Hiring employees is just the first step towards building an empire. Retaining employees is the main challenge, where every organization needs to focus. According to a recent report published by Harvard Business Review, 40% of workers plan to look for a new job within six months of employment and 69% say they’re passively looking for job change already. As employers, these figures are alarming.
Let’s take a look at the POWER of employee retention:
- Performance: Improvement in an employee’s work accelerates the progress of an organization. An employee sees it as an investment when an organization offers training or education. Training to learn a new job skill or tuition reimbursement to help further employee’s education, will help employees improve their performance which will be for the greater good of the organization.
- Opportunity: The opportunities given to employees should be beyond their monetary compensation. The employees can be showered with opportunities such as working with other departments, sending them on-site for more exposure and learning, giving them projects on which they didn’t work before which can be part-time projects in the free time, etc. This will help them feel more wanted and assert their importance in the organization.
- Wage: The main objective of any employee joining an organization is to earn and to learn. If employees are not paid well and on time, this will dissuade any employee to impart their unparalleled output in the organization, leading to greater losses for the organization.
- Equality: Employees are the most vital part of any organization. The management in an organization should be unprejudiced towards any employee, irrespective of their designation or department. Discriminatory behavior towards an employee discourages other employees to work and make their niche in the workplace. This makes employees feel disregarded and neglected which is bad for the organization in the long run.
- Recognition: Every hard-working soul deserves and secretly craves for recognition. Then why should the hard-working employees stay deprived of it? Due recognition of employees’ work in an organization ensures the employees’ loyalty to the workplace and also motivates others to work as hard. Handwritten notes, appreciation mail, credits during team lunch, etc. will all contribute to the positive environment of the company.
An organization that pays attention to these key markers of employee retention, not just manages to stay afloat in this era of cut-throat competition, but also sets a precedent of a work culture that is exemplary.