Employee Retention Strategies
Employee development and training is a costly endeavor, both financially and in terms of time committed. It would be frustrating for any firm to invest much in talent transfer only to have its personnel quit soon after in pursuit of brighter pastures. A company that deals with technical jobs is in much worse shape. Compuwave Inc. goes above and above for their students by covering educational fees and providing free specialized training. But, retaining employees to realize the benefits of its efforts remains its key difficulty. Many techniques can be implemented by the firm to increase employee retention.
Providing Competitive Compensation
First and foremost, it must provide enough compensation. The organization must invest in pay packages that are fair and competitive. The labor market is competitive and those who pay well get the most skilled employees.
Implementing Training Contracts
Second, it can draft training contracts agreeing to train the employees for free, and in return, they work for the corporation for a given number of years. The remedy for breach of contract would be to meet the total cost of education and training.
Building a Healthy Relationship
The company should also develop a healthy relationship with its employees. Sometimes people are interested in more than money. They need to feel valued and have the assurance of progress to higher ranks. The management should find time to sit down with employees more often to discuss the goals of the company and the role each member of the team plays in their achievement. The company must find a balance between good pay and a conducive working environment ensuring the employees are happy and motivated.
Employee Loyalty
On the other hand, the employees have their role to play. They must appreciate the company's efforts and be loyal.
