Did you know that 67% millennials would exit a job position if there were a lack of development and opportunities?
It is known that many employees that leave an organization to join a different employer can be easily retained by the employer. If you offer them better opportunities, development options, and work-life balance, people are more likely to stay. And when you successfully increase employee retention, employee turnover automatically decreases.
However, there is another reason why retaining employees is becoming hard by the day. As the development increases, so does job roles and job opportunities. There are certainly more jobs to do than people to do it. Now, imagine an employee getting a better opportunity and higher pay, wouldn’t he or she want to leave for his or her growth?
It only seems legit on an employee’s part to leave an organization for an enhanced work life.
Here’s what HR managers can do to retain employees leaving behind all the drawbacks of pulling them towards increased turnover.
Starting retention strategy right after your employee hands over his resignation is like trying to hold water in your hand. It is a lot harder to make your employees stay once they have decided to leave the organization. It is a clear sign that this ship has sailed and you will have to make major amends to retain this employee.
Start early, in reality, means start right after hiring an employee – from the day one. You should have a retention strategy in place all the time. This does not mean that you have to give hikes and promotions all year long to your employees. It only means providing them enhanced opportunities and taking care of your employees.
Just remember, retention is a gradual process and it can’t be achieved in a month’s time.
Exactly what contributes to a perfect culture for a particular employee is hard to tell. However, having a positive culture is essential. Positivity in the culture steals the show every time.
Constructive feedback for both bad and good work is necessary. Also, employees should not be blamed unnecessarily for work that is not their responsibility. For instance, it is not right to expect every team member to stay back if one has not completed the work on time.
There are many other culture-factors but these depend on your audience only. However, it is important to remember that managers, executives, and peers create the company’s culture. And this culture contributes to what type of experience an employee gets in an organization.
The contribution is the efforts that an employee will put in to accomplish a task successfully. With this, HR managers also need to figure out the true potential of an employee to utilize it in the same manner. If this is not done, the employee’s potential will be wasted and work-efficiency will decrease.
For instance, if a graphic designer with years of experience is only handling social posts, you are wasting his potential. When this person can make print media graphics and other media graphics, you should utilize the talent accordingly.
The connection is closely interlinked with both positive environment and work-life balance. With positivity in the aura, employees are able to connect better with their peers, managers, and colleagues. They have a sense of responsibility and freedom to reach out to HR managers with their problems. This obviously contributes to enhanced retention rate. As for work-life balance, we will discuss that next.
Promote Work-Life Balance
Your employees are not robots and expecting them to work like machines is not justified. HR managers should, in fact, give their employees a chance to strike a balance between work and personal life. This should involve not bothering employees on their leave days or on Sundays. It also includes not expecting them to stay back in the office when the work hours are over.
While work-life balance requires employers to keep work in office hours only, this does not indicate that an emergency should be overlooked. Sometimes, it is fine to work late or on holidays due to important projects. But, having a balance is the key.
Hence, more than anything, help your employees have a work-life balance to retain them.
Retaining employees and reducing the turnover is a gradual process that can be accomplished only through constant efforts. These efforts should be made from the starting of the appointment. This will help you assure your employees that you care and their development and productivity is as important as the company’s growth.