Employee retention is a common problem of most organizations. Once a company acquires the required talent the next phase is how to retain them for extended periods of time in order to make sure of continuous workflow and output.
Retention programs refers to the organizations tools and methods to retain valuable employees with the organization. It has been observed that companies spend valuable resourced in training and development of employees but still once the employees acquire adequate amount of skill they start looking for other jobs. In addition to the issue of filling out the vacant positions another issue that companies face is when a leaving employee is hired by a direct competitor. Here the issue that most companies face is the exploitation of the knowledge at the disposal of the leaving employee which in many instances is misused and results in business loss. To address this issue employees can be asked to sign agreements for not revealing the company secrets to competitors in case they decide to move, however, that may put the new hires in some amount of discomfort.
Retention programs may include dynamic working environment, incentives and promotions, salary increments and bonuses and appreciation of good work. In addition to the above their are other methods also which help the organizations achieve the retention goal such as employee loans. These free loans can be scheduled for repayment over a time that the company may deem fit for completion of certain objectives. In addition the company’s interest in an employees general well being such as health care, child care, flexible work hours, vacations and so on can also give a homely feeling to the employees.