Most of the organizations spend a great deal of time and energy on talent acquisition strategies, often surpassing a proportionately important factor in the talent equation Retention.
In this era of business dynamics where millennials take over the army of workers, to survive and grow employers not only need the best fit for the role, they also need those people to stay engaged, satisfied and devoted to the organization. But, employee retention is one of the major uneasiness for the business leaders who claim that
People once trained are likely to leave when they find better prospects. Inadequate pay (28%), poor work-life balance (20%), lack of professional development (30%) are some of the reasons which make the employee jump at the opportunity.
The learning and development team cannot put a full stop to this attrition rate, but can definitely control it to some extent.
What is the first step?
A smile is what an employee wants to wear always, now what brings this smile can be subjective, it can translate from the work culture or maybe the money or some professional development; monotony bores her and when you don’t have anything better to offer she leaves and so does the person. So instead of a hit and trial method to know what suits the employee, companies should invest in a better way of evaluating the needs through various assessment tests, which will not only be time effective but also hit the bull in the eye. These assessments will give a clear picture of what the employees lack and need, helping the development team to organize their actions so.
Now once we have a clear picture in mind, our call to actions is more precise and effective.
How to solve it?
So here is a list of few strategies to nail the reason for retention.
Instill a Work-life balance
For millennials work-life balance is very important, as 89% of them feel that this balance is the key to happiness in the workplace.
“Work-life balance”, this form of metaphor implies creating and maintaining a healthy work environment, thus enabling the employees to strengthen their loyalty and productivity. People have worked other than office and not being able to manage that stresses them. These demanding working hours not only disturb the harmony of work but also come with a bouquet of health risks. All this comes down at a cost to the employers in the form of productivity cost, absenteeism and performance.
It is the responsibility of the organization to promote a healthy work-life balance through various mediums such as apprenticeship, office lunches, seminars where you have an open discussion about stress, overburden. These discussions will help the employee to make better decisions. Also, consider adopting relaxation methods like yoga and meditation, these recreational activities will enable the employee to feel better and good about themselves and once all this brings a smile to their face, you know you have reached the balance.
This stands for Employee Stock Option Plan, By this the company makes the employee an equity holder of the company by giving him a small amount of consideration. This instils a sense of ownership in the employees. With this, the employee feels more attached to the company and they then try to align the individual objectives with the bigger organizational goal.
These cashless payment strategies act as a stimulant to employee behavior, thus creating successful teams by shared goals.
Words have the power to heal, nothing can match a ‘Well done’, ‘Keep it up’ and when the employee receives an appreciation mail, she is on cloud nine. Nothing works better than motivation where the company values the employee’s efforts and encourages them to perform better.
It is natural to feel low, sometimes it feels like nothing will work out but then an inspirational poster on the notice board or some photograph on the way to the bay changes the employee’s perspective. And most importantly if they fail to perform once or twice, motivate them even more and give them time to prove themselves. Give them badges or trophies to flaunt, organize events where the audience applauses them, all these actions make them want to work harder. Appraisals are also one way to keep them going, where salaries of the performers have appraised as and when required.
Without motivation, it is unjustified to expect the best from the employee.
Professional development and career advancement
A survey of 2000 employees by Betterbuy found a 34% high retention rate with development opportunities than those without them. Plus 75% of the employees with developmental opportunities said that they would say for another five years.
Employees prey on growth opportunities. Training them through professional development programs makes them more efficient and prepares them for future responsibilities. Via these opportunities, employers can not only keep the employees but it also helps them find future leaders.
Before enhancing an individual’s skills, human resource managers need to do the groundwork of understanding which skills to develop. This calls for assessments tests which makes the task easier and efficient. By conducting these tests organizations can clearly understand the employees’ requirements and develop the required skills so.
When staff members are able to give their best, they become more confident, which leads to job satisfaction and hence retention. This training and development promote an image of the company as one which cares for its employees. Your workers don’t want to stagnate, they want to gain ability and become well-rounded, give them their food for thought and you have them engaged to you for a long time.
Are you ready to apply then?
Humans are one of the salient features in the success and growth of any organization. Each one of them wants to feel valued, wants to grow and have a work-life balance. To build the bridge between an employee and a valuable employee, employers need to make efforts which pushes the employees to do better and stay happy with you for a longer time. These efforts will surely translate into more revenue and ultimately results are what we want.