In a company like India, where the average employee turnover is higher than 70% compared to other countries like USA, Canada, Australia and UK employee retention can be a crucial factor for many companies to survive in this hyper-competitive era.
When the employee leaves the company, the company incurs an additional cost of recruiting, hiring and training a new employee. So if company formulates right strategy to retain their top talent they can save cost as well as can develop a sustainable competitive advantage.
As per one of thy annual cost of employee turnover in India is approx 1.13 billion rupees.
Employee retention not only saves the cost but also work as an internal marketing strategy. Like if an employee leaves the company for the wrong reason it creates suspicion and uncertainty in another employees mind and they also started searching for other opportunities. Another way around if you retain your good employees for a longer period in your organization it will certainly create a positive impact on other employees mind and the whole culture of the company.
The survey suggests that more engaged employees are less likely to switch the jobs. So for any company first priority will be to increase engagement among the employees so that they stick with the companies. Read on for our tips on building strategies that are right for your company.
Clear career path
Many companies promote people from outside of the organization and don’t offer education and ongoing training for their workers. By promoting from within and implementing a training program, or by leveraging outside resources and tools (such as workshops, books, online courses, etc.), you can create a powerful incentive for your team members to stay over a long time.
A well-executed onboarding program gets employees engaged early, raises retention and improves productivity. Indof employment. A company with a structured, well-executed onboarding program creates the impression it is well run and values its employees, whereas a company without a program, or with a poorly executed one, comes across as disorganized and indifferent to employee success.
An annual appraisal based on employee assessment is sometimes not enough to keep your team member motivated. Everybody loves a pat on the back every now and then. There is a sense of accomplishment when your work is appreciated by your seniors and coworkers. Appreciations can be circulated within the company’s culture with mentions in fortnightly or monthly newsletters. It can be the appreciation of an individual or a team. Good work when rewarded results in more good work.
Reward and recognition
While being allowed to voice their opinions can help employees to feel valued, they may still begin to feel under-appreciated if their efforts often go unnoticed. HRIS makes it possible to recognize employees’ efforts in front of the whole organization with the click of a button in only a few seconds time. Providing and broadcasting incentives may also encourage other employees’ motivation.
To read more on employee recognition: Employee Recognition is even more important than you think
Many organizations have high expectations for their employees. But for workers, this can mean less time devoted to personal care, leisure activities, and family. When your team members are well-rested and have adequate time to care for themselves and their families, they will also perform better at work. Establishing regular work hours, policies for working on weekends, or work-from-home programs can offer your team members the flexibility they need to bring their best to work every single day.
Training and development
No one wants to feel excluded in an organization they are a part of. They want to feel like they were hired for a reason, and that they are playing a key role in helping the business achieve its objectives. From hiring and leadership assessment to development and performance management, you will need to take a top-down approach to a culture of inclusion, and there are no shortcuts to getting there. Proper training given to an employee from the starting can help in the development of an employee in order to increase performance.
Feedback and Communication
We all know that employees need feedback to improve and to do their best work – both positive and constructive advice. Positive feedback should be given regularly to motivate employees and to give them the determination they need to do their best work. But constructive and corrective feedback is also important, particularly when there is an urgent issue that needs to be abort.
Arrange exit interview
Exit interviews are one of the best tools that an organization has for understanding why employees wish to leave, but employees often skip exit interviews or fail to cite real reasons for leaving when exit interviews are held face to face. Conducting exit interviews through HRIS as part of offboarding takes some of the pressure off employees, so they may feel more compelled to give honest answers and go into greater detail about the reasons for leaving. HRIS can also help to keep track of exit interviews so that employers can easily spot patterns of discontent.
Compensation can have a direct impact on employee retention. While employers may use employee incentives and monetary rewards to retain employees, there are ways to complement compensation that have a much greater impact. Based on the type of compensation, along with the terms and conditions of an employee compensation package, an employer can boost employee retention.
It’s clear that having proper employee retention strategies is key in order to retain employees. In order to foster an environment that motivates employees, managers need to incorporate motivation-building practices into their corporate culture. These practices include listening to employees and respecting their opinions, basing rewards on performance, and being available to them for everything from listening to their ideas and concerns to assisting them with their career advancement.
Employees need to feel valued and appreciated, be given feedback, provided with growth opportunities, be given work-life balance options, and have trust and confidence in their leaders. All of these retention strategies are beneficial when an employer wants to keep employees within an organization and keep costs of turnover low.
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