Employee retention is a challenge faced by human resource department of even the top class organisations. However, reducing employee attrition is very much possible in the uncertain atmosphere. Things like poor leadership, wasting the time of employees and improper HR practises may lead to increased employee attrition. Consequently, it is advisable to keep the good and high performing employees happy. According to certain research outcomes, it may cost an organisation almost one fifth of an employee’s yearly salary to have a suitable replacement. Follow the below mentioned tips in order to slow down the revolving process at your company:
Hire the suitable candidates selectively
One of the best ways to reduce employee attrition is hiring the right employees. Recruit candidates with only the exact qualifications and personality for the job. Consequently, they’ll learn quicker and perform better in the long run.
Recognize and reward the employees
Display the employees how much they are valued at workplace by showering rewards for better performances. Celebrate the success of each and every contributor by appreciating their efforts with tangible rewards. Ensure the participation of employees from other departments and make it a social affair.
Replace people who don’t fit
There are some instances when a company fails to get an employee who suits the role. Any random recruitment may not produce the desired results in the long run. Consequently, a bad fit can be bad for the office culture. Remove all the employees who just don’t fit in your office. Get rid of problematic employees and fire employees with negative attitude.
Teach a lesson or two on time management
Time management is necessary to complete a project and deliver it as per a deadline. Spend some time with employees or have sessions to teach them prioritizing and completing work on time. Honest efforts are likely to bring future workplace success in more ways than one.
Employees crave for a professional and personal life balance. It can impact employee retention directly. According to a research outcome, 80% employees and 75% managers revealed that flexible working conditions had positive effects on employee retention.
Reduce boredom and communicate more
Employees are likely to get bored when they remain underutilized. Engage them in activities which help them to learn more about leadership, switching roles, and job responsibilities. Communication should be a priority in different levels of management with either a monthly newsletter or town hall meeting.
Review and assess the employee concerns regularly
Make some reasonable efforts to address the concern of your employees. Show them that you are making such an effort. Whenever employees find that their comments and suggestions are valued, they’ll open up on various aspects of the business. It will help in understanding the inner workings of the company.
Create opportunities for growth and development
Employees often rate a company based on the scope and opportunities for growth. According to a survey, there is a direct link between lack of growth opportunities and higher employee attrition. Prepare your employees to meet the future challenges for them to invest their time and effort wholeheartedly.