It’s challenging enough to find the appropriate people. But keeping them is a different storey. Disengagement is one of the first symptoms that an employee is on the point of quitting their job. Having competent staff retention tactics is the first step in creating a highly engaged workplace.
Employee turnover and retention is a huge issue, and there are a variety of factors at play, including generational differences, the economy, workplace changes, and more.
Employee retention methods can help you reduce employee turnover and keep the talent you need to run your business. Let’s look at some employee retention strategies that can help businesses retain employees that add value to the organisation.
What is Employee Retention?
Employee retention is the goal of a business to keep skilled people and reduce turnover by building a great work environment, expressing gratitude to employees, and offering competitive compensation and benefits as well as a positive work-life balance. During periods of poor employment and increased competition for talent, companies are especially interested in retaining staff. Businesses use human resources automation for recruiting, training, engaging, and recognising employees, as well as offering more work flexibility and modern benefits such as physical and financial wellness programmes, in order to retain staff.
Innovative employee retention strategies
The business world has gone through a reset in the wake of the Covid-19 catastrophe. The number of people working from home has risen and the company’s culture has shifted 180 degrees. According to CNBC, by 2021, one out of every four Americans will be working remotely. With your pre-pandemic preparations, you might not be able to keep your people after the pandemic. To be ahead of the game, you must always be on your toes, especially after Covid-19. Here are the best employee retention strategies.
Strategy# 1 Encourage employees to be innovative
Many businesses claim to embrace innovation, yet they may not have any initiatives or policies in place to foster it. Take suggestions seriously if you want to promote them. Employees that make a tangible contribution should be recognised and rewarded. Since not every employee will desire to be acknowledged or named for their contributions. Managers should provide opportunities for both public and private comments or contributions. Create an environment that encourages creativity and spontaneity in the workplace. Establish innovation teams with the goal of coming up with new ideas on a given topic.
Strategy# 2 Hybrid Workplaces
One of the most sought-after qualities in a new job is the ability to work from home. Hybrid Since the lockout, workplaces have been a big topic. It is the option to work in an office or from home, depending on one’s preferences. Some businesses, however, are not completely sold on the concept of a virtual workforce. Working remotely, on the other hand, can be a win-win situation for employees and businesses. Employees save both time and money by avoiding commuting. Work-life balance has improved, and there are fewer distractions. Working from home is also a much safer alternative. Employers, on the other side, can save money on infrastructure and overhead, eliminate office politics, and reduce absenteeism.
Strategy# 3 Allow your employees to develop their skills
Many businesses promote people from outside the company and do not provide ongoing training and education to their employees. Employees get disillusioned with their jobs and are less likely to stay because there is no chance to advance or improve. Continuous education makes employees feel valued and offers them something to look forward to. Your employees will feel like they are an important part of the company’s success if there is a clear path for promotion. You may establish a significant incentive for employees to stay by promoting from within and implementing a training programme, or by leveraging outside resources and tools.
Strategy# 4 Participate in CSR Programs
According to studies, millennials and Gen-Z employees are more socially responsible. They consider it important to give back to the community. People value compassion, especially in times like these. Contributing to society and assisting those in need are both rewarding experiences. Your employees will be more loyal and engaged as a result of it. Employee retention is aided through a CSR project in which employees can volunteer their time and talents. It will go a long way toward boosting staff motivation. Because physical team activities aren’t feasible, virtual CSR activities are a viable alternative. Activities such as virtual charity bingo can be organised. There are also certain activities that you can do on your own or from a distance. Planting trees, cooking for a good cause, contributing to pandemic-affected communities, and so on.
Strategy# 5 Transparency in communication
Most businesses recognise the value of constant interactions through venues such as town hall meetings, senior leadership messaging, and periodicals. Asking employees about their impressions of your company’s strategy and comparing the results to reality will expose communication flaws. Customer retention statistics that are high also show that employees are working together to achieve the same goal. Transparency is an area where some businesses fall short. If CEOs have a town hall meeting and boast about how terrific business is, but layoffs are announced a month later, trust is eroded. Take a look at your employee Net Promoter Score (eNPS), which indicates if employees would suggest your company as a pleasant place to work, if you’re unsure about employee impressions of transparency.
Employee retention strategies in Indian companies
Companies are focused on strong employee retention tactics, particularly for top performers and those with in-demand skills, as turnover increases across corporate India. Companies are looking at quarterly promotion cycles, special wage hikes/off-cycle pay-outs, hybrid work alternatives, funded higher education programmes, capacity building and career development initiatives as some of the approaches to keep attrition at bay.
Employee retention strategies it industry
Wipro employs the following strategies to retain employees:
- Intervention in compensation to meet employee expectations
- Faster promotion accelerates growth by promoting within the company instead of hiring new talent for senior roles
- Policies to foster work-life balance and more flexibility
- Programs aimed at nurturing talent
- Employee well-being is prioritised in a culture that fosters a sense of belonging among employees.
TCS continued to have the lowest attrition rate in the sector, with a rate of 10.6%. Employees are retrained to keep their jobs, which incentivizes them to stay on. TCS Elevate is a programme that connects learning and careers within the firm. This programme has been adopted by over 138,000 associates. TCS employs a variety of retention tactics, including:
- Developing new skills in employees
- Employees are provided with a vibrant and enriching workplace by rotating personnel from project to project
- Employees’ technology abilities are updated on a regular basis
- Maternity and Paternity leaves
- Employees receive a yearly retention bonus
- Employees and their families are covered by healthcare and insurance
Infosys’ learning platform Lex is being used to give organized learning paths. There are over 1,800 courses available, all of which are mobile-friendly. Employees spend 45 minutes every day on average on the site. The initiative has paid off, with a threefold rise in reskilled talent over the last fiscal as a result of it.
Your employees are the foundation of your business, and they should stay with it. Employees leaving an organisation cannot be prevented, but the chances can be reduced by prioritising employee retention. When your employees are pleased and fulfilled, they will stay with you and work hard to achieve the organization’s goals.
Understanding your employees’ problems, making them feel cared for, and implementing successful employee retention strategies will help you keep your staff and company working seamlessly.