Having a solid strategy to retain your employees is essential to both protect your company’s bottom line and ensure that your top talent is not lost to competitors. Maslow’s Hierarchy of Needs from most basic to most fulfilling are: physiological, safety, love and belonging, esteem, and self-actualization. The strongest retention strategies can be designed to ensure the organization is meeting employee needs at all levels. This can be done in the following ways:
Maintain strong communication within your organization
- Allay any job security concerns the employees may have by providing honest and regular feedback (physiological, love and belonging, and esteem)
- Foster employee communication and collaboration with their co-workers and to ensure they feel like a part of the team and receive pertinent information (love and belonging, esteem)
Implement an effective Employee Recognition Program
- A 2019 study of 1,511 employees resulted in 82% of respondents advising that recognition was considered an important factor in their job satisfaction
- Great Employee Recognition Programs show appreciation and respect for your employee contributions (esteem)
Provide comprehensive Training and Development Programs
- Training serves to orient your employee and to upskill employees for growth within the organization. This allows for succession planning and reduces costs on recruiting, which is a winning strategy for both the employee and employer.
- Comprehensive Training and Development Programs meet employees’ needs by providing them with the means of personal growth and ensuring your employees are able to use their full potential (self-actualization)
An effective retention strategy focuses on addressing the employees’ needs by providing strong communication practices, a constructive employee recognition program, and comprehensive training and development processes. As J.W. Marriott, Jr. has been quoted as saying, “Motivate them, train them, care about them, and make winners out of them. We know if we treat our employees right, they’ll treat the customers right. And if the customers are treated right, they’ll come back.” In other words, ensure your employees’ needs are addressed because successful employees equal successful organizations.
If you need help developing an effective retention strategy, Rocket City HR Consulting is here to help. Please contact us today!
