Is employee retention that tough?
In the world of today, employee retention is the key to a company’s success. More so, when the international waters have opened up for a candidate, retaining them is even more of a problem. Retention is a big problem because employees tend to move to newer jobs with better benefits. It’s a projection that by the year 2023 every 1 in 3rd person will leave their job. It is not easy for an employer to replace an employee who has quit. Costs have to be spent on getting a new employee. Apart from them, other workers tend to lose their morale because their coworker has left his current job for a better job. These costs are huge for US businesses, amounting to 1 trillion dollars every year.
A company can avoid such costs by hiring elearning companies to create better training material for employees which can increase their growth prospects in the company.
So, how can companies prevent this kind of attrition:
Pat employees on their back
The first step is to acknowledge employees. The coworkers should recognize what the other employee has done, and this causes job satisfaction. This is the way a team feels valuable for the company and is less likely to move over.
Appreciation should come from all levels, from peers and managers. This can prevent the attrition numbers. Appreciation is not as tough a task as it seems. Employees should be thanked for any task for which they have worked hard and for all the effort they have put in a task.
According to a study, employees felt bored at their jobs quite frequently.
Exhaustion is stress affecting employees. This leads to reduced work effort and lesser effectiveness. Such boredom is known as burnout. If employees feel more burned out in their jobs they are likely to stay absent. This has to be controlled otherwise they will leave the job. Employees who are overworked in a job are more likely to switch jobs than those who are not. The burnout can be caused by many factors, such as exhaustion, and cynicism. Even lesser recognition of professional abilities can also cause burnout.
It’s better to invest in employee well being to make sure that the turnover is reduced. So, it’s better to make sure that it’s not always work at a company, but there is time for fun also.
There have to be steps taken by employers to make sure that employees are well-satisfied with their jobs. It’s not always enough to give fruit baskets to employees to reduce their mental stress. These are some examples of steps taken to reduce stress.
- Group chats can be initiated by partners to see that employees chat on different subjects related to the company. Since the company partners have initiated such group chats, they can benefit from hearing what the employees think about the company.
- There should be communication between the managers and the executives about issues such as company stability. This kind of communication should be transparent where nothing should be hidden from employees.
- There could be various events hosted on weekends. Such events could include virtual cooking with employees and virtual yoga classes
- Elearning videos to provide them training related to a topic. Search for recommended elearning companies to do this job.
This is how companies can reduce attrition.