EMPLOYEE RETENTION AND STRATEGIES FOR RETAINING TOP TALENT
Rekha Kumbhat
Serial Women Entrepreneurs | Helping Corporates with complete Spectrum of HR Solutions | Facilitating Import & Export of Metal |
Employee retention is the efforts put by the employer to retain their top talents in the organization. 30% of the employees quit before making it to the second half of the year. Hence, it becomes crucial for the employer to implement possible strategies to retain valuable employees. Understanding what engages and makes an employee stay for longer period of time is important in a tight economy.
To win the employee retention battle, one must understand the factors that lead to job satisfaction:
- Compensation/pay
- Trust between employees and quality of managers
- Job clarity and design
- Opportunities for career advancement
To keep your employees from losing, consider trying these employee retention strategies:
1. Better pay:
The primary reason for leaving a company is low pay. According to a recent study conducted, it was found that pay levels were the reason to quit for 45% of the employees. To overcome this, possible strategies like offering retention bonuses or stock options to longer-term employees, or link defined benefit plan payouts to years of service. Benefits and perks play a huge role in keeping employees engaged and healthy.
2. Bad managers:
Employees leave bad managers, not companies. In order to avoid stress working under a stressful environment, employees prefer to quit. So keeping an eye on your managers is important because an employee's relationship with their supervisor matters a great deal in inspiring them to go the extra mile at work. This means training managers on how to encourage and motivate different types of people, personality traits, conflict management, stress management, and so on.
3. Job clarity:
Close to 35% of hiring managers say that new hires would stick around longer if better informed during the hiring process. Transparency is the key so make sure you’re being honest about what you expect of the new hire. So, hire the right person at the start of the recruitment.
Increased performance, better productivity and a reduction in turnover are all organizational benefits. The bottom line is that by focusing on employee retention, organizations will retain talented employees who truly want to be a part of the company and who are focused on the organization's overall success.