Did you know that 51% of employees constantly consider another job as they aren’t satisfied at their current workplace? Employee satisfaction is more important than ever in this competitive era. You don’t want to spend funds on recruitment/training and then have employees dropping out. According to stats, around 25% of employees end up changing their company during the first year of recruitment.
Have you ever thought about the growing concerns of such an attrition rate? Your top talent might help some other companies grow. How do you reduce this attrition rate?
1. Provide Competitive Compensation and Benefits
Skilled and experienced employees are always in demand, switching from one organization to the other will take a matter of time. And this happens when a company does not have employee-friendly policies and attractive benefits. Study shows that millennials are not only looking for a good paycheck but also want comfort to stay for a longer period. If your employee benefits aren’t helpful, your attrition rate might increase significantly.
Around 80% of employees prefer job benefits over a pay raise. Organizations can add perks and benefits like health insurance, wellness program, workations, and ESOP to attract and retain the existing talent.
To provide such benefits, the organization needs to conduct research on perks and benefits provided by the other competitors. Based on the results, the organization should endeavor to provide competitive compensation and benefits to the employees.
2. Enhance Employee Engagement
Employee engagement often defines the relationship between the employer and the employees. Are your employees working enthusiastically for your company? If not, then there is something wrong, and employees might leave your company soon. Employee engagement refers to employees’ level of dedication and enthusiasm toward company work. Engaged employees love their work and effectively contribute to the company’s success.
There are many ways to enhance the employee engagement level. Organizations can establish better communication channels and provide compensation to enhance employee engagement. Activities like workplace parties, games, tournaments, competitions, special days, sports events, etc. Create a compatible work culture for the employees, the engagement rate will automatically increase.
3. Provide Internal Promotions and Structured Growth Path
Internal promotion refers to upgrading existing employees to a higher job role. Promoting within a company helps an organization to keep its productivity level high. Sometimes, employees may require certain training sessions to upgrade themselves for the further role and this adds value to the existing skill sets.
An employee should not feel trapped while working for your company. Employees should feel that they have a chance to grow while working there. An organization needs to provide a well-defined hierarchy and growth plans for each role for motivation. Inform them about the availability of internal promotions and salary hikes if they keep working well consistently. Identify those right talents and hand them internal promotions.
4. Hold Feedback Sessions
Growing start-ups always undergo some pressure on their employee to achieve certain deadlines. In this process, employees may get some challenges in their day-to-day work life. Sometimes, they may not find the right platform to raise their concern about their job role or the issues they are facing. Arranging regular calls or counseling with people partners gives a space to elaborate on their problems or challenges. In this way, employees feel like the organization cares for their well-being. Conducting feedback sessions, support meetings to understand employee grievances is one of the ways you can help your employees.
5. Recognize the Right Talent
It never feels right when the credit isn’t offered where it is due. Your junior employees might be working hard to achieve the company goal. However, when they see the team leader taking all the credit, they might feel demoralized. This is why it’s vital to recognize the talent in your company at frequent intervals. For employees who solve hard problems and create a remarkable difference in the business, the organization needs to give them different rewards like ‘Performer of the Month’ or “Game Changer” for deserving employees.
6. Offer Flexibility in Working Conditions
When there isn’t something exciting or new about the workplace environment after a while, it can get quite dull.
Companies can also introduce a flexible working culture where the employee gets a chance to balance their work and personal life. Nowadays, organizations have started introducing a remote and hybrid work culture that excites employees to balance their work-life. On the other hand, most startups are now adopting a desk-less work environment to offer flexibility to their employees.
In addition, to foster a better work environment, the workplace can offer some recreational activities. And it can be anything like in-office sports infrastructure such as gyms, game zones, etc. These recreational activities enable team bonding and encourage better productivity.
7. Provide Learning Opportunities
The quality of work and learning opportunities often determine the attrition rate of an organization. Your employees should feel that your company is investing in their growth. Hence, provide training and learning courses to your employees at regular intervals. You can offer various kinds of professional courses to employees to improve their skills.
In a Nutshell
You don’t have to spend extensively on hiring talent repeatedly for your company. Instead, you can retain the existing talent by providing an adaptable work environment.