Employee attrition levels are increasing, which is costing organizations more than ever. The attrition rates are calculated based on the total number of employees, the number of people leaving, and the number of people hired, at any given time.<\/p>\n<\/div><\/div><\/div><\/div><\/div>
For example, a company with 100 employees has 18 people leaving and ten joining simultaneously. In this scenario, the attrition percentage is 18%, which is calculated by dividing the number of employee departures by the average number of employees and multiplying the quotient by 100.<\/p>\n
There has been an increase in attrition rates in recent years due to the COVID pandemic. The Great Resignation<\/a>, or the sharp increase in the number of employees voluntarily quitting their jobs between 2020 and 2021, has affected large and small companies alike. But the reactions were contrary to industry expectations: Whereas the companies expected employees to stick on, considering job security, the employees surprised them by choosing to quit voluntarily, maybe because of the fear factor caused by the pandemic, and due to financial reasons (getting better offers).<\/p>\n<\/div><\/div><\/div><\/div><\/div> Today, employees are more concerned about their well-being and maintaining work-life balance. Did you know that 69%<\/a> of employees feel well-being is much more valuable than a high-paying job?\u00a0 And 51%<\/a> value well-being more than a salary increase a job change offers. \u00a0Companies should take the cue and provide their employees access to health & well-being apps<\/a> to help them monitor their physical activity, nutrition, and critical environmental parameters. Such gestures are one of the best employee retention strategies that work to employers\u2019 advantage. Undoubtedly, 2023 calls for strong measures to promote employee retention, as the workforce is the pillar of an organization.<\/p>\n<\/div><\/div><\/div><\/div><\/div> As mentioned above, The Great Resignation, also known as the Great Reshuffle, or the Big Quit, refers to employees quitting voluntarily.<\/p>\n Some reasons why they quit include:<\/p>\n Employers must realize that their employees are their greatest asset. To retain the exceptional talent the management must introspect to check where they fall short. Once acceptance happens, action will follow.<\/p>\n Here are seven strategies to help with your talent retention efforts:<\/p>\n<\/div><\/div><\/div><\/div><\/div> The first experience is always the best. And employees should be given an exceptional onboarding experience because research studies indicate that 69%<\/a> of employees receiving a positive onboarding experience are more likely to stick around for the next three years. Onboarding should impart company culture and how employees can contribute their bit.<\/p>\n Onboarding helps employees acclimatize to their roles, and learn about your company\u2019s values, vision, and mission, and what it has to offer them. Managers should help break the ice by being supportive during the onboarding process. Employees witnessing a memorable experience during onboarding are more likely to continue than those who don\u2019t get such an experience.<\/p>\n A survey report indicates<\/a> that a positive onboarding experience sets the right atmosphere for new hires, and is a determining factor in whether the new hires will continue in the company for a long time.<\/p>\n<\/div><\/div><\/div><\/div><\/div> People who perform by putting in extra effort expect to be appreciated. Reciprocating by showing your appreciation helps build a healthy relationship with the employees. A research paper published<\/a> by social psychologists Grant A. M., & Gino F indicates that gratitude expressions enhance prosocial behavior. Another research study indicates that 82%<\/a> of employees prefer to look for alternative jobs when there is a lack of recognition for their initiatives. Employee engagement relies on employee recognition, without which a worker feels let down, undervalued, unappreciated, and unmotivated. Recognition need not be shown monetarily always, however, giving additional paid time off as an extra benefit for a job well done is highly appreciated.<\/p>\n<\/div><\/div><\/div><\/div><\/div> No one likes to remain in the same position in your company for years. Promoting employees from within instead of hiring outsiders for supervisory positions helps with better employee retention. Most job seekers are eager to know about the growth opportunities in an organization before joining. Once they join, they expect to move up within a couple of years.<\/p>\n A research article by Indeed<\/a> indicates that deserving employees who don\u2019t get promoted within a couple of years start looking for greener pastures. As a diligent employer, you must focus on the growth, training, and development of your employees if you expect them to grow with the organization. Remember that it costs you 50 to 60% of the existing employees<\/a>\u2019 salary to find a replacement.<\/p>\n Industry leaders should take it as a priority task to upskill employees to keep them updated with emerging technologies. Training and Skill Upgrades is key for retaining people, and eFACiLiTY\u00ae HRMS Training Management system<\/a> can help in planning and executing training programs yearlong at all levels.<\/p>\n Employees who upskill through sponsored training programs gain new skills and competencies and show gratitude by working harder and performing better.