Employee Retention! While hiring the right talent in the organization helps it to grow, retaining the same talent helps a company to attain its goals. As millennial have become a major part of the workforce, employee retention has become paramount for most of the organization.
According to a survey report published in Forbes, “60% of millennials were open to a new job, while 21% had switched jobs within the prior year”.
“Approximately 50% of the organizations admit to encountering difficulty in retaining employees, and 70% have trouble replacing the former employees who leave” according to the survey.
Today, top performers are just a LinkedIn message away from finding a new job in a rival company. Employee turnover is costly and leaves a negative impact on the organization.
If your company is also struggling with the retention of employees, here are 3 essential employee retention factors that you might be ignoring:
- Work Schedule Flexibility
The old clock-in, clock-out is the concept of the past. With the recent pandemic situation, the companies have realized that an equal amount of work can be done remotely as well. Employees today value flexibility and the employers must prepare themselves for a new workforce`s sense of individualism.
- Health & Wellness Benefits
Not only free coffee and food, today, but employees also give more preference to workplace wellness. More than 60% of waking hours are spent at the workplace. So, the workplace has a huge impact in shaping employee lifestyle, overall health, and eating habits.
Hence, a gym membership reimbursement or a health spending account simply shows that employers care about their employees` health and well being
- Appreciation & Recognition
When milestones or targets are achieved, are your employees rewarded or recognized for their contribution? Rewarding an employee for his immense contribution throughout the year will make them feel appreciated.
However, most of the managers forget to often do that. The reason behind it is not only ignorance but also the poor employee management system. So, it leads to an environment where the top performer doesn`t feel like going the extra mile.
- Employee Engagement
Most of the HR personnel feel that employee engagement means organizing an event filled with fun activities on weekends. Though that too is a good idea, it doesn’t help in the long run. Assigning your workforce with creative assignments or projects is what promotes employee engagement.
Giving monotonous projects or work that lacks creativity is the best way to have a top-performing employee looking for an exit.
With the surge in demand for highly-skilled employees, hiring managers need to be realistic about working smarter and harder to retain their valued employees. The grass is always greener on the other side, especially when employees are getting more flexibility, money, or interesting projects.
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