In the earlier days, once a candidate secured a job in a reputed company, he would continue working in the same company for years. However, with competition increasing, companies are paying much higher compensation to experienced employees for joining them. Additionally, in today’s digital age, networking and finding another job have become much easier. Today’s workforce also wants to work in a company that promotes positive work culture and cares about their well-being, apart from monetary benefits. Thus, those companies who don’t focus on imparting it to employees would end up losing their employees. All these factors combined have led to attrition rates going higher in companies. 53 percent of employees today say that they are experiencing a high employee turnover. It is important for companies to focus on retaining their existing employees as it is less expensive than hiring new employees. Additionally, with your existing employees joining a competitor, your confidential data is also at risk. To curb this, let’s look at some employee retention strategies that you can deploy.
1. Address burnout: Be it any employee belonging to any organization or profession, they need time off for themselves and clear boundaries between their personal and professional life. They all have families and their personal well-being to take care of. Employers should respect that and design work policies and strategies that refrain from everyday long hours of working, unproductive work, or too stringent timelines for everything.
2. Treat equally and develop healthy relationships: It is often that employees don’t leave companies, they leave managers. Apart from work, managers and leaders should focus on developing meaningful and healthy relationships with their employees. They should create an open, approachable, and non-hierarchical culture where employees feel they have someone who listens to their problems, cares and supports them. Having strong bonds and connections in the organization gives employees a strong reason to stay back. Additionally, employees at all levels should be treated equally, without any bias for designation or salary.
3. Employee Engagement: Having a mundane work routine leaves an employee bored and feeling monotonous. Organizations can organize fun and meaningful employee engagement activities that facilitate team bonding, mentoring, knowledge sharing as well as recreation. They can also organize feedback sessions, guest sessions, wellness workshops, mentoring with senior leaders, team outbounds, and more such employee engagement activities where employees can take a break from work and just spend leisure time. This also makes them feel that the company cares about them. Counseling sessions, where employees’ problems are heard and addressed in private can also be one effective engagement tactic.
4. Monetary and non-monetary rewards: If a company’s financials permit, the financial increment can be one of the biggest incentives for an employee to stay. In a company, getting a new employee at a higher salary and not providing the same monetary benefit can demotivate the existing employees. Additionally, bonuses, incentives for achievement of targets, loans, etc. can also lure employees to stay in a company. Apart from monetary, non-monetary incentives like paid holidays paid time off, sabbaticals, and education assistance can also help in retaining an employee.
At Fatakpay, we aim to assist the companies in enhancing their employee retention and reducing attrition by providing their employees a line of credit without any interest. It reduces the stress on the employer’s working capital and alleviates the financial burden of employees, thus enhancing their retention in the company.