If your employee retention rate is on the lower side of the graph, it can lead to a loss in productivity. Moreover, it also derails the process of growth and the morale of the remaining employees takes a hit. Each company is constantly on the prowl to find out ways that can actively engage and retain employees.
There are five simple and practical tips that might help to engage, motivate and keep your top-runners happy in the mad world of competitive spirit in the corporate world. A happy employee, after all, is the most valuable asset for any company.
The fact that most of your employees are abandoning the house, might imply that the house is burning faster that can comprehend. Steady turnover can ensure that you properly train and retrain your employees. Employee engagement can ensure that employees are secure in their position and do not need to be constantly reassured.
Recruiting, on a frequent basis, due to loss of employees also costs the company a jarring amount financially. The major question that arises is – “How a company increases employee retention rate?”
Tinypulse, a data analysis company, studied data amassed from over 25,000 employees around the globe. They have summarized their findings into five concise points that detail the reason employees most often jump ship. Following are the results of the extensive research:
Bad Managers Force Employees to Pack Bags
The report outlines the detrimental effect of bad supervisors. Employees who review their supervisors poorly are the ones who are mostly job hunting or aspiring to join a different organization. On other hand, if the manager is an empathetic figure and pays heed to the grievances of the employees, they are more likely to stay loyal to the organization. Therefore, a manager can make or break the image of the company in the eyes of the employee.
Recognition and Acknowledgement are Key Factors
Employees who feel their input is not valued enough or they feel they are ignored or overlooked, will without a doubt hunt for other fish in the sea. The study conducted by Tinypulse arrived at the conclusion, that 22% of employees who feel undervalued had been looking for different job opportunities in the past three months.
Hence, the question you need to ask yourself is whether your company duly recognizes the hard work put in by all the employees. if it does not, find out ways to restructure the acknowledgement process.
Work-Life Balance Must for Employees
Tinypulse’s report reveals that employees will be ten times more likely to retain their position within the same organization only if they feel there is a balance between their personal and professional life. The young work force is more biased towards institutions that affords them freedom and autonomy in their work schedules. Hence, there is an increased demand in flexible schedule arrangements among employees.
Company Culture Supersedes Competition
One parameter in the research survey conducted by Tinypulse asked the employees whether they would be willing to quit their current job for another that offers them a 10% increase. Nearly 24% employees refused to accept the offer, if they believed their organization was involved in a larger vision.
Many employees are bound to make do with lesser amounts of money if they believe they are being adequately compensated with meaningful perks and work that has a higher purpose.
Growth Opportunities Attract Talent
The opportunities for growth prove as a talent magnet for employees. Report states that employees who are afforded such chances to grow professionally, are 20% more likely to stay with their current organization.<< back to Content