Why employee retention is important for any organization to consider?
The reality of HR managers’ problems isn’t so sweet. 47% of HR professionals stated that employee retention was one of the top challenges they faced, followed by recruitment which was at 36%. It’s no surprise that these two aspects are interlinked to each other. Because we know that it is much less expensive to retain a productive resource than it is to recruit one.
Employee retention is an alarming problem for almost every company whether big or small. This employee scenario leads to much more than just a temporary organization’s internal disruption. It just does not only affect the rest of your employee’s performance and client’s deliverables but replacing an employee can also be super costly. What’s worse is that organizations often see a domino effect by even a single employee’s resignation. The workload for the rest of the team members increases, often leading to a drop in company morale, culture and ultimately performance.
So, we have compiled a must-read guide concerning the three best employee retention strategies that will set you apart from your competitors.
# 1 Invest in your employees and their upskilling
Let’s look at some facts. According to LinkedIn’s The Transformation of L&D Report, 68% of employees prefer to learn at work, while 58% of employees prefer to learn at their own pace. And according to one Gallup poll, 65% of people feel unappreciated at their job. Clearly, it is very important to create such an atmosphere of learning & development for all the departments.
If you’re worried about how exactly you can implement an L&D program into your organization, then worry not because WorQ can make it easy for you. How? WorQ’s Grow is a Digital Learning and Development Platform that enables an organization to provide custom skill development programs for its employees via digital classrooms available in both app and website versions. With its easy-to-use interface, Grow is a time and cost-efficient solution for L&D Managers. It improves productivity and engages candidates and helps in reducing the attrition rate.
# 2 Prioritize employee wellness programs
Do you know, according to LinkedIn Workplace Learning Report, 94% of employees would stay longer if their company invested in their professional development? Clearly, when we talk about employee wellness and creating a healthy work-life balance, we usually think we can give a hybrid or remote work option and we are sorted. Well, that’s not enough for sure. You should regularly keep checking on your employees to gauge their workload and overall happiness at the organization. That’s why you need surveys. And as an HR manager, you need surveys in order to build strong employee engagement in your organization. Because without gauging the well-being of your employees, you cannot take future decisions which may impact your business.
WorQ built-in “survey feature” provides you a fun way to boost your employee’s performance. It helps you in collecting employee daily mood feedback and calculating happiness scores to analyze your organizational issues so you can build a culture of transparency and trust.
# 3 Offer fair and competitive benefits to employees
This one seems like a no-brainer, but it’s really very important to assess your employee’s incentives and benefits based on current industry standards to avoid them from looking for a job switch. Developing a sense of positive culture in an office is much easier than across different on-site blue/grey–collar employees. Blue/grey collar workers need flexible and intuitive digital platforms that meet their unique needs. But because of their distinctive responsibilities and work location, traditional desktop HRMS tools for their use just don’t work for them. WorQ’s employee engagement programs like mood surveys, real-time announcements, and the exclusive employee benefits program – DASH can increase employee engagement and helps in building a positive company culture. And when an employee is getting value, the chances of retention becomes high. Because a company that focuses on building an inclusive culture finds it easy to attract and retain talent.
Ready to maximize the employee retention rate in your organization?
In this blog, we have discussed the top three ways to increase the retention rate in any organization. But of course, there are many more ways that you can try. The main takeaway here will be making sure that all of your employees feel valued. Whether it’s their upskilling opportunities or financial benefits. Because by feeling valued your employees will be more productive and that is how you can ultimately set up a healthier and happier work environment for all.
Is your organization looking for reliable employee retention solutions? Contact us to discuss how WorQ can help you develop a strategy that can maximize the employee retention rate in your organization.
Schedule a demo to learn how to retain your frontline employees with WorQ – India’s best blue/grey collar workforce management software.
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