If your answer to any or all of the above questions is yes, you are in the right place. Employees are undoubtedly one of the most valuable resources any company can have. Even in this world of technology, they are still a force to be reckoned with if you want to stay in business and do well.
There are more career opportunities for talented employees in this globalized and digitalized world. And hence, in America and many other countries, the Great Recession has been on the rise in recent months. JOLTS, or the Job Openings and Labor Turnover Survey, confirms that 3 to 4.5 million employees leave their jobs in the US monthly.
Statistics also confirm that one-third of the new employees leave their job within six months since such a huge number of people leaving their job could be the problems with the organization than their career prospects. And having proper employee engagement and providing the right work environment apart from others.
So, check out employee retention, the importance of increasing its rate, and seven key tips to keep employees for a longer time to succeed.
The pandemic was the biggest threat in HR history. There was chaos in meeting deadlines, selling products, maintaining work culture, following business ethics, increasing remote work, and others. Studies confirm that employer turnover costs crossed the trillion-dollar mark. Many workers in the US and other countries quit their jobs en masse with the economy recovering fast after the pandemic. It is here that retaining employees is vital as many like you want to know the many strategies for reducing its rate. Hence employee retention is the ability of any organization to keep its employees. Rather than worrying about the rate, organizations must plan strategies to keep their talented employees.
Many think of employee retention as an HR challenge. But it could affect the organization's overall business. Also, the cost of losing experienced and skilled employees is a big blow to any organization, big or small. And replacing them with new people will not only take time but can also spoil the organization's reputation. As per SHRM or Society for Human Resource Management, the average cost for an organization to recruit a new person will be 6 to 9 months' salary for the hiring and training process. Hence if you have an organization or are part of the HR team, check out the following seven key tips for retaining employees.
Humans are prone to get recognized, and employees are no different. Since most people take pride in their work, it is essential to appreciate their hard work. And any successful organization could not have reached the levels they are without the contribution of its employees. Hence, identifying each employee's hard work and contribution and recognizing them with suitable rewards like incentives, bonuses, etc., will help keep the top talent intact without losing it.
Since most employees spend almost 60 to 80% of their time working for organizations, keeping them happy and motivated is important. Improving the organization's culture and work environment is the best way to do it. Though organizational culture seems subjective, it impacts employee engagement and retention. Many top companies share a few common corporate cultural traits, like clearly articulated values, commitments to equity, inclusion, and diversity, supportive leadership, and a desire to seek and value employees' feedback. It also provides a conducive work environment for all employees to be safe and healthy and not even think of leaving the organization.
Offering flexibility to employees' work schedules, especially for the more experienced to take care of their families, is critical for employee retention. It is one of the best workforce management strategies to balance productivity and employee welfare.
Over time, loyal employees may get bored with the routine job and want to learn and do new things. Hence, investing in employee development could get the best ROI and show them that the organization wants to update its skills to be more productive and useful for mutual growth.
Updating the organizations' tools will be ideal for workforce management in the rapidly advancing technology in the business world. Updating hardware and software could be a big investment, but it could provide a greater return on investment with increased employee productivity.
Better employee engagement with proper communication will help keep them and increase the organization's growth. Many organizations fail because they need more communication with the employees to get their feedback. Also, getting innovative ideas from their experience and mutual care for growth will boost the organization.
Overloading employees with work, prioritizing their work-life balance, providing health and other insurance coverage, training with new tools, holding frequent meetings to hear feedback, and others will show the employees that the organization is taking care of their wellbeing to remain for a long time.
The above facts and key tips will help you have better employee engagement and a wonderful work environment for better employee retention.
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