It’s quite normal for a business to receive occasional resignations for better job prospects or any other reason. However, if there is a flurry of resignations piling on the HR’s desk, it’s a worrisome signal. As an employer, you need to maintain a balance at any time of the year. In today’s world, talent is in high demand. If your resources are not content with the current professional surrounding, it’s easy for companies to absorb them. If the best of your employees leave, it pulls the organization many steps backward.
Employee retention is critical to business. Losing out on talent and experience forces you to look deep into the causes and take corrective measures. This article will highlight 5 unique and tested ways to improve staff retention in an organization.
Defining the ‘Right’ Habits
At home front, everyone follows a routine. It makes your life more systematic and pleasant. For instance, you have to drop your kid to the school each day; there is no exception to it. Try to incorporate the same logic in your office environment. Every business has its own cadence. Along with work, bring in fresh employee engagements initiatives and make it a routine. From the management perspective, few things have to be taken as priority. You can prepare a recognition program on a weekly or monthly basis. The important part is to create a habit for this activity. Engage and encourage your staff with activities related to the organization as a whole. Creating the right habits and nurturing them will assist in building up trust among the employees. Always try to loop in your resources with some activities and make it a routine.
From the management perspective, few things have to be taken as a priority. You can prepare a recognition program on a weekly or monthly basis
Training and Skill Enhancement
There is a segment of employees in every business who look out for learning new things every day. When they realize that, they are going nowhere in the current job, they decide to quit. Along with enhancing their skills, define a proper career path for them. It gives the employee a reason to stick for a longer haul and boosts confidence. The most important benefit is the employees see it as an investment in their career. This increases the likelihood of their stay in the company for a longer duration. The management can chalk out a training structure which gives practical benefits to the employees, keeping an eye on the budget. Training can be in the form of classroom or e-learning modules. The trainer can be internal or external, depending upon the subject. Aligning employees to different technical and management certification courses are a good way to hold your best resources. This will turn to be a win-win situation for both the employees as well as the employers.
The most important benefit is the employees see it as an investment in their career
Attractive Remuneration
Believe it or not, for some, the salary day is the best day of their professional lives. In addition, it is one of the biggest factors which employees count while switching jobs. If remuneration is the word highlighted on most of your exit forms, it’s high time you give a makeover to your existing compensation structure. It’s always good to review the compensation of the employees who have been an asset to your company. If an employee leaves with a hike of say 25%, the overall cost of hiring and training a new staff of the same quality is approximately 40-50%. Therefore, for the deserving candidates move a step ahead and increase the bar. Quality has the ability to overcome quantity anytime, so you have to be flexible. Adding incentives and perks are also a good way to increase the retention percentage. If you can meet up the salary expectations, chances are very slim that a person will leave the organization.
It’s always good to review the compensation of the employees who have been an asset to your company
Motivation
A letter of appreciation can transform an employee’s outlook towards his work. The feeling of ‘left-out’ can degrade the quality of work, and that is when an employee starts to look elsewhere. If you look up to companies like Google, employees are highly motivated and contended with the job. It’s vital to recognize and appreciate the employees to pump up there motivational levels. You have to align the vision of your business with the personal values of your employees. Give them more space and responsibility to perform and achieve their goals. Explaining the importance of employee contributions bolsters confidence and achievement. You can ask for their insight or initiate an opinion poll on improvising policies. Collect inputs from employees which make them feel important. A personal communication is the best form of motivation. Try to know and understand there mindset. Sometimes it’s just a conversation which can light up the mood, so plan it accordingly.
Give them more space and responsibility to perform and achieve their goals
Policies and Procedures
An un-organized internal workplace system can also be a reason for the waves of resignations. Often procedures can be a major obstacle in the path of an employee. Re-evaluate your workplace and phase out the ‘odd’ processes, wherever you can. An anonymous survey can give you the best results. Introduce an advertisement campaign in your premises related to the changes. Let your resources understand the positive steps taken for creating a better work environment for them. Your objective is to give a free atmosphere wherein the employee can be most productive. Filling out forms, multi level of approvals, policies on promotion, leave and transfers, are examples wherein you have scope to improve. In addition, publish the sales data and some financial outlines on a monthly or quarterly basis. Companies’ performance helps them to understand all the nuances of their jobs. A clear hierarchy defined a set of processes, proper communication makes an employee professionally satisfied.
Let your resources understand the positive steps taken for creating a better work environment for them. Your objective is to give a free atmosphere wherein the employee can be most productive
Conclusion
Drafting the correct retention policy has always been a pain-area for the HR professionals and management. However, by revamping the existing setup and emphasize on the gray areas, you can minimize the count of resignations. The bottom line is you have to retain the talented and motivated employees who can contribute to the organization’s success.
There can be other effective ways of managing retention, but you must be aware of the core issues before initiating a retention discussion with the employee.
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YRC is an “Expert Service Division” of Mind-A-Mend Consultancy Pvt. Ltd.
Author Bio
Rupal Agarwal
Chief Strategy Officer
