Retaining Your Employees
An organization is a kind of social entity that is made up of a group of people, working together to achieve a common goal. And organization or firm is nothing but just a name without its most valuable asset, its employees as the employees are what allows the company to achieve its goals and hit target results. A group of employees will not only form an organization, but they are the ones who give the organization a certain competitive advantage.
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Higher tier employees like managers all the way down to the humbler ones such as foremen are what allows companies to have a great competitive advantage over other organizations. They contribute all their skills, speed, efficiency, behavior, capabilities and etc to help an organization execute any strategy required to move forward. An organization won’t be able to achieve anything without its employees, starting from the lowest position to the very top, so it’s a great idea that they are to be retained.
Employee retention is used to describe a company, firm, or organization’s ability to keep or retain its employees. Employee retention requires certain strategies to follow. Thus, companies need proper plans and policies in order for them to retain their employees. So in order for an organization to be able to keep its employees, it’s good to know why they would want to leave in the first place.
Reasons why employees leave:
Pay grade -One of the most apparent reasons why somebody would want to leave an organization is their salary. Money is the biggest motivating factor as to why people work in the first place. People work to earn some money, that’s why people look for jobs and there will always be the tendency of a person leaving an organization for an organization with better pay for practically the same work or if they feel like they are being too underpaid.
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Low Morale : Motivation is the psychological factor that drives and encourages an employee to work hard to achieve desired goals. Motivation is the main driving force thus it’s only proper that employees get motivated from time to time be it through monetary means or not. Morale and an employee’s passion to work is very important. Motivation provides exactly that.
Poor Management: Management is very important when it comes to employee retention Lack of managerial skills will only cause the number of employees drop down at a constant rate. Managers don’t need to be strict at all times, there are some situations that requires politeness. Managers need to provide employees better solutions to problems, and to do so they need to hear them out.
The reasons above are just the common reasons as to why employees want to leave I’m sure there are other personal reasons that might drive an employee to leave the organization.
To have an employee replaced is 3 times more expensive than their salary, although it might be hard its actually better to keep them around.
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