The pandemic created some of the most challenging situations faced by businesses across the world. The crisis has brought about unexpected changes in the way we work. Safety and health took priority, and the era of Work from Home began.
Building a strong organizational culture plays a significant role in accelerating growth, but only if the best talent of the company is engaged and motivated. Human Resource teams in every organization are working towards implementing innovative methods to engage employees and retain their best talent. The cost of talent acquisition, onboarding, and training a new hire is much higher compared to the amount spent on retaining the employees, making it an efficient and practical choice for any organization.
However, it is challenging to retain talent given the high demand for skilled personnel in the job market today. Here are some actionable ways that organizations can adopt to improve Employee Retention:
Enhance Employee Benefits
A competitive package is beneficial when attracting new talent, but other than monetary and non-monetary benefits have proven to increase employee satisfaction and can help retain employees. When choosing a benefits program, do keep in mind – A customized benefits package works better than a standard benefits program. This can include experiential rewards, upskilling options and more.
Offer Flexibility in Work Schedule
With the advancement in technology and the new norm of WFH. Employees expect a lot more flexibility when it comes to working schedules. Here’s how you can make it enjoyable. Firstly, let your employees have a flexible work schedule with WFH or Hybrid work options. This way, the employees are more productive and satisfied with their work. It also helps avoid any conflict between work and personal responsibilities. Be aware of the ambiguity the flexibility in work schedule can cause, making it essential to define the policy and guidelines beforehand.
Recognize Hard Work and Achievements
It is crucial to recognize employees for the hard work and a job well done. It is an integral part of ensuring continuous employee engagement. Many studies show that employees have expressed their employers’ concerns about not recognizing their achievements. Have a clear Rewards and Recognition program which can easily be implemented through the use of available SAAS platforms in the market and ensure the program is customized and is focused towards the overall company goals.
This is one integral aspect EngageLoop, a Rewards & Recognition platform has incorporated, impacting the motivation of employees. Recognizing and appreciating employees’ hard work is proven to improve their performance at the workplace. When your best employees don’t receive recognition for their hard work, they are more likely to quit the organization.
Prioritize Employees’ Professional & Personal development
The best talent in your organization is excellent at what they do, but they always strive to get better, learn new things and take up new challenges. Try to build a system or environment where they can collaborate with current leaders in your organization to upgrade themselves personally and professionally.
This step of encouraging the professional and personal development of employees helps you strengthen the bond between the employees and the organization. Instead of hiring new employees, train and recognize the talent within the organization.
Communicate with your Employees
Create a channel where they can be vocal about their concerns and a safe space to receive or provide feedback, making it easier to recognize or offer constructive criticism in real-time.
It is often difficult for employees to communicate with the higher management, which creates a barrier and frustration among employees. Communication channels like – one-on-one, 360-degree feedback, Employee Engagement Surveys create platforms where employees are heard and their suggestions and feedback are taken into consideration, therefore increasing retention.
Promote within the Organisation
Turning a blind eye towards the best talent within the organization and hiring outside talent for a management-level promotion can be disheartening for the existing employees. An organization’s best employees are likely to remain in the organization if they are provided a path to growth in the organization.
It must be easier for them to transition into a higher level with an internal training program that will help them advance in their role. If employees think their growth is limited, they are more likely to quit within a short period of time and look for opportunities outside
Collaboration is the Key
Collaboration is critical to employee retention. When employees work as a team, they tend to be more productive and energetic. Building teams help make better social relationships and helps interact with leaders and co-workers. This way, everybody’s ideas are valued and put into action.
EngageLoop is one such innovative Employee Engagement Platform built to recognise and appreciate employees in an organisation. EngageLoop is a points-based Rewards and Recognition platform created to enhance Employee engagement. This platform allows organisations to send certificates, badges, send wishes and system awards and encourage peer to peer recognition with ease. In addition to that, The points given to employees are redeemable on a curated online store where employees can choose from a wide range of experiential, virtual services and vouchers related to upskilling and Wellness, and more.
Are you taking the necessary steps to retain your talent? Try these out and let us know!
Reach out to us to know more about EngageLoop!