One of the biggest problems that many companies face today is employee retention. Yes, finding the right employee for the right job is challenging in itself – but retaining them might even be more difficult. Many companies are now seeing the effects of the mass resignation worldwide, and that is for a variety of reasons. Sometimes employees look for a better work-life balance or better financial rewards. Navigating through this new environment might be challenging for your company, but all hope is not lost. With the help of your human resource department, you can still find ways to keep your best employees.
The Great Resignation is a phenomenon that describes the mass resignation of employees in the workplace that began early in the pandemic. Around 1 in 5 employees are estimated to quit their jobs in 2022, according to a large survey of more than 52,000 workers in 44 countries. Their main reasons for leaving? Higher salaries and more fulfillment in the workplace. And after working from home for an extended period without the need for a commute, work-life balance has become of even greater importance to employees.
To succeed in today’s challenging environments of employee retention, employers must tailor their strategies to the needs of their employees. Human resource officers must acknowledge their crucial role in retaining the best talent. From providing more competitive benefits to monitoring of employees’ performance, you cannot deny that solving the employee retention problem starts with the human resource staff. So, what must human resource officers do to keep their best employees?
Keeping your employee retention rate up means finding new ways to motivate your employees. An excellent way to motivate them is to create attractive incentive schemes. Reward them for a job well done by giving cash prizes, perks, and certificates to make them feel valued in a company. Even a simple greeting on their birthday or saying of “congratulations” for a job well done might make their day. These are small ways that can give employees a sense of attachment to your company.
Human resource officers must ensure that they recruit someone who is up for the task. Hiring the wrong person for the job will only lead them to find a new job elsewhere. Make sure their skillset is matched with their qualifications while providing them with opportunities for growth. For example, if you want to build an excellent tech team in the tech industry, make sure that their background is fit for the industry.
When looking for a job, employees will always consider the compensation they receive. If your company is having retention issues, it’s worth reconsidering their compensation package. This varies across industries, so it’s important that you. Their salary should accurately reflect their market value. More importantly, regular increases must be done based on their contributions to the company. Do take note that while it is a huge factor, the salary isn’t the sole motivator for an employee. To compete with other employers, your benefits must also be attractive. Try to personalize the benefits according to their needs. For example, if an employee loves to get their daily dose of exercise, consider giving a wellness stipend. This can cover gym memberships, classes, and fitness devices. Other benefits include flexible schedules, paid time off, remote working stipend, and so much more. Find out what your employees value in a job, and try to customize their compensation package according to their needs. If you truly want to retain your employees, personalization is key.
Reviewing employee performance is a must if you want to keep your best employees. By conducting performance reviews, you can tell what if your employees are enjoying the work or now. If you find out that their job feels too monotonous for them, they’re likely to leave. It’s the same case for those who can no longer see themselves growing in the company. That’s why it’s important to review their performance regularly. One solution to this, for example, is job rotation. Try switching up their responsibilities so they can learn more in your company.
Conducting Exit Interviews
Finding out why your employees leave is a great step to solving your retention issues. Leaving a company is not an easy decision to make for any employee. It is the responsibility of the human resource staff to determine an employee’s reason for leaving. In fact, there could be multiple reasons: issues with colleagues, compensation, and even lack of growth opportunities. But, be careful that you don’t focus too much on the exit interview. It all starts with working towards retaining your employees. Try to talk to your employees face-to-face and hear their side of their story. Understand their problems and try putting yourself in their shoes as well – this could help in increasing your company’s retention rate. Once you obtain their feedback, use this information to improve employee engagement programs
Rehiring new employees is costly no matter the company. You have training costs, onboarding costs, recruitment costs, and a lot more. On top of that, it lowers employee morale and productivity in the workplace. That’s why employee retention matters. It shows how crucial your retention strategies are in keeping the best employees. At the end of the day, it all boils down to making employees feel valued. Only then can you expect them to stay in your company.