It is difficult for you to get an efficient employee. At the same time, you are reluctant to admit the employee retention issues you face quite often. It becomes essential then for you to find the relevant employee retention techniques.
According to a report, employee turnover can cost from 16% to 213% of the lost pay. The cost-per-hire is estimated at $4,129, and the time to fill in a vacant role is 42 days.
You need to keep the best talents on board. There are strategies available to do it. You can do it even without hiking the employee's salary.
A recent survey by WorldatWork found that the majority of the organizations have faced retaining good professionals. The survey was conducted on 526 professionals. Half of them were not positive about employee retention by their respective companies.
You have to find why the good talents leave. The major reasons are:
1. They get more pay
2. They look for promotion
3, Not satisfied with pay compared to other companies
4. It was unfair compared to contributions they imparted to the company
5. Unsatisfied with the work responsibility
6. Heavy Workload
7. Work/life balance affected
8. Not satisfied with the supervisor
9. They don't get training and opportunities for development
10. Their abilities underutilized
Tactics to Retain Talent
How can you solve these issues effectively? You need not worry. There are ways to tackle employee retention issues.
The top tactics to retain them are:
1. Pay them high than the market rate
2. Give incentives and bonus
3. Keep the top professionals informed that they're indispensable
4. Create work from home facilities
5. Have a B team in place
6. Inform the top professionals of the future opportunities
7. Have job designs for key professionals in place
8. Provide stock options
There are many reasons for you to accept a job. There is the challenge of exploring new technological frontiers. The opportunity is a factor in engagement and satisfaction. Professionals should be made aware that their skills are unique and used.
Retention begins at the time of onboarding itself. Onboarding can include:
- Introduction to the teams, like HR and the senior leaders
- Meetings with individual colleagues to have a camaraderie
- Training in technical tools and systems related to the job
- Giving opportunity to ask questions to get clarity
- Participating in meetings to see how unrelated departments work
There should be clarity on what projects are in priority. You have to align the worker's effort on it first. Rejigger the focus as the work progresses. Weekly meetings will help to concentrate on priorities.
Be alert when work is delayed. Then schedule a calendar that details which job is due and guide the employees on quality.
Create milestones for your workers that pertain to your firm's overall strategy. The goals should be clear, measurable and reachable. You and your workers have to follow their progress.
It's important to celebrate milestones, to improve retention rates. A Harvard Review survey study of over 1 million people found that resignations usually abound close to work anniversaries. The reasons could be the end of the contract or psychological factors. A strategy should be in place to acknowledge a work anniversary as a way to improve retention.
You can acknowledge the anniversary by:
- An email announcement
- Congratulating in a town hall meeting
- Having a party
Retention Factors
When a good professional leaves a business, it is a setback and precipitates issues for his team. There will be unfinished tasks left behind, and you have to assign them to others or do it yourself. It is a large burden. This workload may cause disruptions in sensitive projects.
There can be other downfalls, like:
- Productivity loss
- Revenue loss
- Loss of team morale
Losing a talent puts your objectives in peril. It puts your clients in a strange spot because your lost employee was the direct contact.
Employee exit can be a messy affair. It is best to avoid such developments from the start. To retain them, you have to understand them. Some reasons are not in your control. They include:
- position changes
- Relocation
- Resigning to start a new venture
Some may leave you for reasons you could have avoided, such as:
- Shoddy management
- Limited career prospects
- Limited work challenge
- Lack of satisfaction
There are certain factors you have to take care of post onboarding.
The employees should have a feeling of autonomy. They should know what they're doing. They should have a feeling that the job is beyond their expectations.
Take care not to over promise and under deliver. If you don't keep the promise, the employee will feel cheated. It dents your goodwill and will make your retention tactics useless.
It can irrevocably damage your employees trust in you.It would help if you were not complacent in treating your existing employees.
There should be fair appraisals, reasonable salary hikes, promotions, and recognition. You have to ensure that they are within the culture.
Retention Techniques
You have to keep employees happy. It is important to ensure that workers stay. It also should be ensured that they are productive. You can use the following techniques to ensure happiness:
- Train employees, ensure they are equipped. Spend resources.
- Implement health insurance, provide gym memberships, wellness holidays
- Provide regular feedback
- Give rewards and incentives for excellence
- Set clear goals for employees to advance inside
Spend enough time and attention on your relationships. By retaining good talent, you'll have a rich bank of institutional knowledge. You can fill vacancies with loyal employees instead of unknown outsiders. When you look for outside talent, having high retention numbers can be an added advantage. The company appears attractive to good applicants.
Some industries have historically suffered from high employee supply and are accustomed to losing talent. The hotel and service industry is an example. It has a 73% turnover rate in the US. Even there, you can buck the trend.
There are several roadblocks in achieving job optimization for key talents and the functions they do. They are given unrelated tasks quite often. It burdens them.
Use of Technology: There are ways to minimize or mitigate these tasks through the diligent use of technology. There are at least Google Chrome Extensions for Security & Productivity, like, google hangouts, Universal File Opener (UFO), LastPass, The Great Suspender, HTTPS Everywhere, LinkedIn Sales Navigator, Grammarly, and Momentum.
Google Hangouts is an excellent tool to chat, call, and video conference with colleagues. The Hangouts extension gives all you're used to in a convenient package. With Chrome, you get notifications and use Hangouts even if Chrome is closed. It's by Google and is secure.
UFO is a useful tool. It enables you to work on non-Google files like Microsoft Word and Adobe Photoshop and then update those on Google Drive. If you're working with a client who doesn't use Google Drive., you would have to download it, make changes, then re-upload his file. If you have lots of documents, it can be confusing. In UFO, you can download the Word document and make changes like before. The difference is that your updates sync directly with the document on Google Drive.
LastPass is a password management tool. It helps you secure online accounts. A master password is required to access LastPass. It then generates secure passwords for your accounts. The new passwords are auto-filled into the websites. You need not worry about memorizing them. LastPass does a great job keeping your profiles safe. You have to remember only one password.
You may have several tabs open on your browser at a time. The Great Suspender solves this issue by suspending it. It can slow down lower your laptop's battery life.
Grammarly checks your grammar, spelling, and punctuation. It makes sure that your messages are correct.
Momentum replaces Google Chrome's new tab layout with a productivity suite. It features a beautiful background photo with a customized message; momentum sets your daily goals, tracks your lists, and monitors the weather.
AODocs' content management platform gives employees intuitive tools with a UI/UX. The result is employee engagement and increased efficiency.
AODocs can help you strengthen recruitment processes in a platform, especially for HR Content Management.
Google Workspace radically improves collaboration; AOBox allows teams and collaborators to access, share, and interact with files through Google Drive, even without a Google account.
Conclusion
Collaboration is the key to retention. With new integration tools like Google Workspace, individuals can benefit from a productive and personalized work lifestyle. Companies profit from collaborative, robust teams.
Human connections are essential to an organization's well-being. All people do not require the same ratio of socialization. They have different cuisines, hobbies, and living spaces. Despite the differences, we all need a sense of belonging. It is a fundamental human psyche and is not confined between 9 am - 5 pm. Employees have to be engaged to live in the workplace, to make it a living space.
Companies can achieve this collaboration through platforms like Workplace by Facebook. You'll be amazed by how it improves engagement communication and rejuvenates your ecosystem.
© Ramachandran
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