Turnovers are inevitable. Companies face employee turnovers in large or small numbers for various reasons. Involuntary turnovers that occur due to retirement, immigration, or death are not in control of the employers.
On the contrary, voluntary employee turnover can be anticipated and certain steps in the right direction can help improve employee retention. It can be predicted only if managers know where to look.
Although HR can devise employee engagement and retention policies, however, most resignations occur due to factors directly influenced by managers. Therefore, the utmost responsibility, in this case, lies with direct supervisors.
Lack of a market-compatible compensation package is one of the top reasons why employees leave. Therefore, benchmark your compensation and benefits as per industry and design packages commensurate with years of experience, seniority, and skillset.
Managers should provide a conducive environment for their team members to operate. Factors such as toxicity, micromanagement, unclear expectations, inadequate resources, communication gap, etc. force employees to leave.
Work with a Purpose
Employees who feel a sense of purpose and belonging to their work are likely to stay. Everyday mundane work is going to create disengagement and monotony. Design job deliverables and tasks that make employees feel their contribution is valued. A company should have a strong vision and every employee should feel connected with it through their work.
Employees stay with companies that provide avenues to grow. No one wants to be stagnant and do the same kind of work for years. Managers should assign their team members dynamic projects enabling their growth and learning.
Training & Development
Conduct periodic Training Need Analysis (TNA) to identify gaps in current and expected performance. Design a comprehensive training plan for employees to fill the identified skill gap. Moreover, arrange learning programs to upskill and reskill your employee base according to technology advancement and changing market trends.
Never delay in recognizing the efforts of your team members. Create employee reward and recognition policies and programs. Rewards can be monetary such as a paid holiday, a voucher, or a sum of money. Non-monetary rewards can include plaques, shields, or recognition letters.
Give employees timely and regular feedback on their work. Give it respectfully so it encourages them to improve and not feel insulted and dejected. Employees who receive feedback are likely to put in extra effort and level up their performance. No or late feedback results in demotivation of employee morale.
Managers should be flexible in their approach and allow team members to choose a schedule that best suits them. It enables employees to tend to their commitments without feeling guilty or missing work. Give your employee base the liberty to work from home or office as per their preference. The end goal should be the timely delivery of work regardless of the workspace.
Healthy Work-Life Balance
Do not call or email team members after work hours. Do not make them sit post-work or expect them to be available on weekends. Encourage them to turn off their email notifications when they are on vacation. Create a culture that enables them to attend important family events such as a parent-teacher meeting, a kid’s sports day at school or a parent’s birthday, etc.
Employee turnover occurs in every company and can either be voluntary or involuntary. Although involuntary turnover is out of managers’ control, however voluntary resignations can be predicted and mitigated.
A market-competitive salary, conducive work culture, meaningful work, recognition programs, growth and learning opportunities, and a flexible and balanced schedule are all factors imperative for increasing employee retention.
We at métier can help you benchmark your Total Reward strategy, devise employee-friendly policies, conduct TNA and design training programs, and develop employee reward programs to increase employee loyalty and retention.