by Prompt Personnel | Nov 20, 2022 | Human Resources, Uncategorized
Attrition is frequently seen as a business’s “Health Check.” A high Employee Attrition Rate possesses a threat to any business and costs a lot of time and money to get over it. According to a global survey, replacing an employee can cost up to twice as much as their annual wage.
Since the pandemic and uncertainty of COVID-19 mass layoffs have been heating up. In April 2020, employee attrition rates reached their lowest in nine years. Despite the decreased attrition rates, the global turnover rates have increased significantly in the current year due to more job opportunities, pandemic burnout, and employees overall feeling disconnected from their current company.
Realistically speaking, a certain amount of attrition is inescapable. However, given the current situation, it is imperative to look into the matter. Understanding the reasons why individuals leave helps businesses implement the best tools and tactics to boost employee satisfaction, which in turn leads to the success of the business. These insights are essential for coordinating expectations, ensuring worker engagement, and lowering attrition rates.
Well, no company wants to be a “come and go” platform for employees and the HR team’s biggest challenge is how to manage attrition.
We’ll talk about five practical strategies to lower attrition.
Using the best practices along with HR consulting will help you resolve your concerns regarding resources and will help you retain valued talent within the firm.
Here Are The 05 Ways To Reduce Employee Attrition – Effective Solutions
- Inspect your Workforce:
Technology has taken over the world at this point, so we can take advantage of its capacity to employ workforce analytics to figure out what goes wrong in departments with high turnover. If you don’t have a system, analysis can be done through discussions with managers in those same high- and low-performing workforces. Keeping track of who gave what feedback can be challenging when managing individuals. That’s where you can leverage the technology with performance management software. Another straightforward method is to write down the feedback, which ultimately aids in accurate evaluation. Providing transparent feedback is an excellent way to motivate employees by showing them where they’re doing good and where they need to improve.
- Create Ways to Involve your workforce:
What more do we want than highly motivated staff, yet it might be challenging to get going without setting and exceeding goals? And simply throwing money at a problem won’t make the employees work harder. Instead of uniformly increasing salaries by 10%, set challenging but attainable targets to get employees moving. Use the same objectives to gauge employee performance when it comes to evaluation.
Although participation can be a little challenging to achieve, satisfied employees feel like they are making a difference and have a sense of choice. Employees want to believe that their opinions are heard and that they play a part in advancing the business. Employees want to feel like their voices are valued and have a helping hand in moving the company forward. This leads the employees to a sense of well-being and retains them in the organisation.
- Focus on finding the right fit:
Every employee you have on board fits like a piece of a puzzle. So it becomes important to spend more time looking for the ideal candidate to fill the roles. Spend ample time making the end picture clear for both the employer and employee. The right fit can be the most important asset and could stay for years. The wrong fit can hamper growth and waste time trying to find a replacement.
Although it isn’t easy, you have to fire people who don’t “do it right”. You have to take the harder decisions and let these people go without a heavy heart because when surrounded by ineffective co-workers, motivated and productive employees will leave and find a better environment.
- Focus on Employee-Centric Learning:
How much time does each of your employees devote each week to learning?
Overworked employees rarely have time to learn. A company that values learning and development, wants its employees to improve their careers, not just their job. Learning and training are also beneficial for the company, as it makes it easier to promote from within.
Learning enables the employees to feel safe to experiment and even fail at some projects. Training them on a regular basis is also very crucial; it represents a good opportunity for them to expand their knowledge and sharpen their job skills to become more effective in the workplace. Although the cost of training for employees might be high if done consistently the payoff is enormous.
- Consider Temporary Staffing Services:
Of course, hiring the right set of people from the start would be the ideal method to lower staff turnover rates. And another great method is to appoint temporary staff through a temporary staffing service. This has become an essential strategy for managing a successful workforce in many industries. These staffing services deliver the best-suited candidate for the role available. The quality of the hiring decisions has a direct impact on retention rates, which makes it a crucial way for reducing attrition.
The Temporary Staffing Agency maintains a wide candidate pool and a network of contacts in a variety of sectors and skill sets. This enables them to conduct focused, quick searches for people who can match the organization’s short- and long-term goals. Additionally, this aids businesses in saving time and money that can be put to better use elsewhere in their operations.
Attrition is costly as it takes time and resources to redistribute work and find and train new talent. Also, it cannot be avoided. However, filling the backlogs in your organisation is in your own hands. If you keep your employees satisfied, they will definitely stick to you, even in difficult times!
