What’s The Secret Behind Retaining Your Best Employees? | Part 1

Workforce well-being has become one of the most important aspects of every organisation. We can broadly categorise the well-being, which contributed towards employee retention, into 3 parts-

  1. Financial
  2. Physical, and
  3. Emotional

After employee training and on-boarding, 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 organisation 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 organisation for as long as 10 good years.

So, there are multiple ways in which employers show care and ensure employee well-being.

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

These are thoughtful initiatives taken by organisations. However, what happens in those situations where employees feel like their well-being is not a priority? Further, what happens when the organisation realises that its employees aren’t taken proper care of. How does the organisation find a remedy to resolve this? If ever employees feel the organisation 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 organisation. This reformation will help in employee retention and keep the best players in the game.

Photo by Mimi Thian on Unsplash

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 realise 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 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 organisation.

Observe what the millennial workforce desires

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 organisational 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 dedicated towards bringing and measuring results. Therefore, building a benefits policy that surrounds their needs is the best approach to follow.

Conclusion

Involving your employees emotionally will help you retain them 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 organisation cares for your needs, managing both lives become less hectic. This further contributes towards employee satisfaction.

In the next part of this blog we will discuss a few other important factors-

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

Standardise expectations to improve productivity

In the end, everybody wants and needs more care

Stay tuned! You can visit our website anytime you want, we’d be more than happy to connect with you.

Also, read our blog on Talent Management and Experience

Reference articles from Forbes-

  1. https://www.forbes.com/sites/allbusiness/2019/02/27/employee-retention-tips/#23208619714f
  2. https://www.forbes.com/sites/hayleyleibson/2018/01/25/the-power-of-purpose-driven/#273098975dca
  3. https://www.forbes.com/sites/jaysondemers/2015/05/15/why-the-40-hour-workweek-is-dying/#1ae0cd2049c6