In today’s era, where the problem of talent shortage is causing huge concerns for the recruiters, losing up good talents to other competing organizations, owing to mismanagement and faulty strategies, may cost heavy to the companies.
Through efficient planning and smartly strategizing, the workplace can be scaled up to suit the employee expectations, thus enhancing the employee retention rate in the company.
This article aims at explaining out briefly, 5 strategies to be followed by the companies that would help to increase the employee retention rates.
Reward the Efforts
63% of the employees, who are gifted with recognition from their companies, have a lesser tendency for job-hopping.
Praises act miraculously in encouraging the employees for their future efforts.
Recognition in the organization, helps the employees stay motivated to work hard continuously, for their efforts will never remain unnoticed, and shall be publicly praised.
Rewarding the employees boosts their morale, and brings down their tendency to join some other firm that promises to appreciate the work of its workforce.
Provide Timely Payment Increments
Without any increment in a year, 32% of the employees tend to switch to other jobs.
The employees are, ultimately, working to earn a living. As an employer, paying greater attention to the wages of employees, incrementing it in proper intervals reduces the employee turnover rate to a great extent.
The major driving force for an employee, to continue working, is the demand for getting compensated fairly for their constant hard work. In other words, payment is the direct way to employee satisfaction, which in turn acts as an important factor for the employees to remain adhered with their companies.
Promote Employee Growth
LinkedIn’s Workforce Learning Report 2018, 93% of the employees would not quit their jobs if their company invests in developing their careers.
Showing up the employees that the company is inclined towards the learning and growth of its workforce, will never instill an attitude of jumping to other jobs among the employees.
Conducting seminars, workshops, and much more to educate the employees with different skills, are effective ways to help the workforce grow by the career, and in turn, the employees will remain working with the existing organization.
Freedom for Communication
The employees expect two-way communication in their workplace.
The feedbacks by the employer for the day-to-day work of the employees is much appreciated nowadays. Also, at the same time, the employees expect their companies, to remain open for all kinds of communications, queries, and grievances that the employee might house in their minds.
Practicing the freedom of communication in the workplace, builds company-employee trust, and ensures the employees that their feelings and opinions are duly respected by the company, and also matters to them.
Focus on Employee Engagement
Employee engagement and retention in the company are closely related.
The employees who experience better engagement in their companies, feel occupied and valued in the workplace, omitting the negative mindset of being worthless.
To ensure better engagement to the employees, the company should make concrete strategies to improve employer-employee communications, praise, reward and recognize the hard works of the employees, and help the employees grow with the company.