HR Companies can be your go-to source for minimising attrition and managing your workforce effectively. Prompt personnel is one of India’s leading HR firms, which offers its partners prominent and comprehensive end-to-end HR consultancy. With us, you will open up fresh avenues for achieving alignment with success measures and advancing performance through the best temporary staffing solutions, which will ultimately decrease your employee attrition rate.
by Prompt Personnel | Nov 16, 2022 | Human Resources, Uncategorized
We are in the middle of WORK REVOLUTION! The way we look at work today has changed drastically all thanks to globalization, the buzz of the internet, artificial intelligence, machine learning, and of course COVID!
The impact of COVID-19 has affected almost every sector. Over that the Great Resignation is in full swing, impacting 120 million Indians who lost their means of bread.
The result? The highly competitive Indian job market is struggling to attract and retain fresh talent. The trend of resignations which started in 2020 amidst the emergency of Covid 19, isn’t slowing down yet after the recession.
No doubt that employee retention is an ongoing hot topic in the business world. And in the coming years, its significance will only increase.
This might lead you to ask: How can I retain employees and reduce employee turnover?
To navigate the losses inflicted by high turnover rates, most companies look at HR Consultancies for effective retention strategies. Also, temporary staffing services can be a way for simplifying the hiring procedure without having to take care of any HR formalities.
Here are the top employee retention strategies for 2023:
- Allowing a flexible work-life balance:
With 89% of the employees desiring flexibility, work-life balance and remote or hybrid work environments now top the list of strategies to retain the employees. Since the pandemic, working in a hybrid or remote environment has become the new normal. The 9-to-5 norm is slowly vanishing. The office has become a more occasional meeting place. The possibility of a better work-life balance enables effective employee retention as employees have the flexibility to work from home since it allows them to navigate between family commitments and work. Creating a flexible work environment where employees feel productive, connected, and valued gives them purpose and drives them to give their all.
- Offering competitive packages:
One of the easiest ways to retail your employees is by offering them competitive salary packages. It does not necessarily mean rewarding in the monetary form. It also includes flexible benefits like medical care and employee perks. Today’s employees not only work for the money but also place equal emphasis on other aspects also. Adequately compensated employees feel more motivated to come to work. Their morale remains high, and their job satisfaction levels increase.
- Open to employees’ skill development commitments outside the work:
Your top employees want to learn and develop continuously, thus it is important. And when they’re given the opportunity to develop their skills, learn more about their jobs, and become professionals, they feel valued and wanted. This will help them keep on board as employees look to encounter new challenges and opportunities at the company. Not only does this approach communicate that employees are valued, but it gives them charge over their career and over their time at your company. Particularly during such recessionary times, empowered personnel are more engaged, and productive and have a reduced turnover rate.
- Making Training a Priority:
Training should continue to be a priority in 2023.
It goes beyond simply just telling individuals to work for you to achieve a certain goal. You are motivating them, moulding them, and mentoring them to work more effectively. Just as a coach builds a player, you need to build your workforce. As the saying goes, ” One man might win the battle by himself, but cannot win the war alone. Therefore, training your employees is vital. Training employees to become better informed and more motivated to progress in their careers, thereby improving employee retention.
- Stay connected on a weekly basis:
Having Weekly 1-On-1 Manager & Team member meetings instead of annual reports. During these weekly and biweekly Meetings, the Manager can discuss key issues, ongoing projects, important questions, and the employee’s and the company’s next course of action. This constant communication and culture of sharing perspectives will make employees feel more valued and connected to the company and their contribution matters.
As we move into the new year, seeing the current situation it’s important to look into employee retention strategies. With the right mix of training, opportunities, staffing services, and compensation you can keep your best employees happy and involved in the organization.
It is challenging to determine which strategy or combination of strategies will be successful for each organisation given its unique set of employee demands. In such a dynamic environment, outsourcing HR can help you with all the HR services to help you manage your business efficiently. Prompt Personnel can help you find the right solution for your organization. Prompt Personnel is one of the best HR outsourcing companies in Hyderabad that helps businesses focus more on their core and delivers the best workforce to ramp up your team in no time.
by Prompt Personnel | Oct 20, 2022 | Human Resources
The retail Industry has transformed from conventional grocery markets to fast-track hypermarkets in recent years. The ever-fluctuating sector poses its unique challenges – Applicants have multiple options and low barriers to exit.
Retailers are spending much time attracting talented resources, and are in a tough-of-war with the industry competitors and at large with other service industries.
Despite the changes, attracting and retaining the right talent remains a big issue at hand. With high staff turnover, varying seasonal demands, and a volatile economic climate, finding the right employees for your business can be difficult. However, by considering the needs of your business and taking the time to find employees that fit those needs, you can ensure that your business has the talent it needs to succeed.
