Retention in the workplace
Retention in the workplace is the major element that helps any organization achieve its organizational goal. Employee retention is the organizational goal of keeping talented employees by fostering a positive working atmosphere. A sustainable period of employees is the biggest asset of any company.
Major elements of Employee retention in the workplace are:
Performance and Productivity Maintenance:
Employees who have been associated with the company for a long time can deliver the best outcomes, they use their organizational knowledge to come up with better strategies, are better linked up with clients and customers, are familiar with organizational values and missions, and can effortlessly cope up with the organizational organogram.
Cost-effective:
Employee retention in the workplace helps develop better employee strategy, the investment that a company does in the early employment phase starts to yield major profits after a while and when this process continues in a longer run, the company can make the optimum best from their staff.
Employee Turnover Management:
Keeping employee turnover to a minimum by making the workplace a suitable place for the growth and improvement of employees will attract better manpower for the longer run. Happy employees dedicate their best during work.
Increase morale:
Employees who enjoy what they do and adjust to their work atmosphere are more likely to stick to the very company for a longer period of time.
- Recruitment Enhancement:
Usually, retention in the workplace strategies begins at the moment when the recruitment process starts.
Retention in the workplace of a positive and dedicated staff is important for the success of any company. High employee turnover can raise a question on the morale of the company and may lose the benefit of trust in the market. There are various reasons adding to this stating why retention of a suitable staff is essential for the company.
(Source: Tutorialspoint.com)
Why is Employee retention needful?
The company should know the difference between a valuable employee and an employ that doesn’t add much to company growth. Once the valuable staff is recognized it is important to praise their work, provide additional benefits, and give deserving promotion and increment.
- It takes months for any organization to groom its staff enough to yield productive deliverables and understand the corporate culture. In doing so, the company prepares them to become better at their work and if they fail to retain that staff in the longer run, the disadvantage clearly lies on the company.
- Any staff working for a certain period in a company is well aware of the strategies and functioning strategies. If after resigning from if they decide to join the competitor firm then there is no doubt that their loyalty shall soon shift with the present company.
- Losing a staff with high potentiality is a bigger loss to a company that can hardly be covered soon.
- Adjustment to company policies and values takes time and having a new employee time and again makes this a never-ending process.
- Hiring itself is a tiring process. The entire recruitment process takes a lot of effort and hiring the best candidate is a very difficult task.
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Effect of Employee Turnover
Employee turnover is the loss of talent in the workplace. This includes the departure of the employees, continuous resignations, layoffs, even location transfers. If you are wondering, what is wrong with this, well evaluate the following points:
- When an employee leaves he takes with him valuable knowledge about the company, customers, and past histories, all of which can become an asset to the rival company if they decide to join them.
- Customers and clients to be inclined to the people rather than the company for the product selection. They place their trust with their focal person and prefer being served by them. It is this relationship between the staff and customers/clients that helps encourage the sponsorship of the commercial business. Losing such staff means losing the sponsorship service.
- Every time a staff leave someone else is hired to fill up that place. Despite the best orientation, it takes a minimum of 3-4 months for anyone to completely understand the company and connect to its values, so it is fair to say that every termination/layoff/resignation hampers the efficiency of the company, and regaining it can take a while which results in poor deliverables to the company.
It is anticipated that 35% of the employees may leave their jobs by 2023 due to the growing search for freelance candidates by commercial companies and corporate heads. With the increase in online jobs opportunities, the willingness for desk work is gradually decreasing. It is out mostly necessary to develop employee retention strategies if the companies look forward not to being affected by it. About 77% of the employee departure are preventable, all that needs to be done is, and the HR department needs to act firmly on employee issues.
Strategies for employee retention.
Giving employees a voice:
Companies should stop treating employees as a voiceless deliverable tool, rather should provide an opportunity to bring out their ideas for the betterment of the company. When the voices of employees are heard and acted upon as per the need of the company it brings a sense of belongingness and induces a sense of ownership in the company.
Appreciate and recognize:
Appreciating the work, highlighting their unique achievements, and recognizing the efforts of staff tends to build good morale in the company. This will encourage them to work better and dedicatedly as they feel safe and treated in a righteous way. If employees are praised for their works and provided room for growth, paid fairly for their skills, and given deserving promotions then there is far less chance of them leaving the company.
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Provide training and workshops for professional development:
The lack of properly trained, and semi-skilled staff can hamper the productivity of the company. It is necessary to identify the need for the training and workshops material that will help boost the professional capacities of the staff as the result from it can yield an increased efficiency in upcoming days. This will also motivate staffs to work harder and use their new skills practically in their work boosting the work morale.
The traditional approach of Micro-management is not the best choice if you are looking forward to employee retention in the workplace. People believe in a safer approach of working where the employer is ready to accept their terms of working as well, respond to their voices and provide a growing space in their jobs. If the company is willing to achieve its target goals then it must create an atmosphere where the employees are happily invested in the growth of the company.
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