Employee Retention Strategies

Employee retention strategies should be developed by companies worldwide because this ensures that the employees are comfortable in the working environment, and it also promotes company loyalty. When they feel comfortable at their workplace, they will not have the urge to look for employment elsewhere.

A good remuneration package is one of the employee retention strategies that companies should adopt in their operations. When the employees are contented with the salary that is given to them, they will be happy and will not have a reason to send much application to different companies (Ozbilgin et al. 2014). One of the main factors that cause employees to leave companies is in search of a higher salary. The salary given to the employees should match their competencies. Some companies are known to make millions of dollars, but the pay of the employees do not match the revenue earned. It is important for companies to understand it is the employees that help the business to generate money and when they leave, the company may incur losses.

Another strategy that a company should have to retain their employees is an open door policy where the employees are free to communicate with their managers and supervisors in a friendly manner. This helps to promote a good working environment because when the employees have an issue while working, they can approach the management without fear and they are guaranteed that the issue will be resolved.

Bonuses and awards should also be used as an employee retention strategy. Through this, the employees are given either a bonus or an award because of their performance at work. The awards or bonus can be given every month or after every year. It makes the employees be motivated as they understand that their efforts at the workplace are recognized and appreciated (Carberry & Cross, 2013).

Coca-Cola has devised several employee retention programs one of them being the Coke Young Professionals (CYP). CYP offers an opportunity for the young employees to socialize, network, and experience professional development. Through the program, the employees discuss ideas that can be integrated into the operations of the company. The program makes the employees feel appreciated by the company because their opinions are valued and sometimes incorporated into the company. This also helps to avoid the employees from leaving the company because they are responsible for some of the operations of the company that they developed and the, therefore, contribute to the growth of the company.

Training and development of the employees are also an important retention strategy adopted by Coca-Cola. The company invests heavily in training the employees to strengthen the employees’ performance. Through training, the employees also develop and improve their skills and this helps to boost the performance of the company (Kalman, 2012).

Another retention program used by Coca-Cola is creating an excellent working environment for the employees through the Great Place to Work Program in Britain. The program provides the employees with discounted gym membership and on-site exercise classes that are important to keep them fit and have a healthy lifestyle. The program also offers them free Coca-Cola drinks as well as fruits. Through the program, a staff restaurant was established in the company that provides healthy food choices for the employees. The program is also attributed the flexible and summer hours experienced by the employees, as well as cycle to work scheme and learning allowances. A good working environment is important because it ensures that the employees are comfortable, and this enables them to perform their duties efficiently.

References

Carberry, R., & Cross, C. (2013). Human resource management: A concise introduction. UK:

            Palgrave Macmillan.

Kalman, F. (February 7, 2012). Coca-Cola’s thirst for global talent. Talent Management.

            Retrieved from www.talentmgt.com/articles/ceree-eberly-people-first

Ozbilgin, M., Groutsis, D., & Harvey, W. (2014). International human resource management.

            Australia: Cambridge University Press.