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.