It takes a lot of capital investment to train new recruits. On top of the money that you have invested in, you have also invested your staff’s time and effort. However, if the recruits choose to leave the company within a few months, it’s an absolute loss for your whole ecosystem!
Have you tried everything you could to increase the retention rate of your employees but none seem to be effective enough? Well, you need not worry because following are 7 genius hacks to improve your employee retention:
Salary difference and Benefits:
In a Glassdoor survey, it has been found that almost 45% of the total employees who leave an organization do so for the promise of a better paying job. Hence, you should provide them with bonuses and increments at proper intervals to keep them motivated.
Employees can be made to stay by not just a direct hike in their salaries, but also by providing them with other helpful incentives such as medical insurance, transportation facilities, etc. Over 56% of the employees marked the absence of perks as one of the main reasons behind leaving a company they used to work for.
Be crystal clear with the work:
In the same survey conducted by Glassdoor, it was found that 37% of recruits stay with a brand if their KRAs and duties are communicated clearly from the start. Often, employees feel tricked when their companies onboard them with roles and projects that weren’t a part of the deal they signed up for. This anger often leads to them resigning. It is advised that managers, HR, and Board members lay down what is expected of each role and communicate it clearly to the applicants.
Alleviate the pain of your employees:
Most employees suffer from the problem of hectic job roles. This leaves the employees with very less time for the families. Some family-oriented talents may even make the jump towards resigning in pursuit of happier family life.
You could make things easier for them by allowing them “Work from home” or a shorter workday. Companies that send their employees on work-vacations with their families often register higher employee satisfaction. For more information, you can click here.
Create Leaders and not bosses:
People always follow a leader but abandon bosses. They say that a good boss is very easy to find, but a leader is rare. The difference being, a leader motivates and builds perfect coordination between his colleagues to achieve a greater milestone.
On the contrary, bosses do not think much of professional or individual growth, but merely of the goals that they need to achieve. It is imperative that a leader is empathetic and just, for your recruits to want to work with you.
Remove Bad Managers:
Upon asking several employees about why they left their previous job, almost 60% of them replied due to a bad manager. Thus, an organisation needs to keep an eye out for bad managers, who don’t treat the employees under them well and bring a negative name to the employer.
Give your employees the recognition they deserve:
Employees will work even harder once they have been lauded for their hard work. Encourage your team regularly with verbal appraisal, at the very least. Motivated people are more likely to stick to the source of their motivation, and thus, maintain their loyalties with your brand.
Increase your brand value:
Become a brand that your employees are proud to be a part of. A great brand makes them feel content with their professional lives, and in addition to their work satisfaction, you also get free brand ambassadors, who wouldn’t tire out speaking of your excellence.
We hope you implement these ideas at your work, and ripe the benefits of employee satisfaction soon.