Employee retention today
Dear HR Community,
Employee retention has become crucial for the success and sustainability of any organisation especially when we are entrenched in the hybrid economy.
And hybrid working or working from home has increased the likelihood of employees leaving the company or even worse - taking on another job (moonlighting) with the intention of resigning in the near future.
According to a survey by Microsoft, over 40 percent of the global workforce is thinking about leaving their employer in 2021 and "a thoughtful approach to hybrid work will be critical for attracting and retaining diverse talent".
There are many benefits of retaining employees including lower recruitment costs, less turnover, and happier employees.
Retaining employees also makes the company more productive and efficient.
Good company culture is especially important for retaining employees. A good culture can create an environment where the employee wants to stay with the company for years and feel fulfilled by their work.
Some companies even offer employee retention bonuses or other types of incentives that will keep the employees at the company for longer periods of time.
The most important aspect of retaining employees, nevertheless, is ensuring that they are happy in their job.
This means providing them with opportunities for growth, ample amount of work-life balance, and a friendly environment to help them feel comfortable expressing themselves.
So how do HR practitioners here maintain low employee turnover and retain their talented employees today?
HR Poll: Is employee turnover increasing because of hybrid work in your organisation?
Not sure: 25.00%
HR Poll: Which of the following is the best way to increase retention?
Good company culture: 23.39%
Retention bonus: 10.48%
Opportunities for growth: 21.77%
Work-life balance: 23.39%
Happy employees: 20.97%
REPLIES & COMMENTS:
Issue for me is about shortage of manpower in industry, staff having to do more. Many choose work life balance over rewards when they left. - Din
Good empathy, fair leaders, culture, and career advancement for employees. - Mag
Compensation and rewarding system must be healthy. - June
Leadership style and company culture. - Has
With this new norm of WFH, the company should have good communication with staff to share their work progress and problems easily. - SH
Employee flexibility and empowerment. - Kumar
Good and conducive (collaborative) environment with schemes to support employees' wellbeing and also to support in their aspirations in career and life. - Nina
Employees stay and leave an employer for different reasons. In addition, attrition is not necessarily bad if people leave for good reasons after spending a minimum year of service with an employer. Offering options such as hybrid work arrangement may help to retain a certain segment of employees i.e. those who favour work-life balance and those with childcare and elderly care responsibilities if their nature of work allows them to work effectively from home. - Ann
1. Good leadership; 2. Good supervisor/subordinates' relationships; 3. Good staff benefits; 4. Equitable pay. - Christina
Listen to what your people actually want. Life has changed and so has employee expectations. Improve communication and show you actually care. - Lisa
Promotion (Pay raise). Give them the opportunity to take training and courses to improve their skills. - Lowe
Give flexibility. - Nat
Show appreciation to staff; open door policies etc. - WW
Work life balance and monetary rewards. - Kim
Work life balance, attractive remuneration. - Linda
Listen to your employees and provide pathways for challenging growth assignments. - Raj
Bonus - Rin