Leaving a job is a difficult choice to make. It’s a hint that you’re losing a lot more if you’re losing employees.
- It will cost you money. Your company will lose money if you have a high turnover rate. According to certain studies, losing an employee might cost 1.5-2 times their annual wage. This comprises hiring a new employee, onboarding them, assisting them in getting up to speed, and training them.
- Company culture is ruined. You must also consider the impact of employee turnover on your company’s culture. After all, it is the people who make up culture.
- Increases the amount of turnover. People will begin to wonder if they should go after seeing their coworkers leave.
- Reduces engagement. If you notice a lot of employees departing, this indicates a low level of employee engagement, which has far more consequences for your organization than simply losing people. It can have an impact on everything from efficiency to product quality problems to staff safety.
To build effective employee retention tactics, you must first understand why employees leave.
Reasons for people quitting their jobs –
Employees might depart for a variety of reasons even before a pandemic, including a lack of advancement prospects and terrible business culture. Since the Covid-19 pandemic, a lot of individuals have quit, and it’s probably because of a few things that have been going on in the workplace since March of 2020.
- Work has become too demanding. Because of the pandemic’s uncertainty, several businesses have laid off or furloughed personnel. This encouraged employees to take on additional work, which might lead to increased stress. Employees in your field may be burned out depending on how they were affected. Workplace stress will always exist, but are your staff being pushed beyond their limits? That’s enough to get them to give up.
- Priorities have shifted for individuals. People have undoubtedly had more opportunities to consider their priorities as a result of spending so much time inside. Remote work allows many employees to spend more time with their families. Ones are kept away from the people they love the most when their jobs require long hours in the workplace.
- Personal growth and development. Nobody wants to be stuck in a rut. Providing possibilities for advancement demonstrates to an employee that you care about them.
Creating an employee retention plan:
It’s important to remember that it’s not about the money. Money, they say, can’t buy love, and it certainly can’t buy loyalty. Just because you pay well doesn’t mean your employees aren’t looking for more out of their jobs.
Create a work atmosphere where employees feel valued and have a sense of purpose. Here’s a list of excellent staff retention tactics, as well as advantages you may provide to boost your retention rates:
- Assist employees in discovering a sense of fulfillment in their jobs.
- Allow for career advancement.
- Allow for work-life balance by providing flexibility.
- Provide sabbatical opportunities.
- As the demands of your employees evolve, you must adapt as well.
It’s not always that simple, and your company’s resources may be restricted. So, while you won’t always be able to provide your staff everything they want, concentrate on a few key areas. Appreciating people for their efforts does not necessitate a large number of resources. Showing your employees that you care, whether it’s with a simple thank you or fantastic incentives and recognition program, will encourage them to stay.
ABOUT THE AUTHOR: ADVANTAGE CLUB
Advantage Club is a global provider of employee benefits. The platform serves to digitize all employee demands under one canopy through numerous employee engagement programs such as incentives, rewards & recognition, flexible and tax-saving modules. It now serves over 300 organizations in 70 countries and has over 10,000 brand partnerships.