The olden days are gone when employees stuck to their jobs for an entire lifetime. Today, with more opportunities, higher sectoral growth and diversity the youth is focused on personal growth which is often achieved by frequent job changes due to less satisfaction and progress.
As an employer, employee retention is a major key to high performance and revenue as lesser employees leaving leads to lower turnover and low costs in hiring. With talented and experienced employees to lead, the company in turn lunges forward in terms of profit and brand value.
Before we understand how to retain your talent pool, it’s vital to get to the crux of the issue
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Why do employees leave?
There can be various reasons for employees to leave, ranging from personal to professional but here are a few common ones.
- Lower recognition and mundanity accounts for one of the major reasons as lesser exposure at work and the same routine causes boredom leading to dissatisfied employees.
- Toxic work environment with complicated hierarchies and unappreciative managers results in demotivated employees who look elsewhere for a positive workplace.
- Higher remuneration as well as a higher position and the same not being offered at the current workplace motivates an employee to grab better opportunities.
Now that we understand the basis of the problem, here are a few simple techniques which when implemented correctly would lead to creating a positive place for employees to flourish.
Employee benefits do wonders
An employee is less likely to leave if he/she is given enough stability to bank upon. Employers should not only focus on making their payments competitive with the current market scenario but should also include perks that act as brownie points.
Comprehensive health insurance for the employee with their families will encourage the employee to focus on work being carefree. An appropriate amount of paid leaves. With child care facilities, discounts and coupons act as small rewards that pay huge dividends.
A small pat on the back goes a long way
Employee appreciation not only makes them feel recognised and valued but pushes them to do even better in the coming time.
Managers should thoroughly evaluate their communication with the staff to include acknowledgment and appreciative comments regularly.
With that being said, constructive and critical feedback is also crucial for good output, so the manager should be cognizant of maintaining a healthy balance between both.
Work opportunities and personal growth
The same regular day at work for weeks and months is a dynamic employee’s worst nightmare. Making sure that the employees are having a balance between challenging work and a breather is the way to keep them engaged and amp up their skills as well as an appetite to perform better. Employees are less likely to leave when they are getting better opportunities at their current workplace than to quit for them.
Hire the right talent
Hiring the right employee from the beginning will not only boost the company’s performance but also lead to creating a better work culture. It is imperative that the employer studies and tests the candidate’s background to see if they will be the right fit for the job.
The employer should also look at a varied talent pool and acquire various resources and hire employees with different characteristics to build a holistic workplace.
With these steps and processes, it is also important to take efforts to bring about progressive changes in the company, keeping up with the current trends and valuing the efforts of each employee.