Since the great resignation that occurred during Covid-19, retaining staff has been more challenging than ever. It’s not just the customer, but the employee is now the king too. Reducing employee turnover is the focus of many organizations around the globe.
Employee turnover is the rate of employees leaving the company. It could be due to any reason, voluntary or involuntary. Employees fired for misconduct are also included in the employee turnover rate.
Acquiring an employee is not easy. It involves a lot of money, time, and effort. After they join the company you also invest time and money in training them and giving them all sorts of benefits. When you have invested so much into your employees, their resignation can cause a serious impact on the growth of your company.
In this post, we shall discuss some methods that will help you retain employees and stop the great resignation.
Give them the right pay
The payment or salary is what you pay to your employees for their talent, time and efforts invested in the company.
Most of the time employees leave the company because they are unhappy with the pay. They feel they are underpaid and not valued by the company. Another reason could be that other companies are providing a higher sum of money for a similar job profile. When such discrepancies occur, it leads to dissatisfaction and finally resignation.
It is always a better idea to pay your employees according to their position and the current pay for the same position in the market.
A salary hike is another aspect that can help you retain talent. If they don’t see the scope of their salary and position increasing in the future, they’ll gladly move to a place where they can climb ranks faster.
Improve your onboarding process
According to a study, new recruit retention is up to 82%, and productivity is up to 70%, in companies with a good onboarding procedure. An onboarding program is like a movie trailer. We see the trailer and then decide whether to watch the film or not. In the same manner, whether the employee will stay in your company or not depends on how good your onboarding program is.
Using software for the onboarding process can be of huge help. You can automate most of the tedious and often boring things like the initial paperwork. Moreover, you could use an employee onboarding LMS for conducting an efficient training program online. Most people prefer self-paced learning these days and an LMS can do just that for you. Moreover, you can personalize the training experience on the software.
An engaging and entertaining onboarding experience will make your employees to stay with you for a longer period of time.
Set clear job expectations
It is not very uncommon to see incidents where the employees leave the job in the first 3-4 months. It is because they were not expecting the kind of tasks you assigned them, or they were not made aware of the company policies and procedures clearly. It is important that your HR clarifies these doubts as soon as possible. When people know what they are signing up for and if they get exactly the same, they are happy.
Recognize their work
It is every employee’s dream to get recognized for all the efforts they have put into a project. Praise from the employer or maybe a reward keeps them motivated to maintain a long relationship with the organization. This appreciation could be verbal, a written statement, or a reward. You could give them a star employee award or an incentive, it is up to you how you make them feel special and recognized. These small rewards and appreciations go a long way. This is also a method to improve job satisfaction.
Find the right employee
Sometimes the recruiter is the one to blame. Recruiters should have a clear idea of exactly what they are looking for. Take time to find a person who can add value to your company and can also fit into the company culture. The amount of time a candidate has spent in comparable jobs at previous companies might be a good indicator of how long they’ll stay at your organization. Hiring the wrong person is an utter waste of time, money and effort.
Give a little freedom to your employees. You could offer flexible working hours. This means that your employees will work for 9 hours but they can decide when to complete these 9 hours during the day. Now more than ever, flexibility is going to be a crucial criterion for employee satisfaction and retention. It is because everyone has been working from home for the past couple of years and have enjoyed some sort of flexibility in their work schedules.
When people are able to freely share their views and ideas with one another, we call it open communication. You may promote open communication in your company by encouraging all workers to share their ideas and comments.
Having open communication will help you forge a strong bond between you and your employees. When such healthy relationships are developed, employees will actually love working for you and will not consider leaving the job easily.
Moreover, there is a lot of scope for improvement if you just allow your employees to speak openly about their problems and queries. Employees feel a bit of hesitation to approach their senior managers, but a culture with open communication can remove this hesitation.
Open communication shall facilitate better teamwork and faster completion of tasks.
Develop their career paths
Define their career paths clearly. Let them have an idea of all the opportunities for development you will be offering them. It could be new positions for them to use their skills or increment in their salary. This shall also include their personal growth in the company like learning a new skill for a new position or opportunities to sharpen the already existing skills.
The key to avoiding great resignation is employee satisfaction. When the employee is happy, your business will see an upward J curve in its growth. Try to understand their concerns and their points of dissatisfaction and improve your company culture based on this research. You can do the things we recommended above or try other innovative methods to retain talent in your organization.