The employee onboarding process is very difficult in this current situation. But retaining them is a new challenge for many organizations. Closely 70-75% of organizations complain that employee turnover has a negative financial impact because of the cost of recruitment, training, and development, engagement, and work to fill vacant positions.
Employee retention, as well as turnover, is a big problem. there are many factors at work including generation factors, economic changes, and more.
Here are 5 Technique Employee Retention Strategies
1. Provide Benefits
One of the biggest reasons employees quit their job because of a lack of compensation. You can provide benefits like health insurance, traveling allowance, salary hike, Lifestyle benefits, Working hours & leave, gifts, etc.
2. Work-life Balance
Work-life balance is very different for every individual, Stress is a normal response to a threat, however, constantly feeling stressed is not good for anyone. Also, make sure that your employees have a reasonable workload and are able to balance their personal lives with it.
3. Traning and Development
Employee training and development is a program that helps to learn a particular skill as well as knowledge to improve employee productivity & performance in their current organization or job role. It developed future performance & helps focused on more employee growth.
4. Appreciate
People have an inherent need to get appreciated for their work.
here are some employee appreciation ideas:
Reword and recognization
Appreciate in a team meeting
A Day off
Gift card
Shout out on Social media
Birthday celebration
Work Anniversaries celebration
Employee of the month
5. Leadership Opportunities
Many employees are hungry for better opportunities. As an HR you must recognize such talents and allow them to lead. Assign the right tasks to them along with allowing them to lead a team. This will not only increase employee productivity, employee engagement and will help employees grow but will also lower employee turnover.
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