Question

1. What are the typical techniques used by organizations to retain good employees? List at least 3 techniques.
2. Then explain each in detail.
3. Which one(s) do you believe work best in today's workplace?

Answer 1

Below are the techniques used by organizations to retain good employees -

1. Reward and recognition - Rewarding and recognizing employees for their hardwork increases their motivation and retains them with the firm.

2. Pay hikes and bonuses - Pay hikes and bonuses are monetary incentives to retain the employees

3. Increasing ownership and responsibility at work - Increasing responsibilities at work creates a sense of ownership in the employee and helps in retaining them.

4. Creating a positive work environment and culture - By creating a positive work culture, employee doesn't feel stressed at work.

In today's workplace, increasing ownership and responsibility at work helps the employee feel himself/herself responsible for achieving company's objectives and hence are highly effective.

Also, pay hikes and bonuses are equally effective as it creates a financial security for the employee.