To employers experiencing high employee turnover rates...

Are you struggling with retaining top talent in your organization? Are your best employees leaving for greener pastures, leaving you scrambling to fill their positions? If so, you're not alone. Many companies face the challenge of retaining their top performers.

Here's a shocking statistic to drive home the point: in 42% of companies, top performers are the least engaged at work.?

This means that the star employees who deliver the most value to your team are probably less motivated and satisfied than the employees who bring the least value. Let that sink in for a moment.?

Furthermore, despite the increased efforts of companies worldwide, a Gallup study found that nearly 80% of employees are still disengaged at work.?

In India, these numbers are comparatively better than the global average, with only 67% of employees being disengaged as per 2022 data… Does this sound like there's no hope??

The answers aren't all peaches and cream, but that doesn't mean there isn't plenty of news to give us hope.

For instance, even in India, where 67% of employees are disengaged, these numbers are on the decline. Here's what we mean —

In 2021, the percentage of disengaged employees was 73.50% v/s 74.12% in 2020.

So even though 67% is still a significant number, it's heartening to know that turnover rates are on the decline.

So what does this mean??

It means that companies have found a secret to retaining their top talent: by providing a positive employee experience.?

If you're wondering what you can do to retain your top performers, we've compiled seven key takeaways from successful organizations that can help you retain your top performers.

(1) Equip and enable managers

70% of team engagement is determined solely by the manager.

Managers have the power to break or make a career. Therefore, employee engagement is a crucial responsibility of a manager.

Therefore, to fulfill this responsibility, managers must be equipped to have ongoing coaching conversations with their employees.?

Unfortunately, most managers lack the skills to make these frequent conversations meaningful, which often results in their actions being perceived as micromanaging without providing the right tools and direction.

Therefore, it is not enough for leaders to simply instruct managers to engage and coach their teams but to truly empower them.

(2) Ensure role clarity

When employees are unsure of their job responsibilities, frustration and confusion can quickly set in. This can lead to decreased morale and ultimately impact the success of the entire company.?

To avoid this, it's essential for organizations to clearly define and communicate job roles, expectations, and goals to their employees.?

Regularly revisiting and updating job descriptions can help to ensure that everyone is on the same page and that employees feel empowered to contribute to the company's overall success.?

By taking these steps, organizations can create a positive work environment that fosters growth and productivity.

(3) Provide Meaningful Work

Research has shown that employees who feel a sense of purpose and fulfillment in their work are more engaged and satisfied. By connecting employees to the broader mission and vision of the organization, you can help them understand the impact of their contributions and feel a sense of pride in their work.?

Encouraging autonomy and providing opportunities for employees to take on challenging and meaningful projects can further enhance this feeling.?

To truly motivate and inspire your team, it's important to recognize and celebrate achievements, reinforcing the connection between individual efforts and organizational success.

(4) Hire with diversity in mind

Having a diverse workforce is crucial for any organization as it brings an array of perspectives and experiences that can lead to innovative solutions and ideas.?

Therefore, it is important for organizations to adopt inclusive hiring practices to ensure that individuals with different backgrounds and experiences are welcomed and valued.?

Inclusive hiring involves actively seeking out and recruiting candidates from different cultural backgrounds, genders, and ages, including those with disabilities.?

This can help create a more dynamic and creative work environment, leading to improved problem-solving and innovation.?

Moreover, organizations that prioritize diversity and inclusion tend to be considered more attractive places to work, which can help them to attract and retain top talent.

(5) Set a performance management process in place

Having a strong performance management process is crucial for the growth and development of employees.?

It is essential to set clear expectations for performance, provide regular feedback, and conduct performance reviews that evaluate both achievements and areas for improvement.?

A transparent and equitable performance management system establishes trust and inspires employees to strive for excellence in their roles.

(6) Provide career development opportunities

Embracing a culture of upskilling is a surefire way to boost your organization's success.?

By offering training programs, mentorship opportunities, and career paths that align with employees' aspirations, you can cultivate a culture that values development and continuous learning.

This empowers your employees to acquire new skills and advance their careers within the company, leading to increased productivity, higher job satisfaction, and lower turnover rates.?

Don't miss out on the benefits of investing in your employees' growth - start building a culture of learning and development today!

(7) Provide Good Health Coverage:

In one of our previous articles titled "5 Key Ingredients to Strengthen Your Company's Healthcare Ecosystem ," we emphasized the significance of providing excellent health coverage, which can determine the difference between success and failure of your business.

The article discussed various topics, including health insurance, wellness programs, mental health support, telemedicine services, and health education and awareness.?

By investing in your employee's health, you're making an investment in the future of your organization.

If you're a business or startup looking for a reliable healthcare partner for your company, MFine offers a range of teleconsultation services. These services are tailored to meet the specific needs of B2B clients, and they include a variety of benefits.?

For instance, you can take advantage of at-home blood tests and at-home X-ray services, which can save your employees a great deal of time and effort.?

Additionally, we also offer free annual health check-ups to ensure that your staff members remain healthy and productive. If any of your employees require medical attention, they can instantly consult with a qualified doctor through our platform.?

Our goal is to provide your company with a comprehensive healthcare solution that is convenient, affordable, and effective.

To learn more about #MFine, please don't hesitate to contact us at [email protected] . We'll be happy to assist you in any way we can.

References:

• Gallup study