The Three R’s of Employee Retention
Rewards, Recognition and Respect
The increased rates of inflation and the robust economy have given rise to a peculiar problem of employee retention. Employees nowadays are hard to retain and whenever a new job offer comes in sight, they migrate. Due to this immediate job switching, it has become quite a difficult task for the companies to maintain a continuous standard of quality. Thus, it has become one of the major issues around the globe to retain the employees.
Some companies introduce a talent management program to retain their employees. These management programs need enormous amount of research hence they require HR consultancy. Putting the entire load on the firm’s own HR employee might render them fatigued. Outsourced HR consultants, such as Fresh HR Insights, can be helpful in this regard. Although it is very important to hire a consultant that works within the Fair Work Act and compliance and eliminates all concerns especially for the populous places like Gold Coast where there is an increasing culture of employees trying to hold employers to ransom when it comes to the fair work act requirements.
Influence of job switching on a firm:
Whenever an employee leaves a firm, it creates multiple problems for the firm, like:
- The resources of the firm in polishing and mentoring the employee go in vain.
- They have to introduce another recruitment drive to hire a new employee.
- The standard of the firm gets disturbed due to the changing of personnel.
Due to the above mentioned problems, it has become quite an important task to retain the employees.
So the question is, how do the firms retain their employees?
The three main pillars of retaining an employee are the three R’s; namely respect, recognition and reward. All three of them hold paramount importance in retaining an employee.
Respect: Self-esteem is an attribute possessed by almost every human being. People hold self-esteem in a higher regard. If someone’s self-esteem is hurt then he/she might not be able to work properly or with all heart. Giving respect to the employees is as important as giving water to a plant. If they feel respected they will have a good reason to work.
Recognition: Special attention is very important for motivation and morale boost. If the employees do not get recognition for their work, they feel demotivated. The job would mean nothing else than just a responsibility that they need to fulfill in order to earn money. The minute they get another job offer they go for it since it gives them more motivation. Giving special attention to the opinions and the work of employees makes them feel valued. They consider themselves an important part of the firm.
Reward: The extra perks and incentives directly related to the organisational outputs make employees work for the firm with happiness. If they feel content, they will do their job more sincerely and more passionately. Setting up small bonuses, as a part of the policy and procedure manual of the company, plays a pivotal role in retaining the employees.
Covering these three R’s not only helps in retaining the employees but also helps in creating a need in the market for other skilled workers from outside to work for the firm.