Retaining an employee is as crucial as hiring one. Employees are, by every means, assets of the company. HR professionals must constantly strive towards enhancing an employee’s experience and wellbeing to reinforce the employee retention rate in the company. And more than ever now, considering the COVID crisis has disrupted the corporate world and economy. With high cases of burnouts and deteriorating employee wellbeing, many may lookout for new opportunities post-pandemic.
Labor markets continued to offer opportunities for the unemployed even during the pandemic, especially in the food and grocery sectors. Moreover, the overnight digital boom gave rise to new opportunities, which inadvertently turned out to be a boon for the unemployed. However, the same cannot be said for employers. With staff seeking out new roles post-pandemic, employee retention rates may take a colossal hit. The reason being, every time an employee leaves, it sends a ripple effect throughout the company. And if the employee is from the top cluster of the hierarchy, the impact is stronger. It may sway fellow workers and team members to contemplate new opportunities too. Hence, HR leaders must stay updated on trends and upgrade employee retention strategies to retain their best talents.
You might also be interested to read: Preventing Employee Burnout In The Organization
There are many reasons why an employee would leave the organization, but the most common ones are better compensation, perks, or working conditions. One of the best ways to figure out the reason for departure would be via an exit interview. A meticulously planned exit interview can be advantageous and help HR leaders plan and implement new employee retention strategies. Although one can never foretell when and why an employee would exit, here are some employee retention strategies of 2021 that an organization can implement to retain their staff successfully:
Cordial and informative orientations: The recruits should feel valued, appreciated, and motivated from the first day itself. Cordial orientation programs will help employees settle in and understand the culture and values of the organization. Also, introducing a mentorship program will aid in building trust, loyalty, and synergy amongst the workforce.
Teaming building and communication: Team synergy took a disappointing hit during the pandemic, with many employees feeling isolated or overlooked due to lack of communication. Organizations must invest in interactive apps and platforms that can aid the workforce to stay connected on and off-site. Moreover, team leaders should organize frequent town halls and urge employees to share their feedback or grievances as a part of the team-building activities. Job satisfaction and employee retention rate will be high if your employees are heard and appreciated regularly.
Perks and wellness programs: A company that offers employee-benefiting perks will attract and retain more staff than others. Compensations such as pension plans, insurance plans, remote working, flexible schedules, virtual fitness programs, etc., can boost employee loyalty. Besides this, the organization must also focus on employee wellness (financially and mentally) and introduce counseling and programs that will help them maintain a work-life balance.
Reskilling and upskilling: Employees are assets of the organization, and investing in your employees will only be lucrative for the institution. Considering the advancement in technologies and digital transformation, upskilling and reskilling programs will aid employees to learn, grow, and explore new skills. In addition, professional developments can have a huge impact on employee retention as no worker would want to exit an organization that sponsors growth and development. Also, it’s a win-win for HR leaders because when an employee grows, the organization grows too.
Rewards and recognition: Every organization must appreciate the hard work and efforts of its employees. Recognition is indubitably one of the best forms of motivation. The team leaders should reward those who produce results and those who put in efforts to sustain high performance and productivity. A company that rewards and recognizes its employees for their hard work and efforts will always reflect a positive employee retention rate.
During the pandemic, even the most successful organizations in the corporate world felt the sting of the dreadful virus. Although employees welcomed the shift to remote working and flexible schedules with positive feedback, several still felt burned out and isolated by the end of the year. Needless to say, employees would contemplate looking for new roles on the market depending on how their organization handled the pandemic. Hence, HR leaders must consider upgrading their employee retention strategies to retain their best talents and reduce annual employee turnover.
References:
- 14 Effective Employee Retention Strategies | Robert Half Talent Solutions | Robert Half | April 30, 2021
- Managing for Employee Retention | SHRM
- Top 26 Employee Retention Strategies for the “New” Work World! | Vantage Circle | Thadoi Thangjam | June 17, 2021
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