In a recovering economy that is building itself around the dynamic change in the business scenario, retention of valuable employees is a hard task. Talent might be easy to find owing to a large young workforce, but retaining them in your company is the real challenge. Losing a valued employee not only hampers the productivity of the company, but also adds up to be a financial loss.
It is one’s duty as a leader to delve into the psyche of the workforce and analyze their feedback about the company, simply because the company would cease to work without them. Exit interviews cannot be held as the only source of understanding where your company culture is lacking, so it is essential to regularly keep track of your resources and act accordingly.
A company’s responsibility to create an environment of growth and development starts early. However, this process is a two way street. For example, if you want your workplace to be the hub of positivity and high employee retention, you have to ensure that the people you recruit are also in it for the long haul. Sometimes certain highly qualified candidates are rejected because their salary demands don’t fit your budget. In such cases, it is wise to look beyond your budget and think rationally about the value the candidate will add to your company to help reach your goal. In a nutshell, the process starts from an employee’s recruitment.
An employee’s job history on their CV is a significant indicator of their retention rate. If their collective experience shows that they have not spent a considerable period of time in the companies they have listed, chances are that they won’t last in your company for long either. However, a recruiter mustn’t rely solely on that information to make a judgment call –their reasons might be legitimate. Today, the young workforce looks for more than just a good salary. They need job satisfaction, personal growth, and an excellent work culture to say the least. Ultimately, understanding the candidate’s potential of retention is a balance between their CV and their interview. Keep in mind that the candidate who has stayed put in one place for a good period of time shows perseverance, confidence, and responsibility.
As mentioned above, employees today seek something more than monetary satisfaction. Creating an atmosphere of learning and development mixed with a level of flatness agrees with them. Are you, as a company, paying heed to their needs? The work culture of your organization plays a major role in keeping your employees satisfied. The key is to adapt a dynamic ecosystem that makes them more comfortable, hence happier. Apart from that, work appreciation, individual attention, and well deserved promotions and appraisals are important.
Several organizations fail to realize that their employees are and should be their best investment. Their personal development will ultimately benefit you too, so do what you can to hone their skills in the workplace. Organize workshops and seminars. Reimburse outside courses for them to learn from. Give them tasks that require them to know more. These minor investments can be a major boost for your business, as well as their individual development.
Another aspect that does wonders to employee retention is providing the right kind of benefits. Let’s take an example of an advertising agency. Compared to the IT industry, advertising requires a different set of skills and abilities. The benefits received by ad agency employees would be different, because their workload, style of working, and industry demands are different. If an ad agency chooses to have the same rules and regulations as an IT company, the employees won’t be satisfied. Carefully differentiating is the key here – it will create a big impact on your employee outcome. It may not always be monetary compensation – sometimes, it can only be an increased number of holidays or outings that can do the trick.
Aside from the points mentioned above, a company must strive to be transparent and open. That would give a clear signal to potential candidates. And yes, a company must always remember that sometimes, good employees leave. How you handle it is what matters more.
If you wish to know more about the methods of retaining employees in your organization, get in touch with us. We are a team of highly qualified and experienced professionals in HRM and OD practices based out of Pune.