The workforce is the most significant resource for a business or organisation’s sustainability. Without employees, organisations will not deliver business outcomes, accomplish business goals and objectives, or reach financial targets.
When organisations truly understand the reasons for employee retention, turnover ultimately is reduced. Employee retention is a critical topic for organisations of different industries, from the financial, oil and gas, to consulting and others; business leaders must understand what their employees think and how they feel about the business and the culture practised. A work environment that supports its employee, instilled by motivation and trust, creates a solid connection between that organisation and its employees.
Good strategy, clear vision, and determination are vital for success. But business leaders make the common mistake of forgetting that their employees are the medium through which any business goal and objectives get realised. Employees will quickly move to join another organisation if there are no efforts to retain them.
1. Start Retention from Onboarding.
Retention should be in the recruiter’s mind from the talent acquisition stage, which includes talent sourcing, shortlisting, to screening, until the onboarding stage; that way, organisations can identify the aspects of culture you want in your candidates for the future. According to a Glassdoor report, 35% of recruitment managers hire new talents with the thought of more employees quitting in the coming year.
Recruiting new talents into an organisation should be done with success in mind from the start. The onboarding process of the business should teach new intakes not only about the job but also about the company culture, the ways they can contribute and thrive in it. This first step is critical because the training and support organisations provide can set the tone of the employee’s entire tenure at the firm. A poor onboarding experience for a new intake builds a negative foundation about the job.
Always maintain honesty about what you expect of a new hire. Don’t hide any aspects of the job to get a person to accept the role.
2. Train and Develop Talents.
A stagnant and frustrated workforce doesn’t promote productivity and growth. No one would want to be a part of an organisation that doesn’t take training and development seriously. According to TINY Pulse research on employee retention, 54% of employees are unclear about their promotion and career path.
Training and developing employees show that they are valued, and the business wants to help them achieve their career goals and objectives. Employees tend to be very engaged with the business beyond just what their job role or position is in the company when they are valued.
Training employees can be expensive. But when talents leave the business because there are no career advancement opportunities due to training costs, the business will face much greater costs issues in the future as they strive to employ new talents, which does not happen instantly. Employees loyal to companies want the opportunity to advance and not just maintain momentum.
3. Initiate Stay Interviews and Always Check on Your Talents.
Many organisations conduct exit interviews to know why an employee has decided to leave. At the same time, some don’t just want to know the reasons alone, but they turn the departure into a learning experience and use the interviews as an opportunity to understand how they can retain their talents.
When an employee expresses the desire to leave, it may be for a reason within your capacity to rectify, which might cost the company a little more money than losing that talent and going through the talent acquisition process from scratch, which is also cost-intensive and takes time.
A stay interview tells an organisation if there’s any chance of retaining that employee. Among the list of questions could be what they like and dislike about their jobs, if they feel under-utilised or irrelevant, what their career goals are, what they would love to change about their job if they had the powers. The answers may not necessarily go well with the business, but remember, retention is the goal.
4. Keep Employees Engaged
Gallop poll’s employee engagement survey shows that 56% of employees are somewhat disengaged, while 73% are actively disengaged and actively looking for a new job.
Employee disengagement may be caused by employees’ lack of will or motivation to work. Many factors may contribute to this feeling, such as; burnouts, boring work routines, delayed promotions, low compensation, etc. As an employer of labour, there is a need to understand what can motivate employees to become fully engaged with their work and workplace.
5. Employee Compensation
Organisations must make their employee compensation competitive; This means employers need to evaluate and review salaries regularly. Even if the business can’t afford an increase yet, they should consider providing other forms of compensation, like bonuses. Also, improvement in health care benefits and retirement plans can help raise employees’ job satisfaction levels.
6. Consistent Communication
The pandemic has helped strengthen the importance of good workplace communication. Direct reports should be able to engage any of their department heads at any time with ideas, questions, and concerns. As a business leader, timely, constructive, and positive communication across different teams needs to be encouraged. Always make it a habit to regularly connect with each team member to get a sense of their workload and how satisfied they are on the job.
In conclusion, an employee will stay with an organisation with recognition and good reward practices, a work environment that isn’t hostile, a clear career advancement plan that has them actively engaged and feel a sense of ownership with the business.
The significance of trust isn’t to build lasting relations with external stakeholders alone but also to increase the internal ties. Organisations are encouraged to create a working culture that promotes trust and motivation. A company cannot forcefully motivate or put confidence in any employee; Still, it can provide an environment where it becomes possible for the employees to satisfy their growth and development needs.