With the shift in work culture because of pandemics, it has become critical to relook into your retention strategies. The situation seems to be here to stay not only from the current situation perspective but from a business perspective also. Wherever possible, the companies have started building strategies to have the best and diversified talent pool work for you without geographical constraints.
However, this brings along its own challenges, especially when it comes to keeping the scattered workforce engaged and involved. If not done in a planned and strategic manner, it may increase the turnover rate of any company. The cost of replacing an employee is too high, which may be equivalent to 6 months to one year salary of the employee, depending on the position.
While there is no sure-shot formula for retaining employees, mentioned below are some of the strategies that can be applied within the organization that will help you keep your employees engaged and involved.
Be proactive in keeping a pulse on employees sentiments:
Knowing why people leave is very important. Equally important is to fix it. Conducting exit interviews can help understand the reason statistically. You can get to know the department from where the attrition rate is high or a reason for which the employee is leaving. All this can be done only after the employee has left. Collating this information and fixing it for the future can help you improvise the areas that need attention.
But would it not be good to get the pulse on employees’ sentiments and take appropriate action before the damage. Conducting employee engagement surveys, regular one-on-ones can show you the early signs of employee’s disengagement. This will only be successful if appropriate action is taken based on the outcomes of the surveys and discussions.
Hire right and create a strong onboarding process:
Honesty and transparency is what you expect from the candidates at the time of the interview. It should be a two-way process. Perform thorough checks on the employment history and authenticate the information mentioned in the candidate’s resume. Be clear with the company’s vision, expectations, job role, perks & benefits etc. keep them better informed about what they are getting into.
This should be followed by a concrete onboarding plan for the next 30 days, especially the first day. If the workforce is scattered across locations, try to have a common joining day. If possible, organize the induction by inviting them to the head office. If you plan to onboard the new hires online, have a robust onboarding system in place. Ultimate Kronos Group is the solution for all your HR processes. A good onboarding experience provides confidence to the new hires that they have joined the right organization and their journey starts with a positive note.
Have leaders not bosses:
Managing a team is a skill. A manager should be a good team leader, not a boss. They say that the employees leave their bosses, not the company. A good leader takes the team along in the journey of success and keeps the team members engaged. An engaged employee will stay with the company thus increasing the retention rate.
Having regular management training can reinforce the engagement of the leaders and in turn the engagement of the employees. It is the top-down approach of retaining good talent. Showing confidence in the leadership team will cascade the confidence in the team showing them the path for both vertical and horizontal growth.
Competitive Comp & Benefits:
The motivation factor might be different for every employee and should be tackled accordingly. However, compensation is one of the priorities for all employees, can be number one for some and number 2 or 3 for others, but holds the place in top 3 priorities while choosing the new job or staying in the current one. Ensure to have a competitive compensation and benefits scheme that will be fair as well.
Conclusion: Treating employees with a human touch always works and leads to higher retention rates. This list of strategies mentioned above is not exhaustive though but can be helpful in initiating the retention process in your organization.