How can you retain your employees?

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A workaholic friend of mine recently left the FMCG giant which she joined only 8 months ago. I was surprised! “Didn’t you always want to work in such a reputed company? Why are you leaving then?’’I asked. “Well it does not give me the growth prospects that i was looking for and it is not employee friendly.”She promptly replied.

This is not a new story to tell. What employee needs? Is the question whose answer every employer wants to know? “EMPLOYEE FRIENDLY”, is the term, what companies target to become nowadays. According to an article published in Forbes June 2013 issue, the average tenure of an employee working in a company in USA is only 1.5 years!

Hiring an employee is easy as compared to retaining them. Nowadays the companies are failing to retain their best employees. It is happening around us and no company is left unaffected. High employee turnover affects the company not only in cost and productivity but being a lengthy process and hiring a new employee requires a lot time. However the companies also offer various tactics in order to retain its best employee. Few of them are:

1. Employee training and development: The employee cannot play every role perfectly. There may be the case where he may be good at maintaining records but has a poor communication skill which is important for performing his job. Understanding this gap and training them will help them in performing their jobs well. And will also make them stay in the organisation for a longer period. Training and development helps in self development which ultimately results in job satisfaction. According to American Training and Development (ASTD)’s 2013 state of industry report, in 2012 US organisation spent $164.2 billion on employee training and development.

2. Job Satisfaction: Having a satisfied job plays and an equally important role in retaining employees. There are various factors which contribute to the job satisfaction such as work environment, employee-employer relationship, work recognition, awards, and bonuses. The companies aim to improve itself in these areas.

3. Employee Benefits: Companies offer various benefits to employees such as food coupons, paid maternity/paternity leaves, school allowances, flexible work schedules, concert tickets, discounted meals, educational assistance. One example is of US based company Timberland, whose employees can take service sabbaticals equalling 40 hours of paid volunteer work per year. Another example is of New York based tech giant AOL, where new moms get eight fully paid weeks off in maternity leave. And, when they return to work, there’s an on-site day care facility that cares for tots.

4. Stay Interviews: Stay interview is conducted while the employee is in the job as against the exit interview which is conducted when employee leaves the company. In stay interviews employees discuss what they like and what they don’t like about their current position. It works as an effective tool for employee satisfaction as the information collected by it is more reliable and actionable as compared to any secondary information.

by Rashi Singh

 

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