3R of Employee Retention
How do you retain employee in an organization?
To keep them satisfied enough to let them believe that their needs will be better met at your organization than anywhere else.
Sound straightforward & simple.
But, how do you start & from where do you start?
There are plenty of challenges:
- Today’s employees—especially younger ones—think more like “free agents,” selling their services to the highest bidder and ever willing to entertain other offers.
- Many employees today get calls from “headhunters” several times a month.
- In many organizations, losing employees has a domino effect. When one employee leaves, others often wonder about opportunities elsewhere.
For the same reason, there has been a sea change in the way organization has been treating employees.
To retain the employees, keep satisfaction high, you need to implement each of the 3 Rs of employee retention: respect, recognition, and rewards.
Respect: It is the foundation of keeping employees. It involves esteem, special regard, or particular consideration given to people. Recognition & Rewards will have little effect if you don’t respect employees.
Recognition: It is defined as “special notice or attention” and “the act of perceiving clearly.” Many problems with retention and morale occur because management is not paying attention to people’s needs and reactions.
Rewards: These are the extra perks you offer beyond the basics of respect and recognition that make it worth people’s while to work hard, to care, to go beyond the call of duty. While rewards represent the smallest portion of the retention equation, they are still an important one.
While implementing the “3 R”, it should be noted that respect should be the largest component of your effort. Without it, recognition & rewards will prove hollow.
courtesy- Ritesh..