The key to successful retail talent management lies in the continual administration of the talent pool – both internal and external – to make sure the best possible match for each open position is filled quickly and efficiently. Temporary staffing services play a significant role in addressing these major issues of the retail industry, here is how:
Benefits of Temporary Staffing in the Retail Industry
Temporary staffing can help you connect with people with the specific skill sets you need for short-term employment or project-based needs. This is perfect for businesses or organizations that need extra help temporarily.
This transition in the retail industry has impacted the economy. This has caused many companies to reconsider their investments in permanent recruitment. More and more businesses are instead opting for project-based employment models because they are more flexible and can be easily adjusted to fit the current economic climate.
Staffing agencies help retail brands with bulk hiring for temporary projects. This saves time and money on their recruitment processes. Additionally, companies can quickly scale up or trim down their workforce whenever required – making it a highly advantageous option for businesses.
For businesses, it is a chance to try out new talent without having to make a long-term commitment. Newcomers get to try an industry of their interest and get make a decision based on the. This gives the business the advantage of fresh talent while benefitting both parties.
Along with other changes and transitions in the retail industry, recruitment trends are also changing. Here are some shifting trends you should be aware of.
Candidate Experience and employee engagement are critical to building strong word-of-mouth for the brand, improving the attractiveness as an employer and driving referrals. Millennials have different aspirations, and they have their requirements from any employer. So, it is important to manage them effectively.
By using intelligent workflow technology organizations can segment their candidate pools. Additionally, positions that are harder to fill might require a more expensive recruitment strategy.
By segmenting their labour and talent pools, HR leaders have access to real-time information that provides them with a full picture of their available workforce.
- Hike in Seasonal/ Festival hiring
When it comes to hiring, an ongoing talent shortage wasn’t enough, the holiday season is the peak time for retail hiring. Holidays are a time when in-store shopping spikes. The reality is, with shipping delays and supply shortages, holiday fulfilment must be creative and may demand more staff to execute. Savvy brands will leverage their store real estate to meet this demand.
Brands that understand the importance of festivities in customers’ lives make the most of it and increase revenue.
Today’s workers are used to a fast-paced, constantly connected lifestyle, so it’s only natural that they expect the same dexterity and speed at work. Mobile devices can help improve the employee experience as mobile devices can help alleviate workloads and improve efficiency. This works really well in the logistics department where apps track and delivery personnel need to stay connected.
Video technology is the area that is being accepted as a measure to evaluate candidates. Companies are asking applicants to film themselves answering a set of questions. This technology also helps recruiters to speed up the applicant-to-hire process on a much larger scale.
With the digital age in full swing, retailers are now finding themselves having to rely on delivery services and online orders as their primary source of income rather than brick-and-mortar retail sales. This change in how people shop has consequentially changed the role of retail workers as well.
It is important to avail the services of professional and competent HR Outsourcing Services so that you are not left behind in your pursuits of choosing the appropriate workforce for your organization.
Prompt Personnel provides temporary staffing services exclusively for the Retail, Infrastructure, Ecommerce, Logistics and Management industries. Our professionals are experienced and trained in certain skills. Most companies select their contract staffing services companies who are reliable and reputed and Prompt Personnel has gained our reliability by offering resources to our client’s immediate and related needs.
by Prompt Personnel | Oct 20, 2022 | Human Resources
The staffing industry has seen a surge in demand, adding 2.27 lakh contractual employees in 2021-22. Indian Staffing Federation records 28% growth in the Flexi staffing industry between 2021-22; adding 2.33 lakh formal jobs. Indian Staffing Federation (ISF) is the apex industry body and governs over 100 contract staffing companies in the country.
The pandemic has had a devastating effect on the retail industry. With the permanent store closures and businesses filing for bankruptcy came the inevitable customer demands for online shopping options. The sudden shift in the retail industry has greatly impacted its employees.
In the future, retail businesses will more likely adopt the strategy of “less is more,” resulting in even fewer employees at retail stores. However, the demand for skilled, fast-learning, and tech-savvy employees will always be high.
Companies cannot hold onto permanent employees and thus often find it easier to hire contractual or 3rd party employees.
Current Scenario
One way to save time and money in the recruitment process is to outsource staffing or recruitment process outsourcing (RPO) to a third-party firm. Doing so can help make your retail staffing strategy and implementation more accurate
and agile to meet market needs and help you manage the seasonal demands of customers. This is done by hiring more employees during peak business months.
Considering the permanent placement scenario’s current crunch, companies should harness the contract staffing services. The contract staffing can be sourced and fostered through various initiatives like below-
Multi-channel recruiting
Companies must use social media and online job platforms to appeal to the fast-growing millennial and Gen Z workforce. This kind of multi-channel approach to recruitment can help companies reach a larger pool of potential candidates.
Focused Sales Training
Investing in sales training for your retail employees is one of the smartest things you can do to grow your business. By providing focused sales training that covers topics like new technology, online sales systems, and flexible communication, you’ll help your employees reach their full potential – and bring in more revenue as a result.
