Almost every company is focusing only on increasing their turn over, but is forgetting the loss caused by the resignation of an employee. Generally to recruit and train a new employee costs around 35% or more of the average employee salary for the company and it also costs time of the organization. So to avoid all these losses the companies should focus on retaining the employees and below are few tools to retain employees:
Employee Reward Program:
The companies can make a provision of Monthly or Quarterly Award for the best employees. They can be given given gifts or money in the form of awards.
Career Development Program:
Companies can provide conditional assistance for certain courses in such a way that they are beneficial for the organization and for the individual employee.
Loyalty bonus can be introduced in the organization in which the employees who have successfully completed a certain period of time in the organization are rewarded. The reward can be in the form of money or position and this encourages the other employees.
It is better for the companies to provide recreational programs to the employees such as taking the employees to a trip or for an outing every year.
Companies can give gifts to their employees on special occasions and this makes them feel good and understand that the management is concerned about them.
The employees should be made accountable, so that he/she can also feel that he is an important part of the organization.
Employee Referral Plan:
Introducing employee referral program reduces the costs of hiring a new employee and on every successful referral, employee can be given a referral bonus after 6 or 9 months of continuous working of the new employee as well as the existing employee.
Conducting regular surveys for feed backs about superiors as well as other issues like food, development plans and other suggestions from employee make them feel of their importance and the caring nature of the company.
Retaining an employee has many benefits for an organization. By following the above procedures, an organization can retain its employee easily.