Great employees are great assets and therefore, retaining them deserves priority. We cannot handle employee retention just as a fancy corporate HR activity. Reaching employee retention goals is a milestone for human resource and often the sales department. But, in the age of great resignation, even that is becoming an uphill challenge for HRs.
Here are three questions to help you get started in creating a perfect employee retention strategy.
We definitely can’t answer the first question for you, but In this article, we will answer the next 2 questions and help you boost employee retention at your organization.
Naturally, no business survives without good products or services; therefore having the right people in the right places is crucial for success. Furthermore, having a stable workforce makes planning long term strategies easier and less risky.
Let us take an example of two companies - one with over 50% “great” employees, who have been there for more than 5 years (stable workforce) and another with only 10% “great” ones out of whom only 5% have worked there for more than 5 years (unstable workforce). The first company has good chances of being able to adapt its product/service offerings according to changing market conditions because its experienced employees can help it navigate through these changes while the second company might struggle due to lack of experience among its staff
According to a report, 70% of employees quit their jobs for reasons other than pay. A lot of these reasons are related to employee engagement and satisfaction. For instance, from the same report, it was revealed that employees leave because they feel:
• Unappreciated
• Like their work isn't valued
• Not challenged or stimulated enough by the work
These insights point to the fact that your workforce isn't looking for just a regular job — they want something more. They're looking for a space where they can grow and develop, where their ideas will be heard and respected, where they'll receive recognition for their hard work and contributions. As an HR manager, if you don't provide your employees with these opportunities (and more), they'll be far more likely to quit in search of them elsewhere.
Even if you have a great company culture, your employees may not be happy just because they work in an awesome environment. The key to retaining employees is to communicate with them regularly and listen to their needs.
If you communicate regularly with your employees, they will have the opportunity to tell you what they like and dislike about their current position. Once they share these opinions with you, it's important that you take time to listen and respond accordingly.
There are many things that can make a workplace feel cold and uninviting. It could be a noisy or cramped workspace, or one that's disorganized and chaotic. It could also be the opposite: a space with too much silence, where everyone is stuck at their desks facing the wall. Or it might just be bad lighting.
One of the most important aspects of any working environment is comfort—not just connecting to WiFi and having access to warm water in the kitchenette, but making sure your employees are comfortable in their skin and happy at work. This is especially important for newer hires who haven't had time to settle into your organization's culture yet—they may still feel like fish out of water, so you need to create an inviting environment so they won't jump ship before being given the chance to acclimate (and potentially love) what you offer as an employer.
Must read : Common mistakes companies make in employee relationship management
Creating a foundation of respect and recognition is, without a doubt, the best way to improve employee retention. As we just mentioned, your employees are real human beings with real lives outside the office. When you show that you care about them as people first and value their contributions to the company second, they will feel that they are much more motivated to do good work for your company.
However, when it comes down to it, respect and recognition is really all about thoughtfulness—which means there's no one-size-fits-all solution or magic formula for how to create an effective culture based on these two principles. Fortunately, there are some things you can do in your workplace today that will help you start forming those connections between your employees almost immediately:
Don’t be so inflexible that you can’t discuss the possibility of having them back in the future if they leave for personal reasons. For example, if your employee wants to go back to school or work from home and needs more flexibility, let them know that you understand their priorities and that if things change, there is a possibility for them to come back. If they do leave, make sure you keep in touch. You never know when they may want to come back!
In the age of readily available technology, organizations operating in fiercely competitive markets cannot afford letting go of their best and brightest. There is no doubt that talent acquisition and retention are vitally important for organizations everywhere. As such, HR professionals in organizations should consider implementing these employee retention strategies in order to ensure minimal staff turnover.
Bonus: Including regular team building activities part of your work culture is one of the greatest ways to foster employee engagement and thereby retain employees. Partner with us to strengthen team building in your organization with the help of fun and engaging experiences and retain top talents.
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