Do you have a winning Employee Retention Strategy?
You must admit that you have worked hard to hire your employees. Many Human Resource professionals or Hiring officers have seen their candidates jumping ships within few months of hiring. This is because they have not designed in their company a winning Employee Retention Strategy. No hiring or recruitment strategy is complete without a proper strategy for employee retention. Ultimately it is quite practical to expect the plants to bear fruit that you have so laboriously planted in your organization. And it is equally painful if they don’t.
“In a recent Watson Wyatt survey, more than 50 percent of the responding companies said they didn’t have a formal strategy for retaining employees once they had been successfully recruited.”
This is going to be an era of contingent workers. There will be acute labour shortage of blue collar workers. Knowledge workers due to uncertainty in the job market and economic recession are reacting in a hair trigger way. They are job hopping in a way that is unprecedented. As the desires of a better lifestyle have become a need among almost every people, employees are demanding higher wages along with other benefits like work from home, flexitime, and longer parental leave. The number of employees going for sabbatical has also risen.
These are the many reasons why employees are fast getting disengaged with their organizations. To prevent bad blood and talent drain do you have a winning employee retention strategy?
Below are the 3 key factors which should help you to redesign a winning employee retention strategy:
- New ways to device performance metrics: The traditional yearly or quarterly reviews are no longer much in use. Instead, organizations have shifted to shorter periodic performance reviews. Many companies today conduct 360o Performance Reviews. But still, this is not enough. Every organization must realign performance metrics to job competency focused training and development goals.
We need a performance review which concentrates on transparent sharing of positive feedbacks and focuses on employee growth and learning. Once employees understand they are making a valuable contribution to the company they sense an urge to contribute more and get engaged to organization goals.
- Transparency in Communication: Communication culture in any organization is the most common factor why employees get disengaged. There should be transparency in every sphere of communication among the organization. Either be it top down or bottom up communication employees must feel their feedbacks and opinions are heard and taken seriously.
At times in larger organization due to a large number of employees, management have limited option to interact with every employee. Regular Employee Surveys should be conducted to get transparent feedback from all level of employees. The surveys conducted on entire workforce helps the management to understand how the policies planned from the top have been implemented. Employees, on the other hand, feel their opinions are valuable and their views are taken into account while the management is devising any people strategy.
- Create a Competitive Advantage: Think about how your company is different from others in the market? Have you built a brand which is in reckoning among millions of people? How good are your CSR (Corporate Social Responsibility) activities? Do your employees feel proud to put on your organization’s badge?
If all these answers are positive you will have many loyal employees in your team. Sometimes companies can effectively differentiate themselves from others by investing in branding strategies. Sometimes a small but interesting or emotional ad in digital media and social pages may work wonders. Employees start accepting your brand as of a different feather than other companies. They think many times before they look for jobs in other companies.
Do you want to suggest any fresh ideas on you have created a winning Employee Retention Strategy? Then please leave a comment below. Your suggestions are valuable to us. If you find this blog helpful do share it with others and feel free to share any feedback with us.