Soft skills
As we move into the future, it’s becoming increasingly important for retail employees to have soft skills like collaboration, communication, and problem-solving ability. These skills are crucial for anyone who wants to succeed in the retail industry.
Dynamic Employment Agreements
A dynamic employment agreement is different from a traditional employment agreement in that it is designed to be revisited and revised every 3-4 months, instead of every 1-2 years. This makes dynamic employment agreements much more flexible and allows the terms to be easily changed as needed, by mutual agreement of the parties who sign them.
Dynamic employment agreements are a win-win for both the employer and the employee. By offering additional benefits beyond traditional compensation, such as flexible time, the ability to work remotely, performance bonuses, and other creative benefits, employers frequently inspire contracted workers to perform even better.
Most agreements also include a termination clause, which explains the process of how, why, and when the contract could be terminated. For example, if the work delivered did not meet the standards or the employee was not paid on time, the offended party could choose to terminate the contract. Termination can also be based on employment at will, which means either of the parties can choose to end the contract mutually. The termination segment can also specify any severance that would be provided to either party in case of unforeseen circumstances. Moreover, Staffing workers claim flexible schedules as a motivation for selecting temporary/contract employment.
Contractual staffing though seems the ideal option for the Retail industry currently, sourcing the right resources and training them to skill adaptability is a process that needs to be given due attention. Retail companies that have seen an immense drop in their offline activities need a sensible approach through manpower outsourcing or hiring contractual employees.
With changing dynamics while some practices are exiting the doors, new ones emerge. To be able to accept and adapt to these new practices is the way further. Organizations have been proactively looking at technology, hybrid working conditions, maintaining a balance between men and women employees, as well as recruiting dedicated resources even if it is project-based.
virtual hiring and working
Retail is all about offline operations, but companies can use the online medium to hire and induct employees as well as give virtual office tours, host virtual meet-and-greets, conducting virtual training sessions to engage with your employees at different locations at a little cost.
Find the right HR partner
Prompt Personnel provides temporary staffing PAN India. We provide labour law advisory and compliance customized to the industry. We also offer a complete end-to-end HR solutions.
by Prompt Personnel | May 26, 2022 | Human Resources
The Indian government updates employment law regulations on a regular basis to facilitate compliance with Labour Laws and to benefit employees. Staying fully compliant is one of the most challenging things for any organization with such a huge workforce, as the nature of labour laws is ever-evolving. Every business needs to manage compliance, irrespective of the industry. Violation of compliance may result in prosecution, heavy penalties and fines, and in some cases, even imprisonment.
Organizations are largely dependent on internal HR teams to handle their compliances. It is not an ideal solution. A dedicated compliance consultant will help you stay updated in context to the changing landscape of compliance in India and help you align with the day to day compliance activities.
Are you a business owner wondering whether you should onboard a compliance consultant worth your time and money?
Lets have a look how Labour Law Consultant can help you:
1. Regulatory Compliance: A dedicated compliance consultant can help with the labour law compliance registrations and obtaining licenses, which is a time-consuming and a tedious process. Your compliance partner can get it done for you. Depending on the state laws and nature of your business there are a few details that will be needed from your end.
2. Payroll Compliance: Since the nature of Labour laws is ever evolving, keeping up with the real time updates will be challenging for your internal HR team. When it comes to payroll compliance, it is important to consider numerous elements / laws, such as adherence to minimum wages, provident Fund, ESIC, bonus, allowances, etc. Your Labour Law consultant will keep you updated about the latest changes in the law and will also help to know the impact of such amendments/changes.
3. Legal Expertise and Guidance: A Labour Law advisor can help you understand the different amendments/ notifications/ various labour law judgements in a simpler way. Apart from above, they can draft and validate various agreements from a legal perspective. They also help you to prepare for implementing Labour Codes.
4. Managing Legal Notices and Meetings: Managing legal notices / remarks and meeting authorities to resolve the same is a time-consuming affair. Very few business owners have the bandwidth to accommodate their time to iron out these issues. A dedicated consultant can take up the responsibility on the company’s behalf and thus let you focus more on your core business.
5. Vendor Compliance Audit: Being compliant is essential and verifying the same is equally important. Compliance consultants have an important roll to play in when comes to timely audits being done for you and your contractors, which will help you to understand the gaps and we shall also assist you on bridging the gaps thus making you 100% compliant. They aso help you in accessing whether your local vendors are compliant or not.
A compliance consultant can help you maintain end-to-end visibility in all compliance matters from any location, at any time, by storing data and making it available when needed.
Hence, to ensure a better future and unstoppable growth, you should consider partnering with Prompt Personnel.
