How to control employee attrition rate. Here’s what you must know
The employee sphere in any organization tends to evolve with time with new resources coming on board while a few leaving for better opportunities. No matter voluntary or involuntary, the reasons behind increased attrition rates needs consideration else wise drastic business loss aren’t far away. These can be any means like retirement, resignation, termination or the company’s decision to make the position redundant. There are different turnover rates across the industries but they can be costly. Hence, controlling turnover rates is essential for an organization.
Let’s talk about some of the ways that might help control attrition rates:
Communicate your vision
When employees keep working blindly, they may not show the dedication and passion you put into your work. To make them work with zeal and zest, you might want to share your vision and the roadmap to achieve. They might have an idea as to what they do but restating a perspective brings new ideas thereby igniting their interest. When they are involved in communication loops of what drives the business, higher levels of clarity are achieved and that’s exactly what the best employees look out for.
Have clearer and detailed job requirements while recruiting
You must know who the best candidates are, right from the recruitment levels. So, beyond hiring a talented candidate only, look out for the behavioral and cultural fit. Asking them behavioral questions and showing them your business around can be a good start. If candidates don’t gain confidence, they’ll turn down the offer, saving you from a sudden resignation at a later stage.
Advertising clear job requirements is the first step towards a thoroughly optimized hiring strategy. Blurred expectations tend to deviate the employee and decreased their interest towards the work desk, no matter how important they are to your organization.
Attach attractive monetary benefits to fixed salary
Employees easily fall for rewarding salary offers and if you are not paying them well, they might hunt for alternatives that surely will. Start with a research in your local area to determine a competitive salary enough salary for a particular profile. Moreover, just paychecks won’t thrive. A good deal of benefits for your employees must be covered in the package. No matter how loyal an employee is or how driven is he/she with the company’s vision, if the salary cannot meet their basic requirements, they are eventually going to quit.
Apart from a competitive salary, benefits like paid time off, remote work privileges, flexible schedules, service and travel accounts, transport pick-up and drop services, etc. can go a long way.
Showing the career path
Stagnation is boring. Don’t deploy a resource in a particular project for too long. As per a recent research, most employees tend to leave when they are denied exit form a particular project. There have been instances where a particular resource was locked in an assignment for more than 5 years. Not just this bores them, lack of variant skills may no longer fit them in different assignments at the 11th hour. A great boss will try to push their employees out of their comfort zones. He/she will challenge the employees every now and then to accomplish tasks that may seem impossible at first.
Simply running an engagement survey once an year isn’t enough. The overall work environment has to be encouraging enough throughout the year.
Managing a pool of talented candidates isn’t straight enough! You ought to complement their growth and hone their skills. So, share regular feedbacks, address to their assignment grievances and let them know that you are concerned for their individual goals. Not engaging them will make them complacent.
Have a flexible work culture
If employees have a provision of flexible work timings, they can maintain a work-life balance in a better way. They can go to appointments, take care of families and resonate to all personal commitments efficiently. Moreover, the work benefits you offer strongly influences your employees and their retention. Note that the most loved companies are known for the perks they offer towards the all round development of the employee and the family. When a company meets their employees’ needs, they benefit more from their employees.
Happiness may sound squish to you but the figures hidden behind are enormous. Enhanced job satisfaction bring s down the absenteeism from work and improves work productivity.
Acknowledging employee performance
A recent Workforce Mood Tracker Survey painted a dismal picture of how employees feel about performance reviews. Only around 49% of employees feel that the reviews are accurate and around 47% of them think they motivate them. So, you can fortify employee relationships and improve performance management by overhauling reviews. You will watch productivity and trust grow.
‘A word of encouragement is a joy forever’ fits perfectly for employees who have burnt the midnight oil. Acknowledge as much as you can towards achievements as short as a task completion or bigger goals completion such as project go live. More than just the monetary compensations they get, employees wait for recognitions and at times, it is enough to build an encouraging work ambience thereby giving them one more reason to stay. The very feeling that one’s efforts haven’t gone unnoticed is the best perk next to impressive salary.
Investing in the workspace
Given the fact that employees spent almost half of their day at the workplace, investment towards work ambience deserves consideration. That is, every employee would prefer working in a comfortable office. While an employee’s well being is best reflected in his performance, it is imperative to built a place that encourages learning, collaboration, socialization and many other focused activities.
However, bringing down the attrition rate to null isn’t a realistic idea since better opportunities will always attract. You can’t entirely eliminate it but can surely control its impact over business.