If there is a high retention rate in the organization can be quite a challenge that any company has been facing these days. Indeed, the pressure is more on the department of the human resource as well. Besides, the LinkedIn Survey has clearly shown that the annual turnover rate is nearly 11% wherein the employees who must have moved to another job are also represented especially in the pandemic crises. The reason simply wasn’t only the pandemic crises or fear of losing a job but the demand for better flexibility and good pay. In order to reduce employee turnover, the company now must come up with some better ideas that would help in building a better image of the organization.
Tips that always works:
- Hire the right employees:
Simply what is written in the CV may not necessarily be always true. It is important to take good care of every single detail that is mentioned and verify the same. To hire the right candidate who deserves the job is as important as keeping the person for quite a long time for the same role. In order to make sure the employees font leave the organization; it is important to be clear with the right hiring process. The role should be clearly explained to not just the candidate but also to the employer. Besides, the candidate should not just be fit for the job role but also should be comfortable with the company working culture too.
- Eliminate those who are not the right fit:
Instead of entertaining those unfit people who are still on the company’s payroll, it is time to hire those that deserve their position. There is also a saying that explains the time and tide will not save anyone. That is why it is important to take care of the organization by firstly removing those people who don’t deserve to be a part of the work culture. It is always better to look for the damages that the employee must have done earlier and accordingly act. But it is important to have the proofs for the same so that in future it becomes easy to explain to them what makes them unfit for the job.
- The compensation and benefits should be offered:
Motivation is one of the important and the best ways to reduce employee turnover. That is why it is important to make sure employees are not just paid fairly for their hard work but also are given benefits and compensation on festive or some extra efforts they had put in it. This way the employees would want to showcase more of their talent and of course would provide much better output. In the end, the organization needs a good performance and more productivity from the employee. For this in form of the benefits and some of the best perks, the motivation can always keep up the employee’s confidence.
- Know two words: Generosity and gratitude
The pro-social behavior of the employees should be encouraged. It can help to reduce employee turnover to a great extent. When a candidate is given a platform to stay connected with one another through some appreciation and connection, the employees would make themselves well prepared to stay healthy and happy. This means there is less chance for them to leave the job. In the form of encouragement, the good behavior of the candidate or employee should be encouraged. It gives a better ownership sense to them for the company.
- Recognition is important too:
Every employee be it the beginner or the expert and senior person needs to be encouraged at every platform. One of the finest ways to reduce employee turnover is by showing the employees that their hard work is always appreciated and valued too. It is better to offer them real-time recognition so that their success is also celebrated along with their hard work. It is important to make it social and certain which needs to be well supported by the reward in the tangible form. Eventually, there will be a reward for the organization from the employees as well. This will be in form of their loyalty which of course is the biggest requirement.
- Better flexibility
These days especially after the pandemic crises had stuck, better work from home opportunities have come up. There are so many companies that have now permanently shut down their offices and started with work-from-home solutions. This remote working environment is one way to reduce employee turnover as the employee gets the flexibility of working. Rather it even has a direct impact on retention too. If the employees get better work arrangements that are flexible then it can have a positive impact on the whole retention system as well. This means, if there are more restrictions and excess working hours given to the employee then there are high chances for the person to leave the job soon.
- Employee happiness should be Prioritized:
To ensure the employee is quite satisfied at the job, the happiness of the person should matter. At times, the employee would want to take a leave or wish to celebrate the birthday and this should be prioritized. It is always wise to make an investment in the employee’s happiness as it would result in better productivity and engagement.
These are just some of the tips to reduce employee turnover. It is important to maintain a cordial relation with the employee so their problems can be known and well-coordinated to come up with a strong conclusion.
Conclusion:
Employees do play an important role in the growth of the organization. It has been noticed that if there are not many opportunities given for the growth of the employees, they often feel demotivated. That is why it is important to come up with a better platform where employees can showcase their talent. Their work should be reviewed every six months to see how well they have been doing. It is good to come up with a better performance management solution and see to it that every employee gets satisfactory results by the end of the day after performing for the organization.