Employee satisfaction and retention is a process in which resources are motivated and encouraged to remain in an organization and ensure its sustainability. Strategies to improve employee satisfaction encourage loyal workers to stay in the company for a longer time, which in turn benefits both stakeholders (Buchbinder et al., 2012). Employee retention is not just an issue that can be addressed with records and reports. It depends on how employers understand various problems within the company and how they solve them.
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Many organizations use the following strategies to retain their key workers. They conduct interviews and create open communication between employees and management. The company must make sure employees know what is expected of them. Another strategy is to offer financial rewards and use healthy competition and incentives to help motivate employees and make them feel rewarded (Buchbinder et al., 2012).
The companies can introduce performance-based pay systems so that short-term workers are not discriminated against. They may also draw up a package of benefits according to individual requirements and preferences and involve employees in the development and implementation of a performance appraisal system and a performance-based pay system (Fried & Fottler, 2011). Emphasizing teamwork as a core value, rewarding people for performing well as team members, and developing teamwork skills, is an important step towards employee satisfaction (Fried & Fottler, 2011). Implementing a staff retention program is an effective way to ensure that workers remain satisfied and engaged while balancing and maintaining labor productivity.
Most organizations are effective when it comes to attracting and hiring new talents, but they fail to keep them. However, the company will not be able to survive if its top performers are dissatisfied or leave. Therefore, management should retain valuable employees who are loyal and work with full dedication to achieve the organization’s goal. A worker can have many reasons to leave the organization, so the employer must know the reasons that can help to make the job attractive and motivate employees. The first and foremost requirement is to measure the key factors that affect retention rates, such as expected pay, employee engagement, and work environment. Once these measurements are identified, initiatives must be planned and implemented to improve employee satisfaction and retention rates.
Buchbinder, S. B., Shanks, N. H., & Kite, B. J. (2012). Introduction to health care management (2nd ed.). Jones & Bartlett Learning.
Fried, B., & Fottler, M. D. (2011). Fundamentals of human resources in healthcare. Health Administration Press.