Employees are the most critical assets for any organization. Finding the right talent is difficult, and retaining them is an even bigger challenge. Reducing employee attrition has become the primary concern of many organizations. Refer to our blog to find why employees leave the organization.
Employee attrition increases the indirect cost of the organization as new employees have to be hired and trained. It also reduces productivity as the new hires need time to adjust to being effective and productive in the new job and environment. High employee attrition also tarnishes the organization’s goodwill in the market as outsiders may assume that it is not a good workplace.
As a manager, you can do your bit to ensure that your team members are with you for a longer time, thereby controlling employee attrition.
- Hire the right employees – Ensure you hire the right candidate who has the skillset and fits your organization well. Prepare a job description that has the list of competencies for the role. Alternatively, prepare a set of your best-performing employees’ competencies and look for those competencies in the prospect candidates. The right candidate is the one who, along with the skill set, is culturally fit and shares a similar set of values as the organization.
- Focus on the onboarding process – The onboarding process is an essential step in retaining employees. A study by Equinox found that more than 40% of the employee attrition occurs in the first month of employment. Brandon Hall’s Evolution of Onboarding Study also found that the highest employee attrition rate occurs within the first six months. Often, new hires feel like an outcast and cannot adjust to the organization’s culture and eventually leave within a few days of joining. Making them feel welcome and at ease can help the organization retain the employees for a longer period. A seamless onboarding process provides a positive impression on the new hires. It should be thoughtful and deliberate.
- Share a bigger picture and communicate goals – Communicate goals and objectives clearly to the employees. Tell them their roles and responsibilities to achieve those goals. They feel motivated when they are made aware of the bigger picture, how they fit in the overall scheme of things, and how their contribution adds to the organizations’ growth.
- Give regular feedback – With the business environment changing quickly, give immediate feedback rather than wait for the entire year and give feedback during the appraisals. It also helps to plan the development needs of the employees. When an organization takes care of the development needs of an employee, it makes them feel important. Encourage your employees to provide feedback to you and be open and receptive to it as well.
- Celebrate their achievements – Whenever an employee performs well or achieves a target, celebrate their accomplishment and achievement. A simple pat on the back helps. You may even reward them in cash or kind. Take them out for lunch or dinner, or sponsor them at a nice place to celebrate their milestones. Small gestures go a long way towards retaining an employee.
- Value your employees – Valuing your employees also means valuing their experience and insights. You may include them in the decision-making process and listen to their suggestions. It helps create a strong bond between them, you, and the organization, thus ensuring its success.
7. Give employees’ authority and autonomy – Employees do not like to be micro-managed. They want to be trusted by the bosses and the management. Giving them authority and autonomy will help them take ownership of their work and feel associated with the organization.
An organization cannot completely stop employee attrition but can lower the attrition levels by investing in the employees in the right way. By regularly helping them in their skill development, valuing them, rewarding them for their accomplishments, and seeking feedback from them goes a long way in retaining them. You can also adopt ways to measure the satisfaction level of the employees regularly and take early measure to cub attrition. One way to get feedback from the employees is to conduct “Pulse Surveys.” ileadHR has been working with companies and helps them ascertain the satisfaction and engagement level by using appropriate tools suited to their needs.