5 effective strategies to retain employees
The growing competition for skilled and talented employees in the industry is one of the reasons for the rise in attrition in every organisation. Most employees and potential job-seekers opt for a work environment that is laden with benefits, perks and other additional perquisites. Organisations that offer such work environment are often good at handling attrition by implementing robust retention strategies.
These days all high-performance work environments are goal oriented and on the lookout for individuals who are competitive and able to handle stress. Individuals who have the capability to strive in such environments tend to be ace players with intense determination. Besides they are always seeking greener pastures.
The challenge, however, is how organisations approach retention. Many companies ignore this issue until they suspect an employee might leave, at which point it’s settled by luring the employee with an incentive, and then its business back as usual. This approach might work as a quick strategy to retain employees but is often short-lived.
After thorough research and understanding of the HR domain, Han Digital talent consultants have listed down proactive tips on retaining talent:
- Hire employees that are retainable
The aim of any organisation is to achieve its long-term objectives in a highly competitive environment and to do this it is essential to recruit employees that will stay with them in the long-run. According to hiring experts (our clients of tier-1 firms), in order to have a good turnover, it is crucial for an organisation to invest in stable candidates who are willing to continue with them for at least a year or more.
- Have a good career plan for employees
Hiring candidates should not be unidirectional, instead transactional. Recruiters must take into account preferences of job-seekers and list out the job profile in accordance to their skill and talent. A job profile must chronologically forge out a career path and future prospects for the employees. This will give them a sense of direction in their respective job roles.
- Personalise retention strategies
Every employee has a different personality. They are motivated by different factors and retention strategies must be customised to the personal level. A simple way to personalise strategies for retaining employees is to constantly ask them about their choice and motivation at work. Talented employees are more concerned with a challenging work environment, professional growth and learning opportunities, flexibility in the workplace.
- Evaluate underperformance
As a recruiter, it is essential to understand why an employee, who was a top performer once, is failing to meet performance standards. If at all a company notices a drop in performance, they must make an effort to analyse it. According to Han Digital talent experts, the key reasons for underperformance are:
- Mismatch of skill and competency levels
- Personal issues
Of the two, the latter is a leading cause of underperformance among top talent. Issues such as divorce, health and property can hinder one’s performance. It can distract strong performers and affect their capability to deliver their best. In such instances, it is advised to counsel employees directly and get to the root of the problem.
- Invest in reliable managers
Most employees never quit their jobs instead, they quit working with their companies because of the managers they engage with. According to an internal research conducted by Han Digital experts, 87% of employees quit their job due to a bad manager. The success of retention strategies is ultimately subject to the managers and supervisors capability to deliver on initiatives the company puts in place.
Effective communication is the best method to tackle this issue. Building communication verticals between employees and managers helps them to cooperate and coordinate while delivering initiatives. As career objectives change over a period of time, it is essential to communicate the same with both the managers and the employees.
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