Employee Retention - Role of Motivation
Let us now understand the role of motivation in employee retention. Motivation works as a catalyst for the success of any individual. It is the responsibility of the managers and the team leaders, who should constantly motivate their employees for extracting the best out of them.
An employee, who has performed exceptionally good, must be appreciated immediately. The top performers must be highlighted, awarded and rewarded and must be in limelight, which make the employee for feel indispensable for the organization. Simple words like Good, Well Done and Keep It Up, are actually the motivating factors for the employees. It is very essential for making the employees loyal towards the organization for delivering their best.
Employee retention benefits both the employer and also the employee. Employee retention involves a simple process that encourages and uplifts individuals or teams within an organization to remain engaged with the Company in the long term.
What Motivates Employees to Stay?
An employee needs to feel motivated and have the zeal to work, this will help him and also the organization. So what exactly can an employer do to retain good employees? Every organization thinks that, remuneration is the primary way to motivate and retain the employees with the organization, but the fact is that an employee needs an organization, which understand their needs and necessities, health and other benefits along with their future growth then comes the compensation.
An employee will stay, only if the organization boosts his/her morale. Surveys have shown that the youngest employees, those aged between 18-24, cite a raise as key to their decision-making to stay with a company. These young employees are matured enough to take decisions about the responsibilities and their future plans. Hence, their general expectations keep changes with time and the chances of staying in the organization for a longer time is very difficult and keep change their jobs.
Now the question is ─ how do employers continue to sell the job to an employee when increasing his/her pay is no longer an option? Surveys have revealed some of the top qualities employees seek in their employers −
- Work that is meaningful
- Challenging work
- Training and development opportunities
- Management that assists and supports
- Does not dictate
- Explicit awareness of life beyond the office
- An array of core benefits and the power of choice
Retention of employees depends on four major motivating factors −
- Remuneration and Rewards
- Work Atmosphere
- Growth Opportunities
- Bonding and Timely Support
Let us now discuss these four motivating factors in detail.
Remuneration and Rewards
Remuneration plays the biggest role in the process of motivating staff, which in turn, leads to retention. It takes a clever hand to compose a compensation package. The best packages include −
- Bonuses
- Allowances
- Basic Salary
- Retirement Benefits
- Incentives
- Employee Assistance Programs
Work Atmosphere
An organization should serve as a second home, as most of the employees spend a maximum of their time at work here. It is not always about retaining an employee but about managing one’s surroundings at work. It is about offering appropriate facilities and services to staff.
The following points play a major role in making the employee feel connected to a corporation −
- Engaging employees in decision-making
- Friendly and lively culture
- Ethical values
- Personal and Professional Balance
- Health, safety and well-being
- Reliability and dependence
- Learning environment
- Credit and recognition
Growth Opportunities
Growth is an integral element of an individual’s career graph. If there is no scope of growth within a Company, an employee seeks external opportunities. The essential aspects that an individual looks to grow in are −
- Training for personal development
- Personal zeal to develop
- Profile of Job
Bonding and Timely Support
Providing a personal or professional supportive work culture is sometimes overlooked by Management. This results in demotivation due to the decrease in interest in work in a particular team or a Company as a whole. To craft a good, reliable, long-lasting bond between the management and an employee, it is important to −
- Recruit an individual only if necessary
- Provide support at the time of need
- Respect the individual
- Acknowledge individual targets and create growth opportunities
- Recruit leaders who can promote team work and enhance relationships
Empowering employees, making them realize their importance and value to the organization, appreciating their efforts and appraising them for their performances will induce self-motivation and help reduce employee attrition. Therefore, it is very important to motivate employees at the workplace in order to retain them.
