A previous bayt.com blog entry “What is the Price of Employee Loyalty” handled the topic of employee turnover and looked at how frequently employees search for job opportunities while they are employed. The key question for employers in a tight and turbulent job market where news of vacancies travels at internet speed and online job sites have made the job search process a highly efficient and competitive endeavour, is how to effectively minimize this turnover and win the long-term loyalty of its employees. The career experts at bayt.com below outline some key measures to successfully curtail staff turnover and maximize employee satisfaction:-
Adopt hiring best practice
Hire to keep. When selecting candidates interview and assess them for the job at hand but also for their innate potential to progress up the ladder and assume the next role up the rung and a role above that. Effective hiring ensures not just present fit in terms of technical skills, soft skills and cultural fit but also long-term staying power with the company and potential to assume leadership positions further down the line.
Promote from within
Give the internal talent pool the first right of refusal for all positions that arise. This will maintain the competitive spirit, fan the flames of ambition and ensure that employees are certain of opportunities for growth and progress within the organisation.
Invest in training and development
Bayt.com polls have revealed time and time again that training and opportunities for career development are perceived as more important for employees than short term financial considerations. Create an environment that fosters learning and development and provide the resources and infrastructure to support the employees ongoing training and development needs.
Respect employee’s need for work/life balance
Today’s most successful organisations respect that employees have responsibilities and priorities outside the workplace and are able to provide flexible arrangements that minimize conflict with these priorities. In a recent bayt.com poll of Women in the Middle Eastern workplace, an overwhelming majority of women surveyed indicated that their work life spans would be extended considerably if their companies were to offer special benefits for women.
Create favourable work conditions
Employers are increasingly employing creative measures to invest in their employees' well-being and this extends to providing workplaces and work conditions that are pleasant and conducive to innovation, hard work and productivity.
Maintain open channels of communication
Maintaining open communication channels and ensuring employees are constantly up to speed on company news and direction is essential to maintaining the engagement of your employees. Communications should be frequent and should aim to maximize transparency and highlight what the company is doing, where it is going and how employees have contributed and can contribute.
Create an environment of diversity and inclusion
Today’s organisations are melting pots of talent from all corners of the globe and the most effective global corporations have managed to make their employees feel valued, respected and included.
Formalize reward and recognition programs
Studies have shown time and time gain that employees who feel valued, recognized and appreciated are the most loyal. Formal mechanisms for evaluating and rewarding employees need to be in place and these need to be competitive and in sync with industry norms.
Participate in community outreach programs
Corporate philanthropy is show to increase employee loyalty and many companies are adopting CSR programs not just as a means to give back and to participate in their larger communities but also as a measure to win the support and respect of their employees.
For more details on “How to Maximize Employee Loyalty” please visit the bayt.com Career Center.
