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.
Engage!
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)
