You can no more expect the employees to stick to their firms because of loyalty. Now employers continuously seek profitable opportunities to fly away at different posts and places; consequently, it is becoming an endless cycle for HR to recruit employees. Hence, how to eliminate turnover? What strategies to be taken for retaining employees and avert the talent from leaving?
Recognize the Issue
The foremost step is to recognize the reason for employees’ turnover; there must be something specific causing employees to quit the job. There can be several reasons but one of the primary one, which causes the decision, might be found in the following:
Retirement and Health Benefits
A professional environment carries most of the experienced and educated workforce belonging to the age group of 30 above; at this age, priorities are diverted towards a secure future and health. Benefits have a prominence weightage in this situation, workers would prefer to choose health and retirement benefits at the cost of their current pay.
Job Training and Availability of Resources
Employees would never want to re-experience the nuisance of looking for a new job. Also, taking out a time for an interview, while having a full-time job can be real trouble. Employees do not wish to make their lives difficult by picking such routes. But they do not have any other choice when they are unable to perform the required work due to lack of accessible resources.
When employees find it hard to execute their tasks they prefer to look for easier jobs that have balanced job responsibilities. Hence, proper attention must be given by the employers on competent training of their employees and providing the required resources for accomplishing duties.
Assess Valued Employees
Employees have a sense of self-worth and soft and hard skills at the time of their interview. After joining the company, with passing time their skills improve as the work challenges polish their skills and capabilities.
As the average employees realize their increased worth they feel that they are not valued enough either personally or fiscally. Such feelings lead the employees to search for better opportunities where their worth would be realized and respected.
Maintaining Work-Life Balance
While managing the resource of employees, companies, either a developed one or start-ups, usually neglect this fact that every employee strives for a work-life balanced routine. More companies are considering policies to maintain a healthy work-life balanced style for their employees. To retain employees’ focus and encourage them to achieve milestones, a huge role can be played by the employer if they consider managing employees’ work-life balance.
Some employees may have already planned before to leave on the occurrence of any situation, for instance, on getting a better job opportunity, on the pregnancy of their spouse, acceptance in a degree program, etc. In such circumstances some ways to retain employees by diverting their decisions could be, providing benefits over a specific tenure or need-based benefits programs, for example, an employee is resigning due to family-plans, a suitable family-friendly leave of absence policy or parental leave policy can help to hold the talent.
Reasons Why Employees Retain their Jobs
Along with understanding the reason behind the resignation of employees it is equally significant to know why employees hold on to their firms. Research studies have concluded that employees are connected through teamwork and community projects. Their participation in professional and community works binds them together. This creates strong professional, social, and personal relationships. Hence, resigning a job would mean leaving up their connections and reordering some new social networks.
Therefore, there is more chance of employees retaining their jobs if they have embedded connections within the organization. Companies could work in this regard by increasing engagement of employees with each other through team-based projects, mentorship, inculcating team cohesion, enriching employee referrals, providing an environment that communicates the company’s values effectively, offering unique benefits, and incentives.
Challenging Issue of Employee Retention in 2020
Employee retention may be toughest in 2020 because of the ongoing Pandemic of COVID 19. In this critical situation all over the world, employees working on minimum salary may expect to join a better post to avoid any future financial crises. Also, if the company does not provide remote working opportunities, employees may consider quitting jobs.
Introducing benefits related to a secure future and health may help to grasp workers; also, employers can introduce smart benefits such as income driven repayment plans for loans, to retain employees, and improve the employee experience, such as providing resources like smartphones, tablets or laptops whichever is suitable according to their tasks so employees can manage their work from home and avoid the option of abandoning their jobs.