Welcome back. Now I'm going to tell you the winning formula that will help you in retaining the employees for the longest possible time in your organization. The formula is as an art. Before I begin with the explanation, I want to tell you that if you use this formula practically in your organization, you will increase the business value by retaining the high performing employees. Now, this formula is completely based on what I and my co instructor have observed as human resource professionals. But based on our observations, this formula can be helpful in any industry.
Many employers think that there is some huge secret behind retaining employees. But let me tell you one thing there is no Secret, there is only a proper systematic winning formula. And I'm going to share it now. So, here you go. S is for satisfying the employees, you must tell the employee in satisfying all his needs, you have learned about employee needs in previous lecture where we talked about the Maslow's theory. If you want to have a quick recap, you can take that lecture again.
Now, when we talk about satisfaction, we are considering the different needs that an employee could have. These could be financial needs, social needs, esteem needs, or even self actualization needs. When an employee feels that his or her needs are being fulfilled, they are more likely to stay in the organization and work even better. So, When you satisfy the employees needs, they will serve the company in a better way by giving them best performance. And that is exactly what we want and stands for motivating the employee. Every employee needs some sort of motivation to work and perform his best.
It's the duty of the manager to motivate the employees so that when they are stuck in a task or find something really challenging, they will get the energy and motivation from their manager and they will find a solution and a way to do the task. It is very true that half the work is done when an employee is motivated, because 90% of the times he would bring positive results. You will learn about motivation in one of the coming lectures. The final component of the formula is to reward the employees at the end of the day. Everyone is working for being rewarded. The definition of reward may differ from person to person, but the idea remains the same.
For some, the idea of reward could mean a bonus or incentive. For another employee, it could mean being appreciated in front of his colleagues. He will talk about the types of rewards in the coming lectures. So now you know about the winning formula that will help you in retaining the employees by keeping them happy. If there's one thing that I want you to remember from this entire course, it's this formula that would help you to retain the top performers in your organization. If you take a look at the DOM business giants across the world, you will find that they are following this formula in some of the other way.
And it's really working out for them. So why not make it work for your own business. I hope you found this formula useful and you will use it for retaining the best employees. I will see you in the next section.