Turnover trends have always been something that could make or break an organization. Research shows that in 3 cases out of 4, employees who quit could have been retained by employers. Higher turnover numbers do result in higher costs for employers. This is one more reason why all organizations need to take steps to reduce turnover and actively work on their employee retention strategies.
Tips for reducing employee turnover
The key to decreasing employee turnover lies in the organization's vision and values and the work environment that is provided.
Our team at Quotum Technologies has worked with several companies to address this issue and have the following recommendations. While these are basic recommendations that most organizations would have heard of, it is quite surprising to find sometimes how many don’t think of it as feasible solutions that can deliver results.
- Institute a comprehensive hiring and onboarding procedure – the hiring procedure should consider the organizational culture and work ethics. You must ensure that the potential employees’ behavior and skill set will fit in with your current environment. Further, don’t underestimate the importance of the onboarding process. Take the time to communicate the company’s visions and goals and try and understand what the employee hopes to achieve. Aligning their goals to the organizational plans allows for a healthy atmosphere that will foster growth.
- Balanced Corporate culture- Corporate culture is about more than interaction at the workplace. An increasing number of employees are looking for positive relationships with their team members. In addition, there is a growing trend of job seekers who feel that work-life balance takes precedence over- pay structure and job titles as well. This is where a robust corporate team environment plays an important role in employee retention. The company must dedicate time and effort to identifying its employee’s goals and abilities and ensure that they can grow and build their skillset as well.
- Positive employee-manager relationship- Managers should interact with their team members on a regular basis. Employee contributions should be acknowledged as that will go a long way towards making them feel valued in the organization. They should use these meetings to collect feedback that will help improve internal processes. In addition, the manager must get to know his team members on a personal level and understand their growth objectives. They should then try and identify projects or responsibilities that will let them achieve their targets. Such interaction at a personal level is what will differentiate a successful organization from a failure.
It is the need of the hour for every company to understand that with the increasing technological capabilities, the only differentiating factor will be the human workforce at an organization. Understanding and nurturing this important resource will reap rewards in the long run.