Employee retention is one of the topmost concerns on the minds of business leaders and post-COVID it has become a great concern due to the mass exodus phenomenon called “ The Great resignation?” Although employee retention has always been within HR‘s close purview post-global pandemic it requires more attention.
The traditional way of retaining the employee
Usually, organizations allocate a budget to retain key employees but in reality, only a few of them utilize this budget wisely. Traditionally, an employee’s resignation is discussed by the line manager and HR which is unstructured. The discussion is based on HR/line managers’ personal opinions, team members’ opinions, and last performance review. Also, current performance metrics and future predictions are taken into account.
Limitations of the traditional HR dataset
Traditional setup is subjective, static, and full of biases which won’t help to understand the impact the employee has on the organization or how much they are important to the overall organization.
Effective ways to retain employee
Arrange cash prizes or awards that will entice an employee and help renew the excitement for the job. Organize intensive programs for the entire workforce and when awarding the winning employees, do it with much fanfare to motivate other employees as well.
To encourage an employee to stay, offer life insurance or retirement saving plans that can make an employee reconsider his decision. Also, offer stock options or vacation time to make them stay in the organization.
Salary hike or promotion may tempt an employee to stay in the organization. Believe it or not, an impressive job title can do the trick. encourage bonding between staff. Loaner cars, free food, extra time-off can also make up a total reward package to retain a high-performing employee.
Professional and personal growth of the employee:
Give employees better opportunities to get better at their jobs like training them to learn new software that can eliminate tedious tasks. Allow them to attend workshops to develop new skills.
Positive employee experience:
A positive employee experience translates resignations into retentions. Also, respect and considerate treatment by the company eliminate the negativity talented workers abhor.
Positive workplace environment:
An improved workplace like a flexible work schedule or even work from home or telecommuting encourages an employee to stay in the organization.