Maintenance Policy and Repair – Need and its Importance
Introduction Plant and machinery in the initial days always perform to their fullest capacity but as time goes with regular wear and tear, this becomes increasingly difficult. If proper and regular maintenance is undertaken than production capacity can be maintained at a more or less same level. Maintenance also requires replacement decisions. Replacement is a […]
What is Commercial Banking?
The banking industry is a highly specialized field. To the layman, it may appear like all banks perform the same function. However, this is not the case. There are a wide variety of departments within a bank that perform different functions. Commercial banking is one such department. In most banks, it functions like a different […]
Business Trends: The Coming Demographic Boom for Some and Bust for Some
Demographic Dividend We often hear the term, demographic dividend being bandied about in the media and in books. However, not many are aware what exactly it means and the implications of the same for business and society. The term refers to the advantages that countries have if they have youthful populations. This is because there […]
The Chinese Pension System
There has no doubt about the fact that the Chinese economy is one of the largest economies in the world today. Theoretically, China is the second-largest economy in the world. It is widely believed that the Chinese economy will surpass the American economy to become the largest in the world. However, many economists believe that […]
Strategies Used by American Companies for Tax Avoidance
America has been the hub of financial and entrepreneurial activity ever since the end of World War 2. However, over the past few years, the number of corporations that are using America as their base has been steadily declining. This is because of the unfavorable tax policies in America. America is the only country in […]
Employee retention involves various steps taken to retain an employee who wishes to move on. An employee must find his job challenging and as per his interest to excel at work and stay with the organization for a longer period of time.
The management plays an important role in retaining the talented employees who are familiar with the working conditions of the organization and thus perform better than the employees who just come and go.
Motivation plays an important role in employee satisfaction and eventually employee retention.
Nothing works better than motivation. Motivation acts as a catalyst to an individual’s success. The team leaders and the managers must constantly motivate the employees to extract the best out of them.
If an employee has performed exceptionally well, do appreciate him. Simple words like “Well done”,“Bravo”,“Good”,“Keep it up” actually go a long way in motivating the employees.
The top performers must be in the limelight. The employees must feel indispensable for the organization. It is essential for the employees to be loyal towards their organization to deliver their level best.
Does anyone spoil his personal belongings? No. The reason being we are concerned about our own stuff. In the same way a sense of belonging at workplace is important for better output. Ownership of work only comes through motivation. Ask the team members to buck up so that they perform well every time and meet the expectations of the management.
The superiors should send motivational emails to their team once in a week. Display inspirational posters, photographs on the notice board for the employees to read and stay motivated.
It is natural for an individual to feel low sometimes, but the superiors must ensure to boost their morale and bring them back on track. No individual should be neglected or criticized. This demotivates them. If they fail to perform once, motivate them and give them another opportunity.
Organize various activities and events at the workplace. Ask each one to take charge of something or the other. Engage the employees in productive tasks necessary for their overall development. The management must show its care and concern for all the staff members. The employees must feel secure at the workplace for them to stay motivated.
Whenever any company policy is to be formulated, the opinion of each and every employee should be taken into consideration.
Invite all of them on a common platform and ask for their suggestions as well. Freedom of expression is must. Every employee must have a say in the organization’s guidelines as they are made only to benefit them.
Incentives, perks, cash prizes are a good way to motivate the employees. The employees who have performed well consistently should be felicitated in front of all the staff members as well as the management. Give them trophies or badges to flaunt.
Ask the audience to give a loud applause to the employees who have performed well. This is a good way to motivate the employees for them to remain happy and work with dedication for a longer duration. Others who have not performed up to the mark also gear up for future.
The names of the top performers must be put on the company’s main notice board or bulletin board for everyone to see.
Appraisals are also an important way to motivate the employees. The salaries of the performers must be appraised at regular intervals- an effective way to retain the employees. Career growth is an important way to retain the talented employees. Give them power to take some decisions on their own but the management must have a close watch on them so that they do not misuse their power.
Without motivation, it is not fair to expect the best out of the employees. No individual likes to leave an organization where he is being treated well.
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Current Employment Trends and Their Implications for Business, Society, and Individuals
February 12, 2025
