a long way with individuals.
3. Compensation and Benefits - Salary and benefits package is one huge motivation for employees to remain at their place of employment. "The study, which surveyed 200 HR professionals in the Philippines, showed that 75 percent of employees chose to stay with a company because of the compensation or salary; 73 percent due to benefits; and 70 percent career growth/opportunities" (Manila Bulletin, XXXXXXXXXXBenefits goes back to no one being included from life mishaps such as getting sick. Some workplaces combine PTO with sick days, which will not keep employees motivated. Employees want to be able to take vacations with their family and friends without utilizing all of their sick days. Employees also want higher pay for the work they do, along with their experience and knowledge.
References
Manila Bulletin XXXXXXXXXXSalary best motivation for employee retention - study.
Siddique, F., Hurira, A., & Sakib, M. N XXXXXXXXXXFactors Affecting Employee Retention and Logistic Performance: Evidence from NGO Sector in Northern Area of Bangladesh.International Journal of Management, Accounting & Economics,9
(12), 764–781