With the Covid-19 pandemic, remote working increased awareness of well-being, and work-life balance, employees are looking to join companies that are providing many engaging benefits and are leaving the organizations where they are feeling burned out. Therefore, it is extremely important for businesses to focus on how to keep their workforce happy and loyal.
Employee retention begins right from finding the right talent to engagement throughout the employee life cycle. Listed below are the crucial employee retention strategies to create a loyal and happy workforce:
Create a respectable work culture and hire culturally fit talent
Having a positive work culture is essential for an organization. Create a professional and fun work environment so that employees don’t get bored and enjoy coming to the office. Understand your work culture and hire candidates who are culturally fit. This reduces the chances of wrong hiring and eventual resignation.
Companies with a conducive work culture help cultivate relationships among the managers, team members, and top management, making everyone feel a valuable part of the organization. Employees tend to stay for long in such companies. Just think why people love to work for cool companies, start-ups, and ad agencies? Because they offer an engaging culture and a sense of belonging. Consultancies like Prompt provide HR services in Mumbai to help you create a positive work culture.
Rewards & Recognition
Probably the most important retention strategy, recognizing your employees’ efforts and rewarding them is a powerful way to keep them loyal to your company. It’s a human need to be appreciated as we are all social creatures. Rewards can be monetary and non-monetary. A raise, bonus, incentive, and stock options are some of the most effective monetary compensations.
You can also provide a higher job title, awards, and bigger responsibilities for your high performers. An employee who is getting genuinely appreciated and compensated would not leave the company and it also sends the right message to your staff. Many HR consultants in India provide compensation services so that companies can focus on their core activities.
Provide flexibility and work-life balance
Covid-19 pandemic showed that employees don’t need to come to the office daily to get the job done. Provide a flexible way of working to your staff. A hybrid type of working is perfect in today’s time as a combination of work-from-home and work-from-office works really well. Employees stick to the companies that provide such facilities. Work-life balance is another vital aspect for employees today. Try to reduce work hours and workdays so that they don’t feel burned out.
Many companies are now practicing 4 day work week. Companies like Zomato are providing extended maternity leaves for their employees and LinkedIn also recently gave a complete week off to its staff for mental health.
Provide benefits and growth opportunities
One of the biggest reasons why an employee leaves a company is the lack of important benefits. A job is not just about earning a monthly salary. Make sure you offer PF, Gratuity, and Mediclaim to your staff so that their families and future are taken care of.
Nobody wants to get stuck in the same job, doing the same thing every day. Impart a growing opportunity to your employees such as promotion, managerial and bigger responsibilities so that they have something to look forward to. Also, many organizations conduct training and learning programs for their employees to make them better at their jobs. When you provide such benefits, employees are less likely to leave, in fact, they are more engaged in such an environment and give their best.
Open Communication and Feedback
Sometimes, you just have to ask your employees how they are doing and the problem gets solved. This is why open communication is such an effective tool for employee retention. Be open to suggestions, complaints, feedback, and ideas from your staff. You will get a clear idea if and why they are unhappy and they will also present the solution themselves. All you have to do is listen and communicate rightly.
Hiring a candidate is hard but retaining them is even harder. Therefore, employee retention becomes crucial to running the business smoothly. Prompt is one of the most respected HR consultants in India to provide expert advisory and HR services to retain your staff and engage them. We have more than 23 years of experience and a PAN India presence through 8 metro cities.