Retaining talents in a competitive market is one of the most critical challenges for every organization. In today’s environment it becomes very important for organizations to retain their employees. There is a saying “If businesses are going to maintain momentum of 'growth', employee retention, and training is the key.” Nowadays, companies or HR (Human Resource) people sometime fail to select proper inspiring tools to attract employees; consequently, they cannot rely on their employees. Now the question is how companies motivate and what are the tools they are using to retain employees?
In this knowledge economy, the workplace and organizational strategy have been a ever changing phenomena. That means it’s time to renovate the way you recognize and communicate with employees to take full advantage of workforce engagement. In general, when I give the impression of being at the job candidates there are several issues might be underline in Bangladesh. One of the most key concern is altering job attitude .What will be the reason behind here???
I asked number of employees of different organization, why do they alter their job commonly? they told me that most of the local companies don’t have career growth or development opportunity, working environment, job security and so forth. On the other hand, Multinational companies offers these advantages. That’s why,candidates always have an intent to change job where they are giving priority to MNC (Multinational Company). If we appear on the public job sectors where the payroll system is not generous but employees spends most of the time of his or her life, there is nothing else rather than job security.
Employee retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Hiring knowledgeable candidates for the job is essential for any organization. But retention is even more imperative than hiring. There is no lack of opportunities for a talented person. There are many organizations which are looking for such employees. If a person is not satisfied with the job he’s doing, he may switch to another suitable job.
Basically, retaining talent is about giving people reasons to stay; internal policies and procedures, as well as traditional management styles, actually drive people away.
After analyzing different types of research it is found that there are some factors need to be considered when you make a retention plan for your employees. I think having a positive result depends on following proper strategies. The factors need to be considered in retention management plan like: Promotion, salary, working condition, coworkers, Benefits, Nature of work, Turnover intentions, Relationship with boss/peers, Contingent rewards, Job security, and Supervision.
Sometime retention strategy linked to employee motivation. It means how you motivate your employees or what are the ways you follow to motivate them. Motivation or inspiration is all about understanding or playing with employees psychology .There are some companies who are offering a lucrative salary and benefits, but employees are still leaving. In fact salary or money cannot be only tool of motivation other things are also needed. It can be anything, lets share one of my Personal experience .I got an opportunity to work with one of the MNCs working in Bangladesh, where CM, DGM (country manager) and third level employees sit together for lunch, play cricket, celebrate party in one floor, just think the situation. How much the top level managers are giving priority to those employees. In this organization, everyone is treated equally and there is no class discrimination. This kind of ecosystem increases employee satisfaction largely.
In the nutshell, I want to say companies’ need to provide sufficient facilities to retain their employees. Where the inspiring tools should be selected properly considering both the needs and benefits of the employees and the organization. One thing should be remembered that “Employees are a customer too.”
Author Bio: Reyad Tanvir Bhuiyan is a business graduate of North South University. He worked with TNT Express, Brand zeal Consultancy Ltd, CZM (RAHIM AFROOZ), JAAGO Foundation, Ministry of Foreign Affairs (MOFA), Bangladesh Olympic Association. He also has affiliations with AIESEC (An International Student Organization) and Bangladesh Society for Human Resource Management (BSHRM). Having education and experiences in HR, he is in the pursuit of excelling himself in Human Resources Management. You can find him on Facebook here.