Retaining employees has been one of the major challenges the HR managers faced. Here are three tips to reduce attrition in a company and maintain a healthier retention rate.
FREMONT, CA: Retaining employees has been one of the greatest challenges the HR managers faced. A study shows that 3 out of 4 employees who left any organization could have been retained. This data is a result of the research done in the year 2019 alone. Employees leaving an organization indirectly add up to the expenditure. Retaining employees could save costs, increase productivity, and improve the company's culture to a large extent. There can be several reasons that force the employees to quit their job. The study shows that 22 percent of employees leave an organization for better career growth; 11 percent of employees could not be retained due to managers’ behavior, while 12 percent leave due to work-life imbalance.
Here are three tips to reduce attrition in a company and maintain a healthier retention rate.
Intensive Learning and Career Progression for Employees
Every employee is concerned about their career development and learning, and values them far more than mere monetary benefits at a particular stage of the career. Providing better learning opportunities for the employees boosts their loyalty towards the organization and, in turn, increases the overall employability rate to a significant degree. Learning can be deployed as a part of daily workflows. This ensures that the lessons they learned are remembered in the long term. Cross-disciplinary training and personalized L&D are the other methods to boost employee morality.
Focus on 'Little Things' to Enhance Employee Experience
Fulfilling the basic employee requirements like satisfactory pay, sufficient leaves, and fair workload should be at the top in the priority list. Apart from these requirements, the organization should look beyond and try to know other challenges that employees face during everyday tasks and assignments. Time and attendance mechanisms, the process of leave approvals, manual attendance, etc. may sometimes end up putting stress on the employees. The management should look into these matters and try to resolve such rules if they exist. Regular pulse surveys must be carried out to ascertain employee needs, sentiments, and complaints, if any.
Prioritize Employee Engagement
In a mass survey, 32 million profiles in LinkedIn were analyzed to plot a "retention curve," that reaffirms the value of good management. Companies with a high rated retention curve had a 48 percent chance of retaining employees even after three years. The number fell to 32 percent for those with low management ratings. Performance assessment from both ways must be done. That makes an employee feel more engaged. For example, employees must be asked to review the manager's performance and work on manager engagement as well.