George Goyal from Houston is here with a few alarming numbers showing that 40% of workers are planning to have a new job within the upcoming six months and 69% are already looking for a new one.
As employers such figures are frightening. Every employer is careful in hiring the best workers and once they are found, they have to be kept. There are certain benefits of having a same employee in a same company for atleast 10 years. George Goyal Houston is here with the tips for the companies or employers on how to make workers to get stick around for decades.
The employer always need to give the employees good reasons to stay safely in a company for a longer time and also make a long-term commitment towards the organization. The employers should make proactive efforts to establish the culture building strong relationships with employees. A relationship speaking a lengthy commitment, perhaps a commitment for life.
As per the business dictionary employee retention can be defined as the effort made by any business to maintain the working environment that supports the current staff to stay connected with the company. In simple terms, employee retention is the effort taken by any organization to keep their employees. Moreover, high or low employee retention impacts any company’s employee turnover.
Employee turnover can be stated as an employee or employees replacing an employee or employees who are leaving. A higher employee turnover rate states that the average tenure of the employee in company is less than others. The employee turnover increases due to the conflicts in the workplace, leading to low employee morale. Few of the other elements can be lack of exposure, low salaries and many more.
Knowing and managing the company’s employee turnover rate is essential if one need to stay in business for a longer period. If the company’s turnover rate is higher than the average turnover in your industry it is impossible to have a positive atmosphere in the office and among the employees. Nurture a positive work atmosphere by promoting engagement of employees, providing competitive salaries and having a healthy work life balance.
Hence manage and avoid higher employee turnover by retaining your key employees as it is an essential step for every business unit.
To manage the employee turnover rate and retain employees for a higher time, the employer needs to follow 5 R’s of employee relationships.
Ensure your employees that you trust them by giving them responsibilities allowing them to grow. Keep encouraging them to gain new skills. Provide your employees the education opportunities. Hire employees from within staff and try to give generous promotions at appropriate times.
Employees wish to know that they are appreciated and respected. As said, people may forget the things said by you but they never forget the way you treated them. Many workplace legends are built around the horrific things the stressed-out managers said. But if managers make it a priority to show respect for employees, it leads to a strong and enduring workplace culture. This also a positive work experience and memories that will never get forget.
3. Revenue sharing
Try to tie a part of the employees’ wages to the company performance. It aligns the interests of employees with the company’s revenue and profit goals that serves as an inherent incentive to stay connected with the company as it grows. Try to have a fixed cost of payroll more variable under different conditions make the company more resilient and agile. It also helps to treat your employees exceptionally well.
The rewards given to employees should speak to their emotional needs and also should go beyond the monetary compensation. Recognizing any employee in front of the company and department parties, lunches with boss, service projects, logo clothing, handwritten notes and many more can contribute to the positive culture of the company. All these also serves as good morale builders.
5. Relaxation time
As an employer be generous with time off. Despite the hard economy, you must provide your employees sufficient time for sick days, new babies, family vacations and many more. Pacing workflow can be highly beneficial to endure the employee relationships. Employer can expect and even should demand high-quality performance but it is unreasonable to expect a pressure at 100 percent. You must allow the employees to have a relaxation from one assignment to the next through team-building activities or mini breaks over the course of day.
It is important to remember that long-term commitment requires the support of both the side. It is fully understandable that most organizations have high expectations from the employees. But if you expect and hope that employees have a long-term commitment to your company, you even need to give them good reasons to stay. Hence, George Goyal Houston brought you the above 5 approaches to retain talented employees.