Employee Retention Key to Organizational Growth
Date: Friday , October 07, 2016
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The traditional employer-employee relationship has undergone a complete makeover over the last decade or so. The carrot and stick policy is fast losing steam in the light of new employee retention schemes in which companies are going all out to retain valuable resources and talented manpower. The idea that, employees are just a cog in the wheel and readily disposable, are now a thing of the past. Companies are increasingly realizing the importance of a strong, dedicated and smart workforce in meeting organizational goals. To this effect, efforts to make the workspace a happy one have followed; office gyms, off-sites, free food, paid holidays and the like are joining the list of perks.
According to a well-known career site Glassdoor, a fat pay cheque is no longer making the cut. It is found that 57 percent of all workers claim that benefits and special perks play a decisive role in determining whether they accept or decline a job offer. In fact, 80 percent of the participants interviewed confessed that they’d choose new benefits over a conventional pay raise. No wonder, companies are coming up with ingenious ways to show their employees that they are valued assets.
A host of special initiatives are on the radar of forward-looking enterprises whose intention is to create a sense of loyalty and belonging to the company. By introducing policies that are in the best interest of the employees, they are hoping to keep the attrition rate to a bare minimum. A commonly followed policy is the flexible work timing plan that allows a person to maintain an optimum work-life balance and manage personal goals better. Top management is realizing the importance of downtime for harrowed employees so they can put up their feet and unwind after hectic schedules. This breathing space ensures that they return to work in full form without reaching the burnout stage. It has been a proven strategy to give breathing space to employees who are in high-stress jobs. It also allows a person to balance personal and professional priorities without either being compromised.
Work from home is another facility that’s found plenty of enthusiastic takers. In a scenario where nuclear families are more a norm than an exception, couples are choosing at-home careers especially when starting a family or raising a child. By excluding these new parents from the job market, companies are realizing that they’re losing out on good resources. Plus, the option is beneficial for them, so the investment in office infrastructure and running costs are reduced. So, to address the changing social milieu, they are extending a chance to valuable candidates to work from the comforts of their home. This works brilliantly for people who have pressing family commitments.
This apart, a cordial and employee-centric culture goes a long way in retaining talent at all levels. Offering rewards and recognition where they are due can bind the teams together and motivate the employees to push the envelope. This is where a team leader/boss/manager plays a pivotal role. One, who listens, recognizes employees’ core competencies and allocates tasks based on people’s strength areas scores above someone who has an authoritative, my way or the highway approach to people management. This explains why companies are investing in honing their top management’s soft skills as much as they focus on everyday performance.
Unique and quirky employee newsletters and periodicals that give them a window to discuss and share matters that are close to their heart are also a common way of enhancing internal communication. It gives them an opportunity to know a person as a person and not solely as a work colleague, this creates a sense of bonding and camaraderie that can see a company through tough times. With the same thought process in mind, companies are also organizing birthdays, festivals and celebrating important milestones in their employees’ lives such as weddings and parenthood. Flea markets and start-up associations to offer discounts, merchandise and subsidized food, branded apparel and travel vouchers are an added perk for the new and existing employee base.
Since people spend 60 percent of their waking hours in office, it’s only fair that efforts are made to make them seem worth their while. So employee satisfaction and morale are the chief concerns for most robust organizations. To gauge the satisfaction levels, companies are also developing surveys that bring to the fore the level of engagement candidates share. This feedback helps top management improvise and take the necessary steps to make sure the employees enjoy a long-standing association with an enterprise.
Apart from non-monetary incentives, employee referral programs or performance-based incentives are next in the row of successful employee retention schemes. These opportunities to earn an extra buck can boost productivity like nothing else and can save the organization a lot of moolah in the long run. It’s no surprise then that both the parties are wholeheartedly embracing this move. Stipends, baby cash, surprise offs, paid leaves, reward points for entertainment. The trend is to think out-of-the-box when it comes to employee retention.
Special training sessions, able leadership and effective talent management are other key areas that can make an impact on worker morale. By investing in a person’s skill sets, a company can empower them to him/her at the optimum and revel in a sense of ownership and self-confidence that comes from a job well done. The process of holding on to valuable human capital, however, actually begins with hiring right. This followed by grooming and training is a winning match. And, what eventually seal the deal for any good employee are a great boss and role model. It’s a fact that most of the angst that the employees express is because of a boss who doesn’t let them flourish in a competitive space. This is why companies are observing extreme caution while hiring top-level managers. A person to be a successful leader needs to have a host of qualities. He/she needs to be a good delegator besides being approachable, a good communicator, a team player and appreciate his/her subordinate are efforts. This is what makes hiring difficult and challenging. However, companies are leaving no stone unturned in seeking such assets out so they can lay down the rules and pave the way for their team members’ successful stint at the company.