Employee Retention Help
Employee retention and its Benefits
Employees are the most valuable asset to an organization. It is of utmost importance to keep in touch with employees to stay updated on what motivates them, if they are satisfied with their job and what challenges they are facing. Losing an employee is a bigger loss compared to acquiring a new employee. The company will have to incur costs on recruiting, onboarding and training a new employee.
An employee that has spent a longer period of time in an organization is familiar with its working methods, policies and culture. They are groomed to suit the requirements of the business. They are also more knowledgeable and reliable. Whereas a new employee has to be trained to fit the work environment and could mean a big loss if he leaves. The company should make sincere efforts to retain its employees so that they can make a meaningful contribution.
Retaining your most talented employees in this extremely competitive era is difficult. Thus, management of employee retention forms a significant aspect of HR and should not be missed. Its basic purpose is to establish strategic actions to keep employees engaged and content, to benefit the organization.
The strategies involved in retainment of employees revolve around employee job satisfaction and employee engagement. Organizations that truly invest in employee retention reap its benefits in the form of improved quality of work, better productivity and efficiency, reduction in employee turnover, increased profits and positive employee morale leading to overall growth of the business. This will help retain only those employees who truly want to be a part of the organization and are focused on contributing towards it.
Why do employees leave?
Generally, employees either leave an organization voluntarily (out of their own will) or involuntarily (gets fired or laid off by the company). There can be plenty of reasons as to why an employee leaves an organization. It could be due to-
No recognition
Majority of people look for a job change when they feel that their work is not appreciated or being valued. Frequent communication by managers and small
gratitude gestures can go a long way in acknowledging an employee's hard work.
Negative experience
An employee may quit an organization as a result of unfair treatment at work, bullying or harassment, being passed over for promotion or inability to deal with difficult superiors. The issue should be analyzed and resolved and the employee should be assisted with proper support mechanisms.
Planned to quit
It is when an employee has a predetermined plan to quit which could be due to pregnancy, transfer of spouse’s location, pursuing further education etc. If a company sees an increase in employee turnover due to a particular reason, they can increase rewards attached to tenure.
Better opportunities
Employees may quit to pursue better alternatives from your competitors. To avoid that, retain your valuable employees by giving them the best workplace experience in terms of rewards, compensation and benefits.
Job dissatisfaction
A dissatisfied employee should be retained by addressing his concern and monitoring the workplace environment.
Lack of career advancements opportunities
Employees need growth as much as an organization does. They should be assigned job roles based on their skill sets and should be given opportunities to learn and grow.
Heavy workload
Employees dealing with heavy workload constantly are bound to experience fatigue. Employees should be given adequate time off to re energize themselves and reevaluate their job roles to match their capabilities and give them a pay that they deserve.
Corporate culture
Above all, the overall corporate culture has a huge impact on its employee retention rates. Employees like corporate culture where management is easily approachable and accessible, communication is transparent and goals and directions are clear.
Strategies to retain employees
An employee retention strategy should be formulated by understanding why employees leave and why they choose to stay. An employee retention strategy begins at the recruitment stage.
Retention in recruitment
A retention strategy begins when you start the process of recruiting. You seek out candidates that aren't just qualified and experienced but would be a right fit to your company culture and workplace attitude. Communicate this in your interview on what qualities do you emphasize on and what the company stands for. This helps in better decision making to the interviewee and yourself.
Find the ones who'll stay
The trick to greater employee retention is to find the employees that will stay. You can identify these candidates by their previous jobs and how long they have served there. A longer job tenure shows perseverance and longevity. A person who has switched five jobs in the last six years wouldn't stay long.
Offer right benefits
A company that provides additional benefits like extra paid time off, flexible work schedules, maternity/paternity leave, medical allowances, insurance cover are more likely to keep their employees happy and satisfied.
Open communication
Keep communicating with the employees regularly to detect avoidable issues early on. Encourage employees to speak honestly and frankly by being gentle, easy and approachable. This also creates a sense of community and builds good relationships.
Provide career advancement opportunities
A company that supports and encourages the growth of its employees will be able to retain its employees for a long term. The company can do so by providing access to online/offline courses and sabbatical leaves to update their skills. After all, the growth of an employee will lead to the growth of an organization.
An employee chooses to stay in an organization because they become embedded into it. The longer an employee stays, the more he feels attached to its people, more he is familiar with the company culture and develops many social connections. Leaving a job would mean giving up on those and starting all over again. Companies can increase employee engagement by bringing its people closer, providing benefits and compensation at par or above industry standards and giving incentives that are unique to the organization.
An organization should strive to put its sincerest and continuous efforts in employee retention. But it should also remember that complete retention is not possible and they should be prepared to lose their best talent if they have an opportunity to pursue their dream job.
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