The start of a new year implies the scratching of pencils against a piece of paper, to create a list of resolutions. On some of the lists, scribbled with hope would be one resolution, “Find a new job”. While a free country allows people to leave jobs which do not provide them any challenge or happiness, the departure of even a single employee can cost an employer dearly. Not only does the employer risk losing the top talent whose training has taken years, but the rigmarole of embarking on the recruitment process again is also enough to give anyone a headache.
Rob Wilson, President of Employco USA and an employment trend expert, brings into sharp focus the excruciating damage losing even a single employee can cause. According to Wilson 60% of employees are either passively or actively searching for other jobs. Moreover, your employee might be on the radar of some other company, that wishes to ‘poach’ them to gain a competitive edge.
Wilson estimates, that on an average, the loss of a salaried employee can cost $15,000 per employee. Therefore, for the good of the company, it is imperative to keep the employees well-managed, adequately trained, and most importantly content in their positions.
Following are some tips that the managers and organizations can consider to ensure the staff engages with the organization and the talent is retained within the company.
Unique Benefits for Employees
An emerging pattern that has been observed is that the new generation of employees gravitates towards companies that offer a better benefits package rather than higher pay. Employees today are looking for varying benefits, which can range from matching a 401k to the value of the paid time off being allotted to a multitude of insurances and health covers being offered.
Another benefit, which may sound funny, is pet insurance. Since a lot of people have pets, these days, they actively look for companies that look after their furry friends. Thus, offering insurance for pets is a small gesture that can go a long way in showing that the company is compassionate and sympathetic to the concerns of its employees. another route, that a number of companies favor, is tuition reimbursement plans.
The organizations do not need to take the burden of clearing the whole debt of its employees, but helping them out by including a small amount towards their students’ loans can massively influence the decision of working with the company, in the minds of the employees, most of whom have massive education loans to pay off.
Anonymous Surveys to Ensure Honesty
Technology can be employed to create anonymous surveys to gauge the experience of the employees at your company. A routine update can be gathered and provides an insight into whether people are content with their jobs, the management and their satisfaction with it, as well as any complaints that they might not be comfortable sharing publicly.
The twofold benefits of this exercise would be- it helps the company gain insight into the atmosphere of the workplace and the employees feel heard and valued.
Giving Back to Society
A study by Brevity Inc. highlights the importance of charity in the workplace culture. Engaging with the society in philanthropic efforts, the rates of retainment increase in a significant capacity. Moreover, if employees are involved in the sincere efforts of the company, it helps them gain a sense of working for something bigger than themselves, and they are far less likely to quit the organization.
Personalizing the Process of On-Boarding
Onboarding is one of the most crucial programs that help integrate the new employees into the fabric of the workplace culture. An onboarding process can often become the deciding factor for the employee in determining whether they are in this for the long-shot or not.
However, learning methods differ from individual to individual, which implies the teaching methods have to keep transforming too. The correct course of action is to offer various kinds of training programs and let the employees themselves choose one they are most comfortable with.
Keeping It Old School - Thank You Notes, Not E-Mails
According to AttaCoin, as many as 47% of employees do not feel appreciated in the job that hey currently hold and as many as 41% feel their managers do not adequately reward their performance. While this might seem like whining, underappreciation has been one of the primary causes for an employee to become disengaged with their organizations.
By trying to thank the employees in a more personal way, it is ensured that the company acknowledges their efforts and values their input rather than simply treating them like another cog in the machine.<< back to Blog