The spring of 2021 marked the beginning of the Great Resignation in the US workforce. The Great Resignation is an ongoing event where employees began resigning enmasse from their jobs. The Great Resignation came on the heels of the COVID 19 global pandemic which drastically transformed the how we work and what we want to work on.
Human Resource teams all over the world have their hands full with building Employee Retention Strategies that will be successful in the post-pandemic job market.
In this blow, we will address:
- What Is An Employee Retention Strategy?
- Why Should Employers Have An Employee Retention Strategy?
- Tobu Tips For Designing A Robust Employee Retention Strategy
What Is An Employee Retention Strategy?
An Employee Retention Strategy is a blueprint designed by the Chief Human Resources Officer and the HR department of the organisation to retain talent in the company over a long duration of time.
A low unemployment rate coupled by a high vacancy rate in industries such as healthcare, food & hospitality, IT, banking etc. led to the great resignation and has given rise to creating strong employee retention strategies.
Why Should Employers Have An Employee Retention Strategy?
According to the Work Institute’s Research Report on Employee Retention, the costs American industries will have to bear due to the voluntary turnover escalation by 2023 is approximately $ 600 billion.
If your want to hedge your organisation against these costs it is best to have a robust employee retention strategy in place.
Tobu Tips for Building A Robust Employee Retention Strategy
- Competitive Compensation Packages
One of the most common reasons given by employees in their exit interviews for their resignation is not being given a competitive compensation package by their employer. In fact may employees are not given much increment since they started working for the organisation.
It is best to revise compensations packages to meet the current industry standards and retain talent successfully.
- Interpersonal Relationships
There’s a great saying in the HR and recruitment world – “employees never quit jobs, they quit their bosses”. Interpersonal relationships play a huge role in the workplace. As part of the employee retention strategy, HR must put into place ways and methods to positively improve the interpersonal relationships.
- Appreciation and Recognition
While sending out an appreciation email or recognizing the hard work an employee does seem like trivial matters to the management, it matters a lot to the employee working in the trenches. Even the topmost talent in the industry loves to be appreciated and recognized for their contributions in the company. Employees who are appreciated at their workplace feel more connected and stay longer within the company.
- Focus on Employee Career Growth
The new age workforce wants to know how they can grow within the company. “Where does the corporate ladder lead up to? How will the company help is upskilling the employee?”
These are some fundamental questions a strong employee retention strategy should answer. Design a Learning & Development program that will assist in increasing the progress of employees at a rapid rate. Empower them in their career decisions inside the company such as transferring to a different team, trying out a new role etc.
- Flexibility & Remote Work Options
Thanks to the pandemic, flexibility in working hours and a remote work option have become a norm. Most companies have now adapted to a hybrid option that gives employees flexibility and a better work-life balance. Your employee retention strategy should offer a clear list of flexible work hour alternatives and remote work possibilities. When employees are given a choice, they feel more at ease and satisfied in the workplace.
- Recruit the Perfect Candidates
Recruitment is a massive undertaking that affects the level of talent in the company, the quality of work and the overall culture of the company.
It is not challenging for recruiters to find and source talent, what is challenging is finding the candidates who are a perfect fit for the organisation.
At Tobu, we have built the world’s first email resume extraction system that empowers recruiters with a candidate database like no other. We understand how important it is to find the perfect candidate. Our AI driven software extracts resumes directly from the recruiter’s email and builds a smart candidate database that shows all the vital information. Candidate sourcing becomes effortless with Tobu.
Learn more about how Tobu works with our video demo.
- Making Employee Wellness A Priority
We live in a very demanding world – physically, mentally and socially. Employees who have a better work-life balance perform better in the workplace. Ensure that your employee retention strategy includes employee wellness programs. Organise light physical activities, health check-ups, involve the employees in your CSR activities etc. This will add to their quality of life and increase their desire to stay on with the company.
Drafting an employee retention policy is not an easy job. But we hope you found some helpful Tobu Tips to take back with you while you work on your policy document!