Employee retention is critical to the success of any organization.
With cut-throat competition in the job market, any business may attract its workforce by offering them competitive pay and extra benefits. So before anyone steals your workforce, retaining them should be your top priority. And to retain them, you have to give them a good reason to stay.
Businesses have plenty of options, and so do employees. If you don’t give them a good reason to stay, they won’t think twice before leaving your company.
You have invested so much time and money in hiring and training them. A study by Employee Benefits News found that the exit of an average employee costs 33% of their annual salary. So won’t you retain the best ones and save your time and money? Of course.
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Any organization would want to retain its best employees. But the bitter truth is most businesses are lousy at employee retention.
Here are 7 easy ways to retain your best employees.
1. Respect & Value Your Employees
The biggest responsibility of the Hr Team is to foster a culture that respects and values its human resource. A culture free from any bias. A culture that treats everyone equally. A culture that makes employees feel they are special. When employees feel neglected, the discomfort between management and the employees grows. This is where the problem starts. Nobody wants to feel neglected. Every employee wants to be heard and taken care of.
Employees want to know they are working for an organization that values their hard work and efforts. And such a culture depends upon the attitude and communication style of the management. Polite communication is the hallmark of strong leadership.
Respect is basic human decency. There are many examples of employees leaving high-paying jobs, citing a lack of respect. And it’s a well-known saying, “Employees don’t leave companies. They leave bad bosses.” So respect and value your employees, so they think a million times before leaving your company.
2. Entertain ideas, opinions, and suggestions
Freedom of expression is the foundation for a thriving culture. Encouraging ideas, opinions, and suggestions may bridge the gap between management and employees.
Employees will never hesitate to share their 2 cents, and management will be aware of employee sentiments. Employees will feel they are being heard and understood. There will be a sense of assurance. There will be a sense of responsibility. Employees will feel comfortable as there would be no fear of retribution.
Silence from both sides may give room to rumors. And rumors may create a rift between the management and employees. And even a small rumor may create a big dent in any relationship. So encourage freedom of expression at your workplace.
3. Competitive pay and benefits
Money is the biggest motivator. So competitive pay and strong benefits may be crucial in attracting and retaining employees. It’s an investment. You’re investing in your most valuable asset: Human resources. In return, employees might double their productivity.
A competitive pay may increase job satisfaction. Employees will no longer feel unsatisfied, unhappy, and underpaid. However, In today’s world, being competitive means a little extra. A job-seeker is looking for those extra perks that differentiate you from other employers. This can include flexibility in schedules, remote working options, retirement plans, paid leaves, paid family leave, career development and health insurance.
Without a competitive pay structure, you won’t be able to recruit the right candidates. And employee retention is almost impossible without competitive pay. Do the research and know what your competitors are paying. And revise your salary structure accordingly.
4. Rewards and recognition
One way to recognize the efforts of your employees is to reward them. Rewarding employee is a vital part of the employee retention strategy.
The greatest feeling in the world is the feeling of being recognized. If an employee is appreciated for their efforts, they’ll feel motivated to perform better. Their confidence will grow. They’ll feel a sense of satisfaction. They’ll be happy to contribute more and will double their efforts in achieving the monthly or weekly targets.
It’s a give-and-take relationship, you reward them, and they’ll perform better:
In the end, benefiting both themself and the organization. A good reward and recognition program is the secret to the success of many big companies like Amazon, Microsoft, and Google. Amazon has been a favorite amongst job-seekers.
5. Stop micromanaging
Working with a micromanager is frustrating. It’s time for employers to realize that micromanaging is unhealthy.
“Micromanagers often resort to bullying tactics with the belief that it makes workers more productive, but it’s because they don’t know how to manage their team effectively. Oftentimes, these bosses view burnout as the price for productivity,” Nora Robinson, PR representative, says in a Forbes article.
Micromanaging is mentally taxing. It negatively affects employee performance. Creates a toxic work environment. Widens the communication gap between management and employees. Kills employee morale and turns a top performer into a poor one.
Micromanaging can hinder productivity, hampering organizational growth. So talk to your employees now and take feedback on your management style. If they feel they are being micromanaged, change your management style.
6. Workplace flexibility
In such a fast-moving and dynamic world, organizations with a Flexible work environment are the most desirable among job-seekers. Post-pandemic, many employees are finding it difficult to work from the office. They are comfortable working from home and would continue doing so.
So a remote working option may help you attract new talent and retain the existing ones. It’s a win-win situation for both the employer and the employee. A flexible schedule is added benefit. Flex time policy allows employees to ditch the traditional 9-5 schedule. It allows employees to choose their working hours.
Your employees would be happy when they come to know about the freedom to work from home and choice to choose their working hours. This one benefit can breed trust & improve productivity.
7. Work-life balance
You must realize that employees have a life beyond work. They might have a family vacation pending for a long time. Perhaps a medical checkup is getting frequently postponed.
In today’s competitive work environment, Employees struggle to balance work and life. They are so busy with work that they ignore their personal life. The result is burnout and fatigue, and productivity suffers.
Maintaining a healthy work-life balance is challenging, but it’s not impossible. Employees need to draw a line between personal and professional life. And employers need to respect the line. Moreover, employers must understand that employees’ health is more important than anything. A healthy workforce is a productive one. Managers should encourage taking breaks. Promote a healthy lifestyle and work-life balance.
Employee Retention is quite challenging. However, an employee-friendly retention strategy makes your job a lot easier. Retaining talent is about balancing the pay and creating a positive and healthy work culture. A work culture that offers growth and satisfaction is always the first choice of job-seekers.
It’s a give-and-take relationship: You take care of your employees, and they’ll take care of your organization.