Turnovers are one of the worst nightmares for any organization. Despite all those alarming statistics that indicate an increasing rate of turnover, every year, little heed is being paid to laying down a comprehensive employee retention strategy.
As a matter of fact, a huge number of organizations, almost 50% of them worldwide, do not actually have a proper retention strategy for their employees. In an era where management systems are undergoing a smart transition and organizations worldwide are putting a huge emphasis on building a competitive and thriving organizational culture, an unexpected and unplanned turnover might turn out to be a huge setback. A single or a group of employees quitting the job collectively could deal a huge blow to the organization and often turns out to be a loss that might not be entirely revoked by making a new recruitment(s) to fill the void.
Organizations need to deal with this menacing challenge of employee turnover and devise counter strategies on the same parameters as they do to sustain the pace of performance and growth. Thus, we are sharing some smart tips to reduce the rate of turnover in your organization and improve the efficacy of your employee retention strategy.
Foster a Healthy and Competitive Organizational Culture
Strive to foster a culture of trust, mutual understanding, and collaboration and trigger each employee’s performance by offering opportunities related to their forte and area of expertise. Establish your organization’s management mechanism on the prime values of transparency, trust, fairness and equality and ensure an equal provision of opportunities to each employee. This ties the organization and the employees into a strong bond and also improves their level of dedication and commitment towards their job.
Offer Training and Guidance
Incorporate a system of periodic training to polish the employees’ basic skill set and prepare them for better tasks and more competent job roles. Investing in the training and development of employees through an effective need analysis is a smart strategy to retain your employee base and to keep them motivated and engaged
Define a Definite Career Path
Invoke a sense of job security in your employees. Ask them about their future aspirations and where they wish to see themselves in the short as well as the long term. Devise a promotion and career plan for employees, entailing the skills and performance-based milestones to help them tread on the path to success and reap the benefits for themselves as well as the organization.
Allow Job Flexibility
Employees appreciate flexibility in job designs. Incorporate a certain degree of leniency in the working patterns and operational designs to allow the employees to complete their assigned tasks at their convenience in the case of an unusual situation.
Recognition and Rewards
Improve your system of recognition and rewards. It has been observed that the organizations that encourage, appreciate, and compensate their employees with due recognition and intrinsic and extrinsic rewards have a lower rate of annual turnover.