Thirty years ago, the job market scene was very different from what we see today. Jobs used to be a necessity, and loyalty and hard work were the only ways one could climb up the corporate ladder.
But this doesn’t seem to be the case now. People are invested in their jobs only so long as they are satisfied with what it has to offer them. Career branches have expanded and options are aplenty. Millennials are somewhat fuelled by money, and care about personal growth over loyalty.
Goals have become short-term rather than long-term. People want to experiment with careers, ideas and take risks, and they definitely do not want to suffer from FOMO (Fear Of Missing Out).
In times like these, it is quite the task to retain employees. And, it is also extremely expensive to let them go. At times, it can cost an employer double the employee’s salary to replace them.
However, nothing is impossible. With the right strategies in place, you can ensure that your employees’ are happy to work for your organisation and also put their best foot forward. So how can you tackle this in the most effective way?
1) Yes, it is almost always about the money
This shouldn’t come as a surprise to you. Salary is the primary reason why employees’ quit an organisation. Hence, it is essential that you hit the right pay scales when deciding their yearly increment, or make sure you offer them a good package from the very beginning so that they are well taken care off even without a hefty increment. The salary should, at least, be on par with industry standards, if not more.
2) The deserved deserve a good rank
Every employee looks forward to climbing the corporate ladder and reaching a certain designation milestone in their career. And though not everyone makes a deserving candidate, the ones who do should not be deprived of their promotion. Find time to sit down with team leaders and higher executives and learn about their subordinate’s performance and where they are succeeding, or lacking. This will help you make the right decision. However, those who do not qualify for a promotion that year should be provided with tips and opportunities to better their performance so that they can qualify for one in the near future.
3) Give every employee the opportunity to learn
By restricting them to the four walls of the office, employees do not get the chance to learn new skills or enhance their knowledge. They are more likely to leave and find another lucrative jobs that serves their needs. They need to be assured that your organisation is keen on contributing to their growth as an individual and a professional. You can prepare a schedule of relevant workshops, conferences and other mentoring programs that are going to take place in the year and allocate budgets to send your employees to participate in them. Not only will this give them a break from sitting in office, but also open their minds to newer possibilities in terms of their work.
4) Hire the right person to begin with
The biggest mistake you can make is hiring on the basis on quantity rather than quality. Yes, there is always the fear that people will quit and you will have to hire candidates over and over again. But, if you hire the right candidate from the very beginning, you do not have to worry about them quitting that early in the first place. You can easily judge their track record to get an idea of the time they’ve served in their past organisations. Also, if you’re hiring a team leader, make sure they are capable leaders, or you will find their subordinates quitting one after another. Take your time but make the right choice.
5) Establish an open communication environment
Employee grievance redressal is very important in an organisation. And, it helps if you have established an open communication environment for your employees to freely discuss their problems and any other conflicts. It makes them feel like a valued part of your organisation because it shows that you have not put any barriers in the way of them communicating their grievances. Also, make sure that your managers are committed to following the same practice and encourage this behaviour in their team.
These are just a few ideas that can help retain employees in your organisation. You can also be open to suggestions from your co-workers and employees on ideas that will benefit them and make their term in your organisation a happy and successful one.