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Five Effective Ways to Retain Employees in an Organization

Five Effective Ways to Retain Employees in an Organization

Introduction

Employees are the biggest assets of any organization. Gone are the days when employers would assert their dominance over the employees. If an individual does not feel respected in an organization, they leave.

The card holding authority has been taken away from employers. Therefore, it is necessary to understand employee retention with depth.

It must be stated that the Millennials and Gen Z’s are no longer concerned about staying in a position for too long. They are becoming as flexible as possible through switching jobs, changing careers altogether, etc.

However, this form of employee turnover turns out to be expensive for any organization. The cost of recruiting, onboarding, familiarizing and developing is too much and cannot be incurred frequently.

Therefore, one must dive deeper into the reasons behind an employee leaving an organization.

 Why do employees leave?

Employees leave an organization for multiple reasons. Some may be moving places while some may not wish to work anymore. Nonetheless, there are some common reasons for an employee leaving an organization. They include:

  • Dissatisfaction among the employee- Every employee joins an organization with some expectations. If the organization does not stand up to those expectations, the employee feels dissatisfied and plans to leave.
  • Better choices- Sometimes, employees get the job that they think is the better choice for them. In this case, they leave the organization without a thought and go on to their new journey.
  • Planned leaving- Some employees have already planned on quitting for a long time. They may have multiple reasons do to so like preparing for higher studies, taking care of one’s pregnant spouse, etc.
  • Unpleasant Experience: As mentioned above, employers are no longer dictators. Employees generally leave if they had an unpleasant experience that was not taken care of.

What is employee retention?

In simple words, employee retention is the effort taken by an organization to hold on to its most prized asset – the employees! Moreover, a low or high employee retention rate directly impacts the company’s overall business.

Vantage Circle offers some eye-opening facts that force an organization to retain its employees by all means:

  1. 8 in 10 employees would start looking for a new job after one bad day.
  2. The average employee turnover costs around 16-213% of their annual salary depending on their pay.
  3. 79% of the individuals would decline a job offer for inaction against unethical behaviour.
  4. 77% of the companies focus on employee experience to retain them.

Five Ways to Retain the Employees in an Organization

1 . Provide upskilling and reskilling programmes for career development

Many organizations support the idea of developing the potential of their employees by providing them with opportunities to learn and grow.

Every industry is working in a hybrid environment. The pandemic has intensified the changes taking place in the work culture.

Employees lookout for ways to adapt to these changes in the best possible manner. In case, they are unable to do so, their motivation levels drop. Additionally, they plan on moving to some other organization.

On the contrary, if the organization offers upskilling and reskilling programmes for their employees, they would not have to worry about it anymore. Additionally, they would also feel valued.

Studies show that Millennials and GenZers crave career and professional development, with several studies suggesting that 80% or more of them would leave a company that doesn’t offer personal development opportunities.

This development opportunity would also serve as beneficial for the employers since they would be able to promote employees from within the organization after providing them with the necessary training to perform that job.

2 . Hybrid Workspaces

Employees were forced to move to a Work From Home environment because of the deadly pandemic. However, it was realised that this WFH system can be adapted regularly.

The WFH system saves a lot of time and money for the employees. They can work at their discretion without having the pressure of reaching the office on time.

It also saves huge costs for the organization in terms of managing workers at the workspace.

“The pandemic demonstrated that long-term remote work is possible,” says John Dooney, an HR knowledge advisor with the Society for Human Resource Management (SHRM). “From a recruitment and retention perspective providing increased flexibility for work hours and location of work help increase employee satisfaction, which leads to retention, along with increasing an employer’s competitiveness and attraction to land top talent.”

Hybrid workspaces are the future and shall also become the deciding factor for an individual to join an organization.

3 . Create a clean and healthy environment for the employees

Hygiene is important in the workplace because it contributes to a healthy workforce. A healthy workforce is happier and more productive. A healthy workplace also means workers take less sick leave.

People are continuously worrying about their health because of the life-taking risks associated with the coronavirus. It must be ensured that the workspace is sanitized now and then. Strict social distancing norms must be followed. Regular temperature checks must also take place. Practising these tasks indicate the concern of an organization for their employees.

Additionally, organizations must provide health insurance and sick leaves to their employees.

This year has been hard on all of us. It has led to anxieties, depression, grief and pain. Many organizations have realised the pressure on the employees and came up with innovative ways to keep their employees strong. For example, LinkedIn gave a mental week off to its employees.

4 . Improve equipment

Many organizations still provide heavy laptops with age-old technologies to their employees. This is a big complaint of many employees of the industry.

Ancient technology leaves a bad impact upon the workers. It also indicates that employers are not interested in staying up-to-date with tools and technology.

In addition to that, the employees must be given all the necessary tools that they need to perform a task. If you’re going to set goals for your workers, you need to give them the tools, resources, and information they need to succeed. All too often, employees are left to their own devices without any direction or guidance. Is it any wonder they fail to hit a target they cannot even see?

Thus, it must be remembered that proper equipment and tools formulate the basis of an employee’s work.

5 . Do not force an employee to stay

If an employee wants to leave even after the organization has followed each way to retain them, they must not be forced to stay.

The productivity of an employee who no longer wishes to work for the organization would be much lower than earlier.

Therefore, the organizations must take this as an opportunity to hire fresh talent from outside with new perspectives, ideas and methods. It can be done by staying in contact with colleges, recruitment agencies, etc.

 

References:

https://blog.vantagecircle.com/employee-retention-strategies/

https://hbr.org/2012/11/five-ways-to-retain-employees

https://www.cio.com/article/2868419/how-to-improve-employee-retention.html

https://www.paycor.com/resource-center/articles/10-tips-for-great-employee-retention/

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