EMPLOYEE TURNOVER

As a leader in your organization, you must be wondering why there is high attrition among your staff. Well, the reason might be right in front of your eyes.

With todays' changing trends the workplace is filled with diverse individuals from different generational gaps. Baby bloomers, Gen X, Y, Z and Alphas. We are all different but supplement each other in one way or another. As an organization we have to understand each of these groups and come up with a culture that works for all. Getting the most out of our employees and maintaining a highly motivated workforce.

Reducing employee turnover requires a proactive approach from the organization, including measures such as improving the work environment, offering competitive compensation and benefits packages, providing opportunities for career growth and development, conducting regular feedback sessions, fostering a positive company culture, and ensuring effective leadership and management practices.

Motivating employees is not only from the side of compensation but with current change in trends, a safe mental space plays a key factor. I have experienced and worked with a renown organization on adopting to the current day to day behaviors and wellbeing of the employees. This was a top-tier consultancy firm that had its niche as a very well branded organization with its pay structure among the top three best paying companies in the country, But yet they faced a challenge of a high turnover in a span of 2 years.

Our findings were that employees were very busy ("over" work-load), most mid level managers working up to 58 hours a week. Well, on the other hand they were paid very well, way above competitive market rates, given great company benefits and allowances but still, there was a loophole.

Aiming for a retention rate above 80% annually is often considered favorable. Some industries or companies with specialized skill sets may aim for even higher retention rates, perhaps exceeding 90%.

Our outcome was to introduce a shift in company culture and see the impact over a span of 14 months. We realized that the organization was quite rigid especially in their processes and expectations to meeting deadlines. Leading to employees being locked onto their screens and desks for a long period of time without realizing that the organization was a ghost town. Employees burning their fuel without rejuvenating themselves would lead to a frustrated workforce eventually. The compensation may have been lucrative but we needed to introduce a work life balance and also adjustments in the workplace to be more relaxed by introducing the slightest changes as we will mention.

Having a flexible office space with eg. Pool Tables, Foosball Tables, Break rooms etc. is a key way to introduce a more tolerable environment and motivating work space that adheres to our current generations. This was a key strategy to increasing employee retention and having a well motivated staff. Most organizations with a high retention of employees have considered an element that motivates their staff other than focusing on their remuneration.

So, when introducing and implementing company policies we need to consider these factors and adopt to trending times by initiating these considerations alongside the traditional HR strategies.