Top 5 Best Practices for Employee Retention
Mass hiring may have paved the way to record low-level unemployment, but it is also true that hanging on to the steady workforce has become very stormy and turbulent. As per the research, more than 30% of the employees quit their job in search of a better opportunity within a year of joining the organization. In such cases, the organization must create some stern Employee retention strategies and deploy them at the earliest. It will help in retaining the employees for a longer time. It is necessary that the company take some serious action because this form of turnover could be drastic.
Firstly, hiring the right fit for your organization is a daunting task, but in today's times, retaining them is much more challenging. Those good old days are gone when the employers held all the cards. Nowadays, the essence of working is a matter of giving and taking. If the organization does not serve its employees rightly, then the employees do not feel compelled to serve them in return. So, the organization needs to learn employee retention strategies timely to prevent quitting of the top performers.
Employee Retention Strategies are necessary to deploy in any organization because an employee quitting without prior notice can be a very costly affair for the company. As per reports, many a time, it costs the company more than double an employer's salary to replace the same. It is a variable parameter varying from organization to organization and from employee to employee. So, a company must employ the best retention strategies to win this competitive battle.
Why is Employee Retention Important?
In today's world, getting a new job is not challenging if you have the right skills. In such cases, employees who do not feel valued in the organization easily drift apart from it and apply for a new job. Only the employees who are appreciated and get the required growth can stay loyal to the organization. As per estimates, it has been reported that 35% of the employees demand to quit their job openly if they do not get a raise.
Even the human resource team leaders have reported that employee burnout and improper work-life balance have vandalized workforce retention leading to 50% turnover. There may be several factors together at play that may drive the employee to quit. So, to factor it out, it is essential to deploy the most effective retention strategies and retain the employee as much as possible. It is why employee retention is particularly a significant affair.
5 Best Practices for Employee Retention
Covid has changed people's mindsets and renewed their way of thinking. People have started to look beyond their outreach. So, if the organization, at any time, feels that there could be a hefty loss to the company because of the employees quitting rampantly, it would be wise to move fast in leveling up the employee retention strategies.
Create an extraordinary Onboarding experience
The onboarding experience should be well-planned. It should help the candidate understand the job role and the company's culture. Learning the latter will allow the candidate to contribute and thrive with fewer challenges. It is the most crucial step which will set the pace for the candidate's entire tenure in the organization. The training and engagement program is a key factor while onboarding the new employees.
Develop Recognition & Rewards Program
Employees must be appreciated and awarded for achieving the milestones. It makes a significant impact when the organization acknowledges the extra mile worked by the employee to achieve the organization's goals. Few recognitions and awards can go a long way in motivating and giving the employees that extra kick. So, do ensure to put up some formal rewards system for each employee whenever they achieve something big.
Invest in the professional development of your Employees
It is essential that the company invests in its employee's professional growth and development. Arranging for virtual conferences, training, hackathons, and other similar activities can help boost their overall performance. If you are low on the budget in arranging such things, you must allow them to attend such events and reimburse them at an individual level. Upskilling the candidates is equally important for the company and the employee. With the updated skill and technology, the employee will easily compete with the new onboarded members.
Prevent Burnout with proper Work-life balance
It is equally important that employers have a proper work-life balance in their workplace. It can help them to be proactive in both the workplace and home. The managers should know this well enough that the employees have lives outside of work which should be bereft of any work. If the project demands late-night shifts, ensure that the employees get the extra time off to compensate for it. The organization should encourage their employees to take a vacation when the work pressure is low. It will create a sense of oneness in the employees' minds and help them quickly achieve the deliverables.
Provide Wellness Programs to your Employees
The organization should see to it that all its employees are physically and financially fit. Various fitness or stress management programs can help employees perform their best, especially after this strenuous covid situation. Prioritizing employees' well-being is the need of the hour. One should pay special attention to it. It will help the employees feel supported and inspired.
The aftermath of covid has brought a drastic change and has taken the corporate world by storm. There has been a complete 180-degree reverse turn in hiring and retention plans. With the increase in the number of remote jobs, the organization must provide the working flexibility to allow the employees to stick for long.
Most times, the skilled employees may resign out of the blue with no notice, and the organization may find it incredibly challenging to find their replacement. It may be a time-consuming and costly affair for the company. So, the organization must implement proper employment retention strategies to retain as many employees as possible.
About the Author - Racheal Bob is an HR professional by passion. She loves to research and study on Human Resource topics and can't help but share her knowledge on the same through various platforms. She is the author of HR Shelf and you can connect with her via her Facebook or LinkedIn Pages.