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Inability to retain employees for a long time is a problem that almost all businesses face. It is not just restricted to good times alone. Even in the recession, people are searching for better jobs that will help them not just in the short term but in the long term as well. In such a scenario, retaining your employees is a very difficult task.
Are you certain you know why your employees are leaving you? You may be of the opinion that they have got better jobs elsewhere. However, the truth may be something very different. There may be a fundamental flaw in your organizational setup. You might have concentrated all your powers in your hand and may have left your employees feeling as if they are merely messengers who transfer your instructions from one place to another.
It is essential to retain important powers in your hands. However, it is also important to show a trusted employee that he or she is important and is valued. If any and every decision related to the office, from setting a meeting with the client to purchase of office stationery, is decided by you, your employees may be quitting simply because they enjoy no independence whatsoever.
You can identify this by requesting your employees to offer an exit interview. As the names suggests, the exit interview is conducted after the employee has left the organization. Since there is no fear of repercussions, employees often speak freely and are more than willing to speak the truth. Make it a point to hand over your recommendation letter and fulfill all your obligations towards your employees before your request the exit interview.
This will help you get honest opinions even if you do not like them. As you conduct more and more interviews, you will realize that the actual problem may not be related to remuneration alone. This will help you improve your ability to retain employees better.
