In today's marketplace, opportunities and job openings are aplenty as the requirement for skilled and experienced workforce is on the rise. The “employed” too, suffering from lack of inspiration, have taken to resigning and rotating from one organization to another, in the search for something new. So, it would appear that there is an equilibrium between the demand and supply of personnel right? Wrong!
Higher attrition rates and frequent job changes result in a negative impact, both for the individual and the entity, leaving a bitter taste to the employment marketplace. Sometimes, “new blood” won’t do it all for an organization, whereas active contribution by seasoned employees could work wonders!
So WHY do people leave?
There is always a reason behind an individual handing in their papers, but the distressing fact of the matter is that employers are ignorant of this reason.
Some of the typical causes for resignation are:
1. The job and/or workplace do not meet their expectations,
2. Lack of clarity in reporting & delegation of authority,
3. Improper channels of communication,
4. Absence of feedback & coaching mechanism,
5. Dearth of recognition and career advancement opportunities,
6. Stressful environment and disparity in workload.
Manager’s or their second-in-command need to listen to employees’ needs, ensuring there is no ambiguity in tasks and roles. The blending of engagement and retention methods will have a significantly positive impact on an organization’s turnover rate.
The key to organic growth and congruent development is attracting, retaining and developing human capital oriented towards business goals, by way of Employee Engagement.
There are umpteen ways to engage employees, by either adopting one or a combination of the strategies listed below, being:
(a) Rewards and recognition,
(b) Training and development,
(c) Career advancement programs,
(d) Work/Life and wellness initiatives,
(e) Conducive leadership and managerial behaviour,
(f) Community involvement,
(g) Employee events / outings / activities etc.
HOW to retain people?
Retention is the process of re-recruiting your workforce. Motives for a candidate to apply for a particular job and the reasons to stay there are often different. Apart from compensation, the various other aspects that encourage an individual to stay, range from conducive work culture and environment to diversity of responsibilities and work-life balance.
The following are some proven methods which employers use to keep employees happy. This increases the odds that people would carry on and remain an active part of their current organization instead of looking for employment opportunities elsewhere.
1. Training provides a sense of direction with structured guidance. Through this exercise, employers help employees achieve goals and certify their understanding of job requirements. In turn, this provides staff with growth opportunities to enhance their understanding what they want from their careers.
2. Mentoring Program integrated with a goal-oriented feedback system provides a structured mechanism for developing strong relationships within an organization. This serves as a solid foundation for employee retention and growth.
Through this program, an organization pairs someone more experienced in a discipline, with someone less experienced in a similar area, with the goal to develop specific competencies, provide performance feedback, and design an individualized career development plan.
3. Instil a positive culture, comprising of a series of values such as honesty, excellence, attitude, respect, and teamwork. Employees will go the extra mile if they feel responsible for the results of their work, have a sense of worth in their jobs, believe their jobs make good use of their skills, and receive recognition for their contributions.
4. Display appreciation by offering competitive salaries, profit sharing, bonus programs, pension and health plans, paid time off, and tuition reimbursement. These send a powerful message to employees about their importance. Moreover, the rewards given must be meaningful so as to impact their perception of the organization and have a marked influence on retention efforts.
Go ahead and stir up the dormant interests of employees lying low in your organisation. The success of your company will boil down to the efficiency of your human resources. Get going to create the conditions in which employees offer more of their capability and potential. It’s sure to transform the face of your business!
(This blog post is authored by Kokila Sree, HR Consultant at SansPareil - www.sp-cag.com)