An employee retention strategy is a calculated approach to keeping people motivated to work at their jobs. In the current job-hopping culture, people are often on the lookout for better work situations, unless they’re happy at their jobs.
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Employee empowerment is a management strategy that encourages self-reliance, independence, and accountability among personnel. Rather than centralizing the leadership only among executives, employee empowerment calls on each employee to display leadership qualities appropriate for their position and capabilities. Trust is the foundation of employee empowerment—employers need to believe that their employees will act intelligently and responsibly. Knowing that their employers trust them, in turn, gives people the space to think, act, and express themselves independently. While each company will determine how to apply employee empowerment, some common components include: delegating…
Employee recognition is the acknowledgment of an individual's work accomplishment by expressing gratitude or praise. Employers often recognize employees for: Working for an extended period (generally beyond five years)Exemplary work performanceInnovation or achievementsNotable personal developmentWorkforce or system improvement According to Gallup research, employees find these methods of employer recognition highly impactful: Publicly acknowledging employees through praise, an award, or a certificate Private acknowledgment from a boss, coworker, or customerReceiving an extremely positive evaluation regarding accomplishmentsReceiving a monetary award or compensation Earning a promotion, greater autonomy, or increased work responsibilities Why should HR…
Succession planning is the process of preparing employees for future roles to support continuous business functioning. Succession planning is a long-term, strategic investment that buffers both large and medium-sized businesses against inevitable future disruptions or sudden job vacancies. Usually spanning one to three years, succession planning involves training and educating employees so they can assume new positions with confidence and poise. Succession planning is like training a competitive basketball team. When a first-string player gets injured or needs a break, a bench-player can jump in as a replacement, so the…
Employee retention rate is a metric that measures the percentage of employees who remain employed over a specific period.
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