Employee Retention- How to Ace Employee Retention

Employee retention is a prime concern for organizations across the globe. Workforce well-being has thus become one of the most important aspects of every organization. We can broadly categorize the well-being, which contributes towards employee retention, into 3 parts-

  1. Financial
  2. Physical, and
  3. Emotional

The well-being of around 60 million American employees links with small businesses. Even though this number is huge, only 50% of them suggest that their employer cares for them. The data isn’t much encouraging because it is most likely that employees will stay with a company if the organization values them. In fact, further stating the factual data from Guardian’s survey, employees who feel that their employers care for them will stay with the organization for as long as 10 good years.

The problem arises when you stop caring for your employees after employee training and employee onboarding. To ace employee retention, you have to realize that caring for your employees is a continuous process. To know more about designing a great employee experience, take a look at our previous blog on employee experience:

Employee Experience- How to Design A Perfect Employee Experience

How do you show your care?

So, there are multiple ways in which employers show care and ensure employee retention.

  • Free food service
  • Gym membership
  • Unrestricted WFH
  • Health insurance

These are thoughtful initiatives taken by organizations. However, what happens in those situations where employees feel like their well-being is not a priority? Further, what happens when the organization realizes that its employees aren’t taken proper care of. How does the organization find a remedy to resolve this? If ever employees feel the organization doesn’t care about their well-being, they simply leave.

The truth is, there is no easy fix, but small and simple steps towards reformation will definitely help the employees, as well as the organization. This reformation will help in employee retention and keep the best players in the game.

Take a second look at the existing benefits

Imagine creating a plan for building a house from scratch. As the owner of the house, you would want to involve yourself in the decision making end-to-end. However, all of a sudden you realize that you are running short of time. You have to take care of multiple things in no time. So, you plan everything in a haste and the end result is an ultimate disappointment. The same could happen to your official policies as well.

Moreover, there are other times when the policies become old and rigid don’t comply with the current workplace expectations. Perhaps, leaders must review their policies annually and make sure that the policies are still relevant. In fact, ask yourself the following questions to make sure that you are taking the right decision-

  • The benefits that we are providing, are they fostering a culture of well-being?
  • Are the benefits in sync with the roles and responsibilities of the employees?

Here’s a disclaimer. It’s well and good if the key benefits are working out for the employees. However, if it’s really necessary then reconstructing the benefits might be a time-consuming process but it’d be worth it. It will help you engage your employees better. Further, what’s better than estimating what your employees might like? Simply ask them what benefits they’d like to incorporate in their work culture. As per their requests, you can accommodate the ones that are necessary and the ones that will truly help them grow in your organization.

Observe what the millennial workforce desires

Millenial Workforce

Millennial entrepreneurs are highly focused on the financial and emotional well-being of their employees. In fact, a majority of baby boomers who own a business say that their company created an organizational culture that focuses on the well-being of their employees.

Now that the majority of the workforce is quickly filling up with millennials, businesses must design a benefits strategy that works for them. Millennials are highly focused, passionate about their work and dedication towards bringing and measuring results. Therefore, building a benefits policy that surrounds their needs is the best approach to follow.

There are ways in which you can ensure that your best employees stay with your organization for long. In this article, we will talk about a few other factors that help you in retaining your best employees and empower them to keep performing year after year. Employee lifecycle blog link.

Step away from the 40-hour workweek, it’s dying

Stressful Work Hours

Gone are the days when employees had to punch-in at work at 9 in the morning and check out before 5. To be honest, it’s not only because times aren’t as strict as before but because work has become more challenging and exciting now.

No hardworking millennial would want to work under restrictions. They want their own creative space and freedom to achieve the goals that they set to succeed. Millennials, in fact, are diligent. They can have a laid back attitude at times but it doesn’t mean they won’t finish a task under short deadlines. Moreover, they are more than willing to go the extra mile and work long hours but putting them on a schedule under time-bound isn’t something they appreciate.

It’s not even about work. If you enjoy doing something then it’s essential to follow a routine and maintain discipline. However, if you are only allowed to do it within time restrictions then eventually you fall out of excitement. So, 40-hour workweek is practically dead. Nobody wants it. Nobody needs it.

This is because the best team players perform when they are free and not under restrictions. There isn’t really a specific time period during which they perform. They may come across a great idea at 12 in the night or even 4 in the morning. All you’ve got to do is allow creative freedom and flexibility so you can rest assured that the job will be done before you even know it.

Standardize expectations to improve productivity

This is possible when you treat all employees equally and don’t provide special treatment to any one particular employee or a team. This way, all employees receive fair treatment and nobody will get a chance to misuse or abuse a privilege. It isn’t quite easy to maintain such a level of management where there is absolutely no bias in the system but it isn’t impossible either. There are many ways in which you can ensure that you are consistency and transparency across teams and individual team members.

In the end, everybody wants and needs more care

Care for your people. Make them feel like you want them to work for you. Nobody likes to be taken for granted even if you’re the one who pays their salaries. You treat your best employees well and they will contribute in ways that are beyond their potential.

Survey results show that more and more employees are beginning to experience that their employers care for them and their work. This experience should only keep getting better with time because work is never going to slow down and everybody is chasing success.

So, amidst all the tension, anxiety, pressure and the purpose to reach the top, it only makes sense to show some amount of care and consideration because human touch is irreplaceable. Human emotions overpower any amount of money or benefits that come with technology. In the end, we need someone to care for us, especially at the workplace. When we fix this, we don’t worry about retention anymore.

Gentle pat on the back

Employee Appreciation
Employee Appreciation

Who doesn’t like appreciation? Imagine you spent a lot of time and effort in cooking a dish for your guests. They have the dish and leave without a lash of acknowledgment. How would you feel? Now imagine, after a few days or months, the same guests are coming over again. Would you put the same amount of effort and time? I wouldn’t! Even if we do, it would be with a tad bit of drop in interest. That’s exactly what would happen to your employees if they are not appreciated and acknowledged. Their interests would drop after every effort that goes unappreciated and eventually, they would leave, causing a dip in your employee retention rate.

To read more about the importance of employee appreciation, check out our blog Employee Appreciation

Conclusion

Involving your employees emotionally will help you to increase the employee retention rate for good. In fact, emotional involvement encourages employees to contribute and not just perform or complete their KRAs. Employees need a sense of security that their employers care for them and their well-being.

Further, loyalty lies in caring. It is anyhow not quite easy to manage a perfect work-life balance. When there is assurance that your organization cares for your needs, managing both lives become less hectic. This further contributes to employee satisfaction which leads to employee retention.

Build a purpose-driven organization where your people follow their dreams, without restrictions. We live in an amazing time where people are free, at least in the majority of the countries. They want to explore more with their skills and contribute towards the success of your organization. In fact, you want such people to work with you who are passionate and love taking ownership. This way your A-players and best team players will stay with you for long. That’s what helps you increase your employee retention. Take time, think back, reflect on your employee retention strategies and win the market place as you win your workplace!