A Challenge - The Employee Retention

Without knowing why, when, how many and from which part of the company employees are leaving you can’t possibly begin to work out "why employees are leaving".

Whenever employees are at risk of turnover , their chances of engagement with the business will always decline. Employee retention typically refers to people who voluntarily leave their position, but it’s important to also consider involuntary turnover, such as redundancies or firings. Retention is directly influenced by their own experience at the workplace from their quality of onboarding, to their hours they are expected to work, to the diversity of their team, company’s policies, recycling , their relations with the team and other employees in the company.??

It’s essential to act now and create a work environment that’s diverse, engaging, and has high overall job satisfaction.

Retaining talent at the cost of replacing an employee is still more beneficial. It not only cuts the cost but also you could save from the time required for new hires, onboard and provide training to them. You will be able to build a strong customer relationship by having a consistent point of contact instead of dealing with new staff each time customers like to deal with one prominent person.?

If high retention is generally considered as business success and so, great resignation is a sign of? slowing down. Keeping this mind and improving the employee retention rate requires an open discussion with your employees about what factors are most important for them.

It’s important to recognize that on a long enough timeline, employees will always leave their current role. Regardless of how effective they are in that position or how much their manager provides them with help and guidance, there will always come a time when an employee naturally moves on. That change might be premised on any of factors such as Promotion, better opportunity with a new employer, or the decision to change career paths entirely.?

Reports after study found that there are several factors that are driving people to seek a new job : Work life balance, Professional Growth, Recognition and Rewards, Belonging and Diversity etc.

While there is no universal answer to how you retain the talent ,there are still certain points where we need to focus on that.?

1. Provide Essentials: Company should ensure that your employees have a smooth onboarding process, timely salary payment, the proper tools and equipment as per their profile and a proper time schedule.?
2. Method of? communication:? One of the best ways to improve retention and therefore engagement is by proper way of communication at every level of the business. you have to ensure that your employee has an open and honest dialogue with management about everything.
3. Be transparent and fair about pay: If an employee believes they’re being underpaid as compared to the other colleague it can provide a strong motivation to quit the job.
4. Flexibility with the timing and workplace: Here comes how do your employees feel about working in the office ? Would you provide your employee a certain flexibility in the time scheduled ? well it’s not to say you provide a complete hybrid model even in certain cases it’s not even possible but all the company should show their employees that these considerations are always in the priority list.
5. Provide training and development: Professional growth is one of the major drivers of retention, give your employee an opportunity to develop their skills. Allocate some funds for seminars, training programmes, provide them some educational sessions and courses. If your employee will see you have invested in their professional growth they are more likely to stay with your company.??
6. Benefits that matter : When we discuss perks it’s easy to default to images of beanbags and snacks, but benefits can have a huge impact on your employees’ engagement. Providing health benefits from medical insurance to wellness options.?
7. Reward and recognition : Professional development is meaningless without recognizable markers of progress. The more frequent those markers, the more valued an employee will feel and the less likely they are to quit. Providing a public forum where that credit can be shared publicly.

When creating new retention strategies and incorporating new engagement solutions, ensure that managers have the correct training in place to operate efficiently. More than that, your entire management team needs to understand that any areas marked for improvement aren’t a negative reflection on them but instead are where the whole business needs to pull together.?