7 Strategies Benefits Of Employee Retention
Recession and inflation have hit some of the major countries like the USA and the UK, resulting in a steep downfall in their GDP. The worst to hit by these has been some of the companies that many consider bigger than life. While the news headlines read,
‘Meta lays off 21000 employees!’
‘Microsoft plans to lay off 10000 employees!’
‘In another round of Google Lays offs, 12000 employees to lose jobs!’
There have been some growing concerns about job security immediately after the COVID-19 pandemic. While the world is still recovering from the unstable job market, the other side seems to be in a state of pendulum.
Some studies have indicated that one in every three employees will voluntarily leave their jobs. Though companies are making continuous efforts to increase the employee retention rate, the performance index of companies is directly affected, along with costing more money in hiring and training new candidates.
Searching for a feasible solution, a mid-way out trick has entered the mainstream corporate, leaving a significant mark on the industry. Unique ways of dealing with this have given rise to the unique concept of shared employment.
Introducing one such unique shared employment platform that holds productivity, stability and reliability as its USP is SheWork.in. This unique platform serves major companies in India, satisfying both the needs of employers and employees.
Despite being a start-up in only three years, the SheWork Community has grown into a professional community of women in tech with more than 25000 members.
After analyzing and curating a way out of it, SheWork.in has helped its major companies in increasing their retention rate. With a staggering 60% retention rate in their own clientele, SheWork.in is helping business streamline their hiring and increase productivity.
But first, what is Employee Retention, and why is it important for companies? Let’s find out!
What is Employee Retention?
To understand employee retention, we have to understand employee turnover first. So, Employee Turnover can loosely translate as an organization’s ability to lose talent over a period of time. And this has a direct impact on the company’s success and performance. So, employee retention can simply be defined as an organization’s ability to prevent turnover.
But why is it important for businesses to grow?
Here are 7 Benefits of Employee Retention
- Cost Reduction in terms of hiring and training new talent
- Creates a community of experienced employees
- Increases productivity of the organizations
- Improved Customer Experience significantly
- Improved ROI and Revenue
- Better Working Culture and Environment
- Improved Employee Satisfaction
7 Strategies for Increase Employee Retention
- Building Employee Engagement
A research by Achievers Workforce in 2021 suggested that only 21% of the total employees feel they are engaged with the organization. The major workforce feeling disconnected from the organization can bring down morale and productivity, respectively.
Giving employees a voice and introducing new opportunities can prove to be crucial in employee retention. A collaborative action plan to keep teams engaged while creating an inclusive culture can significantly help employees grow and companies in generating revenues.
- Provide Scope for Professional Development
One of the reasons for employees to quit is the lack of professional development. The loss for each business with ineffective training can cost millions behind every 100 employees. However, on the contrary, supporting professional development with a process that focuses on continuous learning boosts employee retention rate and morale.
Introducing a reimbursement program for continuing education and certification courses can effectively enhance the employees’ growing arc and career trajectory, resulting in building trust.
- Build an Employee Centric Culture
One of the main reason employees wish to leave or even join an organization is its culture. A study by Glassdoor suggests that around 77% of workers consider a company’s culture as a factor before applying. Apart from that, having an inclusive culture in the workplace can result in better customer service and optimum utilization of resources.
Also, the culture itself stands out as a reward for the company’s growth. Build a culture that communicates everything with each employee clearly and involves them in the process carefully. Tying the company’s goal with products and services while explaining the entire process to employees of their role with customers and vendors can bring productive outputs for the company.
- Offer Winning Incentives
Money or salary is what everyone works for directly or indirectly. However, for employees to add that extra motivation factor offering employees incentive schemes can result in a higher retention rate. Around 85% of employees agree that incentives make employees feel more motivated to perform and capitalize on opportunities.
There are several ways to incentivize employees, but first things first, offer appropriate compensation. Once that is checked, move to monetary values that include bonuses, raises, etc.
- Prevent Employee Burnout
Employee burnout is the most common issue many organizations face with their top-performing employees. Leaving employees exhausted mentally and physically. Common symptoms are a lack of energy, negative emotions and feelings of isolation.
On the brighter side, organizations can innovatively deal with this issue of employee burnout. Providing them with more flexible hours and stating their roles and responsibilities clearly can go a long way.
- Manage to Retain
The hierarchy in an organization directly impacts the employee’s experience. Furthermore, almost half of the employees decided to quit, quit because of bad managers. Keeping a healthy relationship between managers and employees is extremely crucial for organizations.
So, manage your employees well to have a good retention rate and average boost sales from 10-19%.
- Recruit the Right Employees
The importance of hiring the right employees is known to everyone in the corporate world. Always look for first-class candidates that go hand-in-hand with the company culture and have a staying attitude. However, finding such talents is a daunting task for many companies around the world.
A good way to recruit the right employees for your company is to connect with SheWork.in. Apart from finding you the right employees, they also take the responsibility of managing talent effectively. Click here to learn more about SheWork.in
List down the effectively working top employee retention strategies:
1. Show trust and care
Do not deny to show a concerning behavior to your employees, though the thing is about their personal or professional growth, always show them a complete trust along with a full supportive manner. This trust, caring and supportive way will surely stand you in the queue of a loyal employer.
2. Provide individual opportunities
Keep a completely positive attitude towards your employees and always prefer to provide them with individual growth-making project handling opportunities. By doing such a thing, you can be able to attract more candidates to become your employees and of course to stay with you for the long term. As well as getting such individual project development or management chances your employees will definitely show more willingness to join you and no doubt they will work with more dedication and delivers outstanding performance and results.
3. Share your purpose
A clear purpose is the first step to achieve the desired success or target, thus believing this term do share your business purpose in clear terms with all your teammates and employees. Such transparency will help you to gain employee’s trust, and as a consequence, it will return to you as a great success.
4. Give positive feedback and rewards
Providing positive feedback, rewards and appreciation is the most effective strategy to retain your employees. Therefore, observe your employees’ performance carefully and must appreciate them with positive feedback and rewards, as it will encourage them to deliver more effective results.
5. Give attractive compensation
Offering a compensation package can give you a splendid lead towards your rivals. Always remembers that the compensation package should be a combination of attractive salary, leave policies, commission and bonus.
6. Maintain a friendly work culture
Additionally to maintain and grow your company’s employee retention rate, must follow a friendly work culture. Allow the team members to share their view on the particular project and also allow them to implement their strategy if look beneficial for the company’s growth.
7. Find and resolve employees’ issues
Never ignore any issues of your employees. As an employee will only stay with you if they will get a proper solution for all their professional issues. So to make them stay with the firm, it’s all up to you, to always listen, grasp and resolve the issues of your team members.
If you are not satisfied with your retaining employees’ stats of your firm, then rework your employee retention strategies, and see the magic.
How Shework community will help you in talent retention?
Finding a superior talent along with maintaining fantastic employee retention strategies is a bit of a difficult and time-consuming task. Well, the community driven platform shework.in will help you more in the employee retaining process. With 3 steps of registration, shework community can assist you in many ways to manage and maintain your staff retention.
Some of those are:
- Easy process for talent-hiring and project allotment.
- No harm to your company’s goodwill.
- Employee rewards and management.
- In-built tools to manage remote resources.
- Facility to manage employees outside of the office.
- Allowing employees to work at their own convenience of time and much more.
- Convenient plans to onboard talent