How to effectively retain your employees in today’s professional world
Name a successful company. What is the first company that jumps into your mind as soon as you are asked that question? Amazon, Apple, Berkshire Hathaway, or Infosys maybe? What do all of these companies have in common?
Not only do they hire big, but they also ensure that key retention of the best and most experienced employees withing the organization. Today, employee retention has virtually become non-existent, due to multiple applicants for limited openings, the room for negotiating between employer and employee is also closing.
As an employer you would be inclined towards hiring the most experienced or most accomplished candidates, once the employee begins to realize the value they bring to the table, they will attempt to negotiate for more benefits.
But very few employers take into account that longevity within an organization matters more in the long run. If an employee is contented with the work environment and benefits at the workplace, the thought of leaving will not even cross their mind.
The past year has been unprecedented for employers as more and more employees are quitting their current jobs in search for better opportunities. A September 2021 study by Amazon India indicated that nearly 50% of job seekers are looking for opportunities in sectors where they barely have any experience. This is because candidates are looking for new challenges due to stagnancy on the job, imagine following the same routine for a long-term basis, sooner or later you tend to get exhausted and bored with it.
In addition to this, the work environment also plays a bigger role than most think, a study by MIT Sloan School of Management indicates that a toxic work environment was a major reason why employees decided to quit in 2021. As per the research over 40% of all employees were considering leaving their jobs at the start of 2021.
The biggest misconception is that by increasing the compensation, you can somehow downplay the effect of a toxic environment. Take the Investment Banking sector for instance, employers are increasing the bonuses and compensation to their employees but even that is not stopping them from leaving due to the work culture.
So, what steps can you take to put in place a healthy employee retention strategy?
1. Develop a positive work environment
Ensure that your employees are motivated, if they are on the verge of burning out, or have any other issues that affects their productivity.
Do not shy away from complimenting them on a job well done, no matter how small.
2. Try out different working styles
Implement different working styles on a monthly basis, try them and observe which style works best for your organization and your employees.
Companies such as Google keep their work attire casual, the employees get frequent breaks, and the company has apt infrastructure in place such as gaming rooms where the employees can unwind.
What may suit one organization may not suit another, hence you need to determine what works best for you.
3. Make your employees feel valued
Earlier last year, there were reports of the CEO of an organization firing nearly 900 employees over a virtual video call.
There was a lot of outburst after this incident became public, as more and more employees began to complain about the toxic work-environment prevalent in the organization.
As an employer, try to keep your employees as updated and involved into the activities and the decisions of the organizations at every step. This does not mean that you cannot fire your employees but do it in a respectful manner with basic decency as you never know what the employees are going through in their personal life.
4. Ensure they are compensated well
Compensation may not be the only thing that matters but it does play a substantial role for an employee to be satisfied.
A fair salary is the right of every employee, in addition to this, ensure there are incentives linked to their performance which will motivate them to outperform themselves.
Make sure that they get raises and promotions as and when they deserve it.
5. Ensure a healthy work rotation
As mentioned before, if an employee does the same job on a long-term basis, it affects them mentally. Try to keep your employees doing different things on a routine basis.
Not only will this increase their skill set but also provides you an opportunity to find a diamond in the rough. One of your employees could be good at a particular skill set but they could be better at dealing with a different kind of task. Their only opportunity to discover these hidden talents is when they get to try their hand at different tasks.
By following these simple tasks, you can retain your employees and maintain a healthy work environment, remember that your employees are the heart of any organization, without them you have no shot at success!