Employee turnover can inflict multiple losses on businesses. In this article, we are discussing about how employers can work on current situation and incorporate effective ways to retain employees
Fremont, CA: Unexpected resignations present big challenges to the leaders and would adversely affect the pace of development of the organizations. However, it is a well known fact that the employees tend to resign more during the first months of a year. Employee turnover can affect a business in many areas- from business cost to productivity. The Society of Human Resources Management estimated that replacing a salaried employee can cost 6 to 9 months salary on average. Ziprecruiter, an American employment marketplace, has estimated that Job applications have been increasing 20 percent to 30 percent every January since 2015. To prevent businesses from sinking due to turnover, it becomes crucial for employers to find out every possible way to retain employees.
Having said that, let us look at some ways to survive the turnover season:
Incorporate more Challenging Tasks
After a certain period of time, employees may start finding their work monotonous. Consequently, they leave their jobs thinking there is not much scope for growth or the contents of the tasks are not anymore helping them to put an edge on their talents. Here, employers can engage employees in their work by providing challenging tasks that can satisfy their sense of accomplishment. Employee engagement plays a very important role in talent retention; so employers should incorporate more ways to enhance employee engagement at workplace.
Always be Ready to Discuss Payment
As monetary reward is closely related to employee engagement, managers must give employees the right to openly talk about payment. Employees feel more supported and valued when they can have discussions with their employees about salary increment or compensation.
Talk Clearly about Development Plans
Besides fulfilling monetary needs, employees seek jobs to reach their highest potential, to excel in their fields, and to add meaning to their lives. If a job fails to meet these criteria, employees are likely to leave that job and search for another option that can cater to their drive for constant growth. In many surveys, the reasons for employees to leaves are due to the lack of growth in their job, no career advancement, and not enough opportunities for developing skills. Therefore, to retain employees, employers must talk clearly about their company goals and development plans with their employees.
Listen to Your Employees
Employees are often forced to leave their jobs because of manager's ignorance or cold attitude towards their issues. Managers should pay attention to the needs and problems of their employees. If employees can comfortably talk with their managers about any difficulties they are facing at work, they are less likely to quit jobs..
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