Employee turnover is costly. According to an SHRM poll, the top workforce management concern for HR professionals is retention/turnover, with recruiting coming in second at 36%. Recruiting fresh talent is marginally easier than retaining effective personnel, but it is significantly more costly.
While many companies struggle to keep their best employees, those that do have an advantage over their competitors. Employee retention in today's fast-paced workplace is influenced by a variety of variables, including business culture, flexible work arrangements, progression chances, employee retention bonuses, and professional development options, among others.
As a result, corporate executives must access research-based techniques for retaining outstanding people. By assisting HR directors in better understanding patterns and trends in their workforce and making wiser choices, HR data takes the guesswork out of determining what retention strategy to apply. Let's look at some tried-and-true ways for increasing staff retention to get you started on the right track.
Scenarios for Professional Development
94 percent of workers would remain at a company longer if it invested in their professional growth, according to LinkedIn's 2019 Workplace Learning Report. Internal training initiatives may aid firms in not just retaining top talent but also in closing the global skills gap.
Employers are having a harder problem finding employees who have the abilities they need. Companies that want to keep their best workers while also giving them the skills they need to be productive might consider upskilling them.
Behavioral HR analytics may be used by human resource managers to identify highly engaged workers, who are typically the greatest candidates for internal training. Employees who are enthused about the possibility of advancement and the responsibility of taking on more challenging duties are motivated by promotion.
Furthermore, corporate leaders and HR professionals that devote time and effort to developing a focused learning and development program provide their staff with the skills and knowledge they need to succeed. Recognize your workers' preferred learning styles and provide well-thought-out opportunities for professional development.
Carefully choose your management team
Employee engagement and retention, or by extension, attrition rates are influenced by the management staff you choose. When you promote the wrong people to management roles, it sets off a chain reaction that might lead to workers quitting your company. While there are numerous significant reasons why workers quit because of talent management (favoritism, office politics, informal threats, and so on), there are also more subtle factors ranging from micromanagement to employees not feeling valued and driven.
As a result, exerting extreme care when selecting management personnel is critical to employee retention. Getting frequent input from workers on how they feel about management is also a useful method to identify their major pain spots and devise a plan to solve them ahead of time. Obtaining bi-monthly input from workers using anonymous feedback tools may assist you in developing a clear plan to address employees' problems before they become a source of turnover.
Make the Most of Your Information
High employee turnover rates are caused by a variety of specific workplace variables. It might be a lack of suitable compensation/benefits or a bad business culture in certain firms, while personality conflicts between team members and management, corporate politics, or micromanagement in others.
Understanding the causes impacting your company's workforce turnover rates requires analyzing employee behavioral data with the help of HR tools, like Pavooq. Similarly, determining what new programs to introduce and the efficacy of current employee-centric initiatives may be aided by monitoring the correct indicators.
People analytics models, for example, may assist corporate HR executives in determining if their staff retention initiatives are effective. Predictive people analytics models may assist firms that have yet to adopt an employee retention campaign in developing a data-driven strategy and determining where to spend their employee engagement credit for the best results.
Make your workers' health and well-being a top priority
Employees are likely to feel more isolated as the pandemic's impacts worsen owing to a lack of in-person connection/interaction. Working, living, and staying at home may all lead to a lack of motivation at work and an “always-on” mindset, which can lead to burnout.
The effect of the move to remote work was objectively analyzed and quantified by one big technology company using workforce analytics. Following the shift to work from home, 60 percent of the company's employees worked an average of 10+ hours each day (compared to just 35 percent before the change). Additionally, the percentage of workers working after hours climbed from 20% to 55%.
The early research uncovered information that the employer should be concerned about, since working longer hours may result in employee burnout. According to other observations, workers were able to attain a better work-life balance by taking advantage of the possibility to attend to personal or family concerns during breaks. Workers were able to attain a better work-life balance by taking advantage of the chance to attend to personal or family problems during breaks by extending their working hours across a 12-hour period.
In these difficult times, prioritizing employee well-being is critical for employee retention. Going above and above in this regard demonstrates to workers that the company cares about their health and well-being. If stronger offers come in from rivals fighting for your best employees, they're also more likely to stay with your organization. The following are some things that business leaders may do to improve their workers' well-being:
Encourage your staff to take vacation time to re-energize.
Assist workers in developing work schedules that promote a healthier work-life balance.
Offer rewards for completing online fitness programs and offer guided meditation/yoga lessons.
Include all easily accessible wellness choices in healthcare coverage, including mental health.
Take all of the essential precautions.
Conclusions
The epidemic has had an impact on employee engagement and retention. Supply chain disruptions caused by the epidemic are lowering sales and profit margins, prompting many businesses to go back on employee health programs. As a result, executives demand data-driven insights into how and why their employees act. These insights may be used to develop efficient strategies for retaining top talent and motivating personnel.
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