<\/p>\n<\/div><\/div><\/div><\/div><\/div> Supporting your employees\u2019 physical, mental, and financial health is good for the business. In addition to stress management programs, companies must strive to provide nutritious food at the office cafeteria. Today, advanced cafeteria management systems<\/a> help streamline cafeteria operations, enabling such software helps you to automate meal order processing and display daily menus with nutrient & calorific values and allergens in the food served. Such vital information helps the employees choose a balanced meal, enhancing their health and well-being.<\/p>\n You can also motivate & inspire<\/a> your employees by publishing training sessions and webinars focusing on human health and wellness. Participating in such activities lets your employees assess their current health status and learn how to mitigate issues in key risk areas, including general health, anxiety and stress, physical fitness, etc.<\/p>\n Post-COVID, companies have been spending heavily to create a healthy office environment. Also, an increasing awareness about the poor Air Quality Index (AQI) in most cities, where air pollution has reached alarming levels, and there is a rising concern. One of the best ways to tackle such issues is to use occupant health and well-being app<\/a> that helps prevent damage to health, thinking ability, and productivity of employees by monitoring indoor\/outdoor air quality across zones and alerting them when the air quality deteriorates in their current location. Maintaining a high-quality indoor environment can enhance your employees\u2019 well-being and help reduce attrition rates considerably.<\/p>\n<\/div><\/div><\/div><\/div><\/div> Work-life balance is all about how an employee manages professional and personal responsibilities by setting aside enough time for rest and leisure. Today, prospective employees check reviews on Glassdoor<\/a> to learn about the work-life balance before accepting an offer. Negative reviews often deter prospective candidates, who promptly turn down offers even if they are monetarily attractive.<\/p>\n It is one of the top needs for companies today to ensure their employees have a healthy work-life balance. The post-pandemic scenario will witness many people returning to work, including freshers, and unless companies take steps to create a healthy work-life balance, it will be challenging to attract fresh talent, or control attrition levels of current employees.<\/p>\n Before the pandemic struck, people used to work extended hours. It is surprising that statistics indicate that 48% of Americans believe they are workaholics. A shocking 77% reported that they experienced burnout symptoms in their current jobs. However, post-pandemic, things have changed, and most employers encourage their employees to stick to scheduled shifts. Extended hours are recommended only when deadlines are likely to be missed.<\/p>\n<\/div><\/div><\/div><\/div><\/div> Employees expect encouraging feedback, especially when their performance is good. Instead of waiting for a whole year to give performance appraisals, employers can give a word of encouragement for each milestone crossed, and expectations exceeded. Positive feedback helps keep employees motivated<\/a> and full of enthusiasm.<\/p>\n Some examples of encouraging feedback:<\/p>\n Positive feedback encourages employees to do better. Employees like being singled out and recognized, although they are part of a team. Employees who are appreciated for the efforts they put in will remain in the company for a long time.<\/p>\n<\/div><\/div><\/div><\/div><\/div> Feedback can be mutual, and it is good for companies to accept feedback from employees and take it in their stride. Such broadmindedness can enhance employee engagement and helps with employee retention. Your employees must always feel comfortable sharing their thoughts and offering suggestions.<\/p>\n Some ways to welcome feedback:<\/p>\n Getting feedback from your employees regularly helps enhance their experience at the workplace. It is important that the management acts on meaningful feedback. However, the sad truth is that although 60%<\/a> of employees reported giving feedback, only 30%<\/a> reported their company acted on the feedback.<\/p>\n<\/div><\/div><\/div><\/div><\/div> Conclusion<\/strong><\/p><\/h2><\/span> Employee retention has several benefits. Besides gaining employee loyalty, companies can save on hiring costs, maintain a highly skilled workforce, have low attrition rates, build a positive company culture, and a healthy brand reputation. The mindset needs to shift from a company-first to an employee-first approach. eFACiLiTY\u00ae<\/sup> endeavors to help organizations in their objective of improving the health and well-being of their employees by providing solutions with its advanced occupant health and well-being app.<\/a><\/p><\/h1><\/span>Employee Retention Strategies for 2023<\/strong><\/h2><\/span>
Why do Employees quit?<\/strong><\/h2><\/span>
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1. Provide an unforgettable onboarding experience<\/strong><\/h2><\/span>
2. Recognize Employee Efforts and Reward<\/strong><\/h2><\/span>
3. Offer Good Career Growth Prospects<\/strong><\/h2><\/span>
4. Taking Employee wellness and well-being into consideration<\/strong><\/h2><\/span>
5. Promoting a healthy work-life balance<\/strong><\/h2><\/span>
6. Providing encouraging feedback<\/strong><\/h2><\/span>
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7. Be willing to accept feedback from employees<\/strong><\/h2><\/span>
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