An organisation’s human capital is a critical source to gain a competitive edge in a thriving economy. Employee turnover has been on a rise in the last few years. Hence, it is no surprise that more and more companies are concerned with retaining talent. Poor workplace engagement, unsatisfactory work environment, poor pay and appraisal structure, and lack of growth opportunities are enough reasons for a high employee turnover. Most employers believe that raising their employees’ wages will retain them. However, such a strategy may not always work and could be costly for small businesses. Creative strategies beyond monetary concerns can be deployed to attract and retain talent. Let us look at some of these strategies.
Hire the Best- Enhance your recruitment process
Recruitment plays a key role in retaining employees. In spite of you wanting to retain talent for a long period, the ultimate decision to stay or leave your organisation is in the hands of an employee. Moreover, a bad hire can cost you in terms of finances, productivity, and credibility. Hence, you must start with hiring retainable employees. This can be done by implementing a comprehensive screening program that helps you choose from a pool of top talent.
Employees switch jobs due to lack of clarity in job positions, expectations, earning potential, and performance standards. Organisations that have inefficient systems and uncertainty about role definition fail to retain employees. Employees prefer getting clarity about their job profile and what is expected of them.
Workplace environment plays a vital role in managing human capital. Most employees today seek work-life balance. They may stay with firms that allow a flexible environment. While it is important to maintain discipline, you cannot expect your employees to work like machines. In order to retain and enhance their productivity, you have to help them realize the importance of a healthy work-life balance. Giving your employees benefits like telecommuting, cafeteria-style work environment, and flexible work assignments can help you retain talent for a long period.
Routine work with little or no challenge hardly excites employees. Employees today prefer a learning environment, where they get opportunities to learn and develop new skills. While training and development work as a retention strategy, to retain talent you must provide them challenging work opportunities that allow them to grow and contribute to their personal and professional growth.
Optimum Skill Utilization
Harnessing talent to manage human resources in an organisation is another way to retain employees. Employees have hidden talents and multiple skills, which they prefer using to grow in their career. Optimum utilization of their skills allows you to retain talent and reduce employee turnover.
Breed Leaders and not Supervisors
One of the major reasons behind employee turnover is an unsympathetic management. Employees like working under managers whom they respect and can learn from. They prefer working with leaders who support and guide them. Developing leadership capabilities that allow supervisors and managers to act as facilitators will help you retain talent.
Implementing these strategies will prove beneficial in retaining talent. Most importantly, managing human resources starts with recruitment. By establishing comprehensive background screening in India, you will be able to hire the best candidates and reduce employee turnover.