Good company culture is defined by its happy employees, who tend
to enjoy work when their needs and values are consistent with those in the
workplace. Often, the cream of the crop is naturally attracted to those who
offer the most – how can your brand do so, while simultaneously optimizing
resources?
The answer lies in effective retention policies. Not only do they
attract fresh talent, but they also maintain the loyalty of existing
employees.
It is no longer an attractive salary that pulls in job-hunters,
but the perks and benefits it comes with. "Value Your Employees"
should be your ultimate mantra, as retaining talent lies at the core of
organizational equilibrium - a prerequisite of the survival of an organization.
While increments and promotions might be expensive, here are 7
realistic ways that do more and do it well.
1.
Having
a Flexible Work Schedule
Undoubtedly, flexibility tops this list. Today's workforce values
their independence and individualism and giving them the option to choose is a
good place to start. Employees have a life outside their job too – and a
compressed work schedule based on projected workforce needs benefits them more
than one can imagine.
Without the hierarchy looming over their heads, employees enjoy
going to the workplace. Research
has highlighted links with higher job satisfaction, increased performance and
commitment, and low absenteeism.
2.
Health
Insurance and Other Incentives
Comprehensive health plans, financial incentives,
retirement savings plans, sabbaticals are a few tools of the trade. Such
policies are not one-size-fits-all, and it is best to be thoughtful and personalize
them for maximum benefit.
Childcare leaves, additional off-days, house rent
allowances or work transport are also a few significant retention factors,
again specific to individual circumstances. A study found that pension (and not
wage tilts) had a positive correlation with long-term tenure.
3.
Providing
Essential Time Off
57% of employees feel less productive and
disengaged due to work stress. Goes without saying, unsatisfactory leave is a
deal-breaker, as deprivation leads to dissatisfaction and withdrawal
cognitions.
On the other hand, ample breaks give workers time
to grow and hone their skills. Turnover intentions are best dealt with by
offering sufficient vacation, holidays and earned leaves.
Offering leaves alone is not enough. You also
need to make it easy for employees to apply for vacation by giving them tools
such as mobile app for leave.
Such things greatly strengthen their engagement during the time they spend working. It
is best to mutually determine this requirement with the employee on
organizational entry.
4.
Recognition
and Rewards
Every employee wants to be acknowledged for the hard work they do,
and understandably so – simple initiatives such as “Employee of the Month” to
bigger incentives such as paid business trips go a long way in securing the
trust of top performers.
Additionally, it promotes healthy competition and keeps
productivity at an all-time high. A peer-to-peer recognition program also works
similarly by validating and appreciating where it is required.
You can look at working with some external agencies that can introduce not just new recognitions and rewards but can
also help your employees in increasing their take home salary by implementing
things such as flexible benefits plans.
5.
Prompt
Information and Training
Let's face it: while employee turnover is a huge predicament
(separation costs), training new employees is bigger (replacement and training
costs). Having them acclimatized and integrated is an inconvenience-no employer
wishes to face. Appropriate orientation programs put in place, coupled with the
implementation of "work buddies" can do wonders.
All employees should be made aware of the core values and missions
of the company so that they are on board with every activity. A growing body of
evidence notes – "presenting applicants
with a realistic job preview during the recruitment process has a positive
effect on retention of those new hires.”
6.
Celebration
of Their Work
‘All work and no play makes Jack a dull boy’ is a saying never out
of style, and the same applies to the office. If not annual excursions or group
treks, even team lunches do the job and help co-workers
bond. Such social wellness practices establish deep personal relationships,
which, in turn, increase embeddedness within the organization.
This helps prevent comparison quitting, as people
who are embedded in their jobs have less intent to leave and do not leave as
readily as those who aren’t.
7.
Toning
Down
No, we are not talking of the strict dress codes
(albeit something you should consider). It is common knowledge that in India,
most employees impulsively quit due to incompatibility with management and
leadership. In this regard, open communication is key to ensuring a safe
environment and promote a healthy work ethic.
Frequent feedback helps weed out issues such as toxic management
practices, departmental conflicts and so on, which can interfere with
performance and job attitude.
Subsequently, supportive HR practices (participation in the
fairness of incentives, decision making, and growth opportunities) contribute
to the development of Point of Service plans, which positively affects
organizational commitment.
Conclusion
Through strategic HR management, one can improve financial
performance through reduced costs associated with high quit rates. Prioritizing
these perks leads to easier recruitment and improved retention rates.
In conclusion, they promote better workplace conditions and
cultivate a sense of belongingness. By recruiting and retaining the best
talent, you gain a competitive advantage. Most importantly, it makes you stand
out in the “war for talent” and flourish in today’s competitive hiring market.
COMMENTS