One of the biggest challenges for any corporate in today’s market is retaining talent. Globalization, multiple startups, and a number of job offers at hand, Employers become very vulnerable to high attrition. One or more effective reasons of job dissatisfaction could create a permanent vacancy in the organization, and eventually problems surface.
There are no hard and fast rules that convey or assure 100% retention of employees. However, following are some tips that can be followed, which will definitely inhibit increasing rates of attrition in your organization:
1. Thorough research of the salary level: It would be rather foolish to offer a low package to someone and expect high talent out of the employee. Even if such a candidate joins on a low package it could be on a temporary basis and the candidate is likely to leave as soon as he finds a better opportunity. In case a financial reward cannot be provided, some other non-monetary benefits could be offered to keep the candidate motivated.
2. Training front line supervisors: It is critical to have a good Manager-Employee relationship as it affects employee job satisfaction. Hence, it becomes very important to train managers with supervisory and people management skills.
3. Well defined roles and responsibilities: Ambiguous job roles enhance the rate of attrition.
4. Growth plans: It is important to share future growth plans with workers as this keeps them motivated in the long run.
5. Employee satisfaction survey/interview: The best way to keep an eye on employee happiness and satisfaction is by conducting satisfaction surveys or interviews so that grievances can be constantly tackled.
6. Foster an environment of teamwork: It takes effort to build an effective team, but the outcome is greater productivity, better use of resources, improved customer service and increased morale.