Are you losing your best employees one after the other? If yes, then your company, too, is a victim of “The Great Resignation” Phase says Peter DeCaprio. As the graph of unemployment is going down, it has become increasingly challenging for employers to retain the best talents they have.
It has become very convenient for people to switch their current job for better and more rewarding opportunities in the market. With the prospect of remote work, many employees quit their jobs to avail the comfort of working from home.
With this competitive market of talent hunt, here’s a list of 5 top strategies you can adopt to save your organization from losing the employees that are important to you:
1. Offer Market Competitive Salary and Benefits
The first attraction for any employee is the money they’re making! Emphasis Peter an entrepreneur.
Many recent surveys conducted on Employee Retention suggest that the top reason behind quitting a job is poor salary, followed by limited or no benefits such as Career advancement, Health Insurance, or accommodation.
The question here is, will better salary and added benefits help?
Well, in most cases, yes!
It may be critical for employers to decide which employee is worth an increment, but this strategy can immediately halt frequent resignations.
2. Build Your Employee’s Career
According to the feedback from Recruitment Portals such as LinkedIn, employees tend to stay with their organization longer on the off chance if the latter invests into their professional improvement.
In the present economy, employees must keep their abilities sharp to stay cutthroat and move up the professional ladder advice Peter DeCaprio.
Organizations can take advantage of their workers’ longing for improvement by providing composite mentorship projects or investing in employees’ higher education.
Online expert training courses like those John Doe assist organizations in developing employees’ growth ability in their respective niches while increasing their satisfaction.
3. Train your Managers to become Leaders
According to recent stats, the second most popular reason to quit a job is a bad boss! You might’ve heard of this old yet famous saying, ” People don’t quit the job, they quit the bosses.”
When hiring a Team Lead, be keen enough to judge if they are eligible to marshal the force. A team leader believes in inequality, has a goal-oriented vision, is competent enough to handle challenges, and inspires others.
If you’re unable to find the perfect match, you can always train your managers and bring out the best leaders in them says Peter DeCaprio.
4. Maintain Work-life Balance
By over-burdening your employee, you would keep them dissatisfied and negatively impact their productivity. Managers should assign their employees just enough that is promptly achievable.
Setting unrealistic goals can only bring heaps of tasks undone. So, it’s better to hire more people to divide the workload and produce quality work without being unjust to your existing employees.
5. Recognize and Reward
Every effort needs recognition. If you’re investing your money in your employees, they invest their time and efforts. A small acknowledgment of their input in your organization can boost their morale immensely.
Strategies like Bi-annual appraisals, awards, cash prizes, free vouchers are examples of rewarding your employees for contributing to your organization.
These admirations bring employee satisfaction and develop a sense of loyalty in them.
Your employees are a valuable asset to your organization emphasis Peter DeCaprio. By implementing these key strategies, your organization may retain its talent reservoir and reduce unforeseen turnover!