The competition between organizations to recruit the best and most qualified workers is ever-increasing, making losing competent employees a disadvantage. There is a huge challenge in the Covid-Economy on how to maintain or increase Employee Retention. Statistics show that half the number of people who have switched jobs would have retained their positions if their employees had made some relevant changes to the working environment. Although most employers think they have no control over who decides to leave, this has been proven to be a false notion that risks losing the best employees. As we proceed into a highly competitive economy across all sectors, better pay and benefits are no longer enough to maintain a loyal workforce. There are five vital factors that most employers need to consider to ensure that they enhance the employee retention rate significantly.
- Ensuring all recruited candidates are a long-term fit for the organization.
For recruiters to achieve this, they need to conduct a comprehensive inquiry during interviews. This will involve asking about their long and short-term goals career-wise and what they would have changed in the place they last worked. By doing so, you will have a better understanding of what they are like and areas to make adjustments within the company. It also sheds light on culture and management that most people prefer for a conducive working environment.
- Increase Employee Retention by making the organization’s objectives and goals clear from the start.
A vast majority of employees are usually unaware of where they stand when it comes to accomplishing their goals, making them look for other opportunities. Business owners need to be more transparent to adequately mitigate this issue, especially on performance standards and objectives. It also steers the workforce towards a united purpose and achieves the set goals and business objectives.
- Hold managers accountable for employees’ departure and retention.
All managerial positions are in one way or the other intertwined with employees’ retention and commitment in that business. Managers play a vital role in ensuring that workers have a suitable and sustainable environment, which can only be achieved through regular engagement and soft skill training. Whenever employee retention is left to Human Resources, managers tend to ignore it, making it less of a priority in the organization. Therefore managers need to be held accountable for employee performance and retention if the company is to take on a new perspective.
- Create a balance between employees’ work and personal life.
As a company, the only way to create a balance that keeps your employees satisfied is through flexible working hours and time off rather than compensation. This is a good way of boosting employee performance and creating a bond between them and the business. In addition, providing workers with wiggle room is an excellent way to build trust with employees and balance personal and work life.
- Provide employees with opportunities to learn and continue growing.
It is common for workers to switch jobs simply because they are being offered a promotion in another company. To avoid losing qualified workers, it is vital to regularly give them opportunities to grow through training to gain higher ranks. A mentorship program is also an effective solution to building a loyal and high-performance workforce that can achieve and exceed set goals and objectives. Do not risk losing employees with particular expertise since replacement can be a costly endeavor that affects the organization’s profitability and efficiency.
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