5 Employee Retention Strategies Every Employee Must Know
Talent comes at a cost and that cost is not limited to just compensation. It includes the time you spend in the recruitment process, investing in tools the talent demands,
and many hours of training that they undergo to become what they are and to be able to add value to the organization’s goals and growth. So when someone leaves an organization, it is obviously a hectic task for the HR teams to replace them both financially and in terms of efforts. Employee retention, therefore, is very important to reduce hiring expenditures and efforts and to provide a stable team that is committed to performing its best for the organization.
A highly competitive job market and the acceptance of remote working as a permanent setup of office has given rise to unforeseen opportunities for job applicants. It has also become quite easy to apply and interview for a job. This means that organizations are having a challenging time retaining their best talent and the emergence of the great resignation further solidifies our claims that the problem is real. When employees leave, it creates more problems than you think.
- When a good employee leaves, the burden of their work comes on other employees. This means that other employees get overworked for a period of time that can range in anywhere between 1 to 6 months.
- Replacing an employee is costly. If we include the training, hiring costs, and productivity loss it comes out to nearly ⅓ of the annual salary of the previous employee.
- Big ideas take time and a dedicated team. Constant attrition creates a sense of mistrust in the management and therefore the work suffers.
Thus leaders and HR teams must do everything in their power to ensure that turnovers are minimum so that productivity does not suffer and we don’t waste too much of our time in recruitment procedures and rather invest that time in team building.
- Invest in Employees’ Careers: Learning is a continuous process. Many successful companies invest in the learning process of their employees by funding courses and certifications. This builds a sense of trust in the employees when they see the management trying to improve the skills of their workforce. As for leadership, your talent is getting more talented. Do we need to say more?
- Recognize & Reward Efforts: Everyone loves to be appreciated for their work. Establish a system of rewards and recognition so that each and every employee is made to feel valued for the services they do for the company. It can start with anything from offering awards to creating an elaborate point system that can be redeemed against gifts. Customize and add branding to your gifts and you have another way to market your organization.
- Have Stay Interviews: Stay interviews are just another way of initiating conversations to identify issues if any faced by the employees so that corrective action can be taken. Normal feedback is not specific and will never give you the exact picture for every employee but a stay interview or conversation session helps you understand why the employee is working for the organization.
- Prioritize Work-Life Balance: Just because it is work from home does not mean that the employees should be available 24*7. Create an environment where there is transparent accountability and tasks by managers are allotted in accordance with the working hours. Berryworks, a deep learning employee voice platform can help you initiate conversations with your employees so that you can capture the right sentiment of your employee, offer help as needed and create policies for further improvement.
- Work Should Be Fun: Work culture plays an important role in employee engagement and therefore to create a better employee experience, ensure that the work is fun by putting small elements of fun too. It can be games, puzzles, yoga seminars, or a discussion of the best game of thrones fan theory. There should be something to think of apart from work at the workplace.
Employee retention is a difficult job especially during this tech-oriented post covid workplace but if we start talking to our employees, understanding their issues, and taking actions based on the issues we can create an employee experience that employees would love to recommend